Data Encryption Market Size
Market Overview
Extensive study on the Data Encryption Market Size indicates that the market has witnessed significant development in past few years and is expected to grow rapidly in the forecasted period 2021-2030.
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The Data Encryption Market Size revenue was valued at USD 9,434,76 million in 2021 and is anticipated to reach USD 42,267,99 million with a CAGR of 16.5% within the projected period.
Recently, growing number of industries that uses data encryption to ensure data privacy and data safety of their organizations has helped in the growth of the Data Encryption Market Size. Increase in compliance regulations in various organizations as well as cases of data breaches will be major market drivers in the foreseeable future.
During Covid 19 Pandemic, the world has moved towards virtual platforms and many organizations opted for digitalization but this raised issues like data safety. Various organizations are now using data encryption services which opened a great platform for growth of the Data Encryption Market Size.
Regional Classification:
Based on the region, the market is segmented into North America, Asia Pacific, Latin America, Europe, Middle East and Africa.
Europe occupies the largest Data Encryption Market Size share and the region is expected to find steady growth in the market due increasing number of IT sectors in the region. Asia Pacific will be the fastest growing market and hold majority of the share of the Data Encryption Market Size revenue.
Increasing use of wireless network and threat to data security in the Asia Pacific region will be the driving force in the growth of the Data Encryption Market Size.
Market Segmentation:
The Data Encryption Market Size is segmented into deployment model, component, enterprise size, function, application and region.
On the basis of function, the market is segmented into disk encryption, file/folder encryption, communication encryption and cloud encryption.
Depending on industry vertical, the market segmented into government, public, banking, BFSI, healthcare, IT/Telecom, retail, media and entertainment, aerospace and defense. Sophisticated attacks on sensitive data of many organizations has increased the use of data encryption services. Higher rate of data breaches will help in the growth of the Data Encryption Market Size size in coming years.
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Industry News:
Some of the major players in the Data Encryption Market Size are Amazon Web services, Microsoft Corporation, IBM Corporation, Check Point Software, Cisco Systems, F-Secure, Fortinet Inc., Dell Technologies Inc.., Palo Alto Networks Inc., Zettaset Inc. and Trend Micro Incorporated. These key players are concentrating on creating innovative products with advanced technology. Expansions and mergers are also part of their development strategy.
- In January, 2018, Thales Group, a security solution provider, collaborated with STC (Saudi Telecom Company) to introduce cloud encryption that offers data protection and management.
- Zettaset Inc. introduced SD (software-defined) XCrypt Kubernetes Encryption in March, 2020 which offers enhanced data protection. It will help organizations to protect their sensitive data from issues like data breaches.
- In May, 2020, Zoom Communications Inc. acquired an encryption technology company named Keybase to increase the productivity of its’ services and protect ,various video conferencing solutions.
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