Data encryption market is the method by which any data is protected via a layer of technical security. Data that is traded across online platforms such as emails, chat applications, etc. are highly susceptible to misuse and theft. Many-a-times, this data is highly sensitive in nature and can also alter the fate of the personnel. Thus, to ensure that anyone trying to steal this data will not be able to access it a layer of Data Encryption Market is placed on them. Following the encryption process a decryption key is required in order to change the data back into readable format. This decryption is usually integrated within the system of the end user so that the data received is automatically decrypted.
Almost all companies and governmental institutions across the world are actively encrypting their data to protect themselves from any harm. Data is also stored online by IT and other tech-based companies, and such data also requires a strong level of encryptions. The rise in electronic communication methods have led to a surge of data in the world, and thus most of the data needs to be encrypted in various levels to ensure protection.
The global data encryption market was analyzed by Market Research Future (MRFR) and it was projected that a noteworthy CAGR will be attained by the market over the forecast period of 2018 to 2023. The valuation of the data encryption market was further stated to surpass its previous valuation by the end of the forecast period.
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The global data encryption market comprises a host of key players. This includes names like Symantec Corporation (US), HP (US), IBM Corporation (US), Netapp Inc. (US), Intel Security (US), Microsoft Corporation, (US), FireEye, Inc. (US), Oracle Corporation (US), Gemalto (The Netherlands), Vormetric Inc. (US), and others.
These profiled players of MRFR are constantly innovating and investing bulk amounts in research and development activities in order to present a cost-effective product range or portfolio. Over the years, there have been a number of key developments in the products that the key players are offering in the field of data encryption.
August 2019, Hike Sticker Chat, which is a platform dedicated in delivering sticker-centric chat experience, announced that it will now encrypt the data of users with nearly military-grade encryption.
The global data encryption market has been segmented in terms of method, end-user, deployment, and organization size.
By method, the market segments into asymmetric and symmetric methods.
By deployment, the market divides into on-premise and on-cloud deployments.
By organization size, the market comprises large organizations and small- and medium-sized enterprises.
By end-user, the market includes BFSI, healthcare, government, aerospace & defense, manufacturing, automotive, IT & telecom, and others.
The global data encryption market is geographically distributed across the following key regions: Asia Pacific, North America, Europe, and the Rest of the World (RoW).
North America is anticipated to lead the global data encryption market over the forecast period. The presence of a vast pool of key and prominent player that are providing data encryption solutions in the US is majorly driving the overall growth of the North America data encryption market. Advancements in technologies and rising adoption of electronic and consumer devices and the subsequent need for security in the same is expected to push the global data encryption market in the North American region.
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Asia-Pacific is positioned to grow during the forecast period with the fastest CAGR to make a mark in the global data encryption market. The growing rate of digitization as well as adoption of cloud-based technologies has prompted an increase in the amount of data that needs to be handled in countries like Japan, China, and India.
Europe stands out in the global data encryption market as another key region. The regional market is growing due to the increasing advancements in technologies and a presence of vast pool of key players in the region.
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