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According to a comprehensive research report by Market Research Future (MRFR), “Data Encryption Market Research Report, End-user, Method, Organization Size, Deployment– Forecast till 2030, the market is anticipated to acquire a valuation of approximately USD 38.73 Billion by the end of 2030. The reports further predict the market to flourish at a robust CAGR of over 16.3% during the assessment timeframe.
Data Encryption Market Overview:
The global data encryption market is expected to garner significant traction in future years. The rising demand for advanced security & authentication technologies across information-sensitive industries would be a key driving force. Additionally, the growing integration of data encryption solutions in eCommerce sectors to enhance multi-factor authentication and access management & SSO services are key market trends expected to boost market growth. Most large organizations are projected to raise their expenditures in adopting automation solutions using advanced Industrial IoT, AI, machine learning, etc.
Data encryption is one of the best practices for data security that protect the confidentiality of digital data stored on computers and shared/sent over the Internet or other networks. Data encryption algorithms ensure confidentiality and support key security initiatives such as authentication, integrity, non-repudiation, and authenticity.
Unsatisfactory user experience can restrict data protection solutions and thus slows down their deployment. To effectively use shared environments, securing sensitive data must be at par with the ease of data encryption and integrate protection functions.
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Key Players:
Players leading the global data encryption market include-
Industry Trends:
BFSI, healthcare, and manufacturing sectors are increasingly shifting from traditional data storage methods to cloud-based data storage, requiring high-security solutions. The spurring rise in IT, BSFI, and telecom sectors create substantial demand for data encryption techniques. Moreover, the high adoption of cloud-based technologies in organizations and government agencies escalates the market value.
Also, the increasing digital data transmission activities via smartphones and evolving network security boost the market value. Additionally, the augmenting demand for data encryption services, especially in the healthcare sector, accelerates the market shares. The rise in the use of digital technology would continue to escalate the market value in future years, increasing the vulnerability of data loss or cyber-attacks in telecommunications.
Data Encryption Market Segments:
The data encryption market is segmented into encryption types, deployments, modern verticals, and regions. The encryption type segment comprises basic & transparent, column-levels, advanced file systems, and others. The deployment segment comprises on-cloud and advanced on-premises.
The vertical segment comprises IT & telecom, manufacturing, BFSI, retail, government, healthcare, aerospace & defense industry, and others. The region segment comprises the Asia-Pacific, Americas, MEA, Europe, and rest-of-the-world.
Data Encryption Market Regional Analysis:
North America is the dominating market for data encryption solutions. Factors such as rapid deployments of data encryption technologies and services across rapidly growing industries for securing IoT devices and sensors drive market growth. Besides, the strong presence of key industry players and efficient agencies working against cybercrimes create vast market demand.
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Large technology upgrades and investments in securing IoT environments push the region’s market shares. Moreover, the rapid adoption of mobile applications in sectors like IT & telecom, banking, government, energy & utility services in this region boosts the market size. The US holds a significant share in the regional market due to vast technological advances and large-scale implementations of IoT solutions.
Europe is another rapidly growing market for data encryption platforms. Increasing implementations of data encryption solutions in government as well as public & private establishments to protect confidential data support the market growth. Furthermore, the vast adoption of advanced analytics by small & large organizations to protect IoT data defines the growing market landscape.
The data encryption market is brisk in the Asia Pacific region. Factors such as rapid deployments of data encryption solutions & services across industry verticals for securing IoT devices & sensors and increasing cyber-attacks in the region impact the market growth positively. Additionally, substantial technological advancements and investments in securing IoT environments contribute to market growth.
Also, increased data security and cybersecurity issues due to the rising adoption of BYOD policies and malicious software propel the market growth. Moreover, increased adoption of IoT and IIoT devices substantiates the data encryption market development. Rising demand for IoT solutions in banking & financial services, media & entertainment, and manufacturing increases market size.
Data Encryption Market Competitive Analysis:
The highly competitive data encryption market appears fragmented, with several well-established players forming a competitive landscape. These companies aggressively target increased participation through mergers & acquisitions, collaborations, expansion, and technology/product launches, expanding their operations and offerings. The market is expected to witness more technology upgrades in the upcoming period.
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Leading technology giants strive to deliver advanced design & validation solutions that can accelerate innovations in the connecting world. Also, test solutions for high-speed Ethernet that can provide encryption testing to secure data in motion in cloud and data center environments are increasingly developed to drive business growth.
For instance, on Sept. 28, 2022, Converge Technology Solutions Corp., a software-enabled IT & Cloud Solutions provider, announced that it is now certified to sell and implement IBM zSystems and LinuxONE in Canada. The term IBM zSystems refers to the overarching of all of IBM’s z/Architecture mainframe computers. In this, z stands for zero downtime, which reflects the reliability of the system.
The data that IBM zSystems handles is encrypted by dedicated processors over the entire ecosystem, using quantum-safe data encryption. This indicates that encrypted data can withstand potential unauthorized decryption using quantum computing capacity. Similarly, LinuxONE is an enterprise-grade server designed to meet the mission-critical workload needs bringing together IBM’s experience in building sustainable, secure, and scalable systems with the Linux operating system.
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About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
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