The latest research by Market Research Future (MRFR) reveals that the data encryption market 2020 is most likely to progress at a noteworthy rate from 2018 to 2023 (forecast timeframe).
The market is enduring an exacting period with its robust growth coming to an abrupt halt in light of the COVID-19 pandemic. MRFR report on market highlights the future prediction and the growth alternatives that can be created.
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Growth Drivers and Top Barriers
Data has emerged as a significant corporate asset with a massive financial value. Over the years, digital information has turned into a highly valuable possession of a company. As a matter of fact, digital information forms over 50 percent of the overall net worth of every high-profile business. It even exceeds the cost of software resources as well as information technology hardware.
However, the above mentioned scenario has led to an increase in the risk of leaked data, which is why data encryption software has quickly become one of the most popular solutions that help facilitate data privacy. This software ensures the compliance with data safety and security laws. A series of data breaches and the damages caused by these breaches, in terms of costs, have boosted the companies’ interest in software data encryption. This rising interest and the subsequent surge in demand induce significant market growth. Also, the mounting complexity of IT systems combined with the growth of cloud data encryption market demand in industries like banking, IT and telecom can help the data encryption market achieve great heights in the approaching period.
The investments in encryption software have also increased considerably due to the increasing need to secure sensitive digital information. The high focus on the uniting endpoint security, rise in the thefts of smartphones, and the expansion of IoT can also boost the data encryption market size in the coming years.
The data encryption software market has been categorized into the key segments of methods, deployment, organization size and end-user.
The prime methods analyzed in the report are symmetric as well as asymmetric.
The market segments including cloud and on premises are based on deployment.
The segments depending on the organization size are large organizations and SMEs or small and medium enterprises.
The primary end-users deploying data encryption software are Aerospace & Defense, Healthcare, Government, Automotive, BFSI, Manufacturing, IT & Telecom, among others.
Europe, North America, Asia Pacific or APAC and Rest of the World (RoW) are identified as the top Data Encryption Covid 19 in the report.
North America stands as the most prominent revenue generator in the worldwide market, owing to the surge in high-profile data breaches in the recent years and the subsequent increase in the demand for advanced data encryption services. For instance, quite recently, Apple had to deal with significant public outrage as various iCloud accounts of high-profile customers were hacked. This prompted the company to not only tighten its cloud security services but also use more efficient data encryption in all of its services. Similar kinds of breaches have compelled vendors to make heavy investments in data encryption. Strict regulations have also ramped up the demand for data encryption software. Apart from this, many of the leading players in the region are coming up with highly advanced software to solidify their presence in the market. To cite a reference, in October 2019, IBM launched IBM z15, which has the ability to encrypt data from anywhere across the hybrid multi-cloud environment and helps organizations keep their data safe and secure.
Escalating need to adhere to the rigid regulations and rules pertaining to data safety and privacy, mounting concerns arising from the loss of sensitive data and the substantial hike in the adoption of virtualization and cloud technologies have helped Europe gain the second position in the global market for data encryption.
With the potential to achieve the fastest expansion rate, APAC is backed by factors like the increasing establishment of new businesses and the rising use of cloud-based services. Enterprises in India and China are busy improving their IT infrastructure, which adds to the strength of the data encryption industry in the region. Also, the surge in the BYOD trend can boost the demand for data encryption in the years ahead.
Vormetric Inc. (U.S.), Netapp Inc. (U.S.), HP (U.S.), Intel Security (U.S.), Oracle Corporation (U.S.), IBM Corporation (U.S.), Gemalto (The Netherlands), Symantec Corporation (U.S.), Microsoft Corporation, (U.S.), FireEye Inc. (U.S.), are some of the significant competitors in the market for data encryption from various parts of the world.
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