Data Encryption Market Overview
The unique notion of the market for data encryption is defined as the seamless conversion of data from an existing readable format to a current and up-to-date encoded format. This can only be read or manipulated with a decryption key. The data encryption market industry is projected to grow from USD 13.4 billion in 2022 to USD 38.5 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 16.30% during the forecast period (2022 - 2030).
Primarily, the rise in the number of fundamental public database breaches is driving the growth and expansion of the worldwide data encryption industry. The growth and expansion of the data encryption market is being driven by the increasing scalability, deployment simplicity, and adaptability of basic database encryption solutions. In addition, the rising acceptance of modern cloud-based technological databases across a wide range of businesses has significantly increased the use of different database encryption technologies. In addition, the increasing acceptance of different BYOD devices, greater mobility, and fundamental cloud services is anticipated to propel the growth of data encryption market prospects throughout the forecast period. Spreading digitalization and basic outsourcing of databases have primarily and progressively demanded superior database security solutions, which has accelerated the use of contemporary database encryption solutions.
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Key companies in the data encryption market include
- Microsoft Corporation (US)
- IBM Corporation (US)
- Symantec Corporation (US)
- Intel Security (US)
- HP (US)
- Oracle Corporation (US)
- Gemalto (The Netherlands)
- Netapp Inc. (US)
- FireEye Inc. (US)
- Vormetric Inc. (US)
Recent developments in the data encryption market include the introduction of advanced technologies such as homomorphic encryption to allow for the analysis of encrypted data, increased investment in data security and privacy regulations, and the launch of new products and services to meet the demand for secure encryption solutions. Additionally, companies such as Apple have introduced advanced data protection measures, such as end-to-end encryption, to provide greater security for users' data. Additionally, companies are also investing in technologies to allow for greater scalability and performance of encryption solutions.
Data encryption is the process of transforming data into a code or cipher so that it becomes unreadable to unauthorized users. The data encryption market refers to the industry that produces and sells software and hardware solutions for encrypting data. This market has seen significant growth in recent years, as companies and individuals have become increasingly concerned about data security and privacy. The market includes a variety of encryption solutions, including software-based encryption for files, databases, and communication channels, as well as hardware-based encryption for devices such as USB drives and mobile phones. Additionally, the market includes a range of encryption algorithms and protocols, including Advanced Encryption Standard (AES), Rivest-Shamir-Adleman (RSA), and Transport Layer Security (TLS). The data encryption market is driven by a number of factors, including the growing need for data security and privacy in industries such as healthcare, finance, and government, as well as the increasing adoption of cloud computing and mobile devices. Additionally, regulatory requirements such as the General Data Protection Regulation (GDPR) and the California Consumer Privacy Act (CCPA) have increased demand for data encryption solutions. North America is expected to hold the largest market size due to the presence of a large number of data encryption solution providers and high adoption of data encryption solutions by organizations. Overall, the data encryption market is expected to continue growing as companies and individuals prioritize data security and privacy in an increasingly digital world.
Data Encryption Market Regional analysis
According to projections, the worldwide database encryption industry would develop most quickly in Asia-Pacific. North America is a growing market leader in the worldwide database encryption business, according to a new report. But since the United States and Canada are home to significant international players. The most developed nations, the United States and Canada, have made a significant contribution to North America's development. After the Asia-Pacific region, Europe has been the second-largest market.
The Internet of Things (IoT) Security market in North America has undergone regional analysis, revealing varied revenue, significant volume, size, and value statistics. There are several Internet of Things (IoT) Security Industry Reports available in North America that provide and give impartial, incomplete, or fair evaluations as well as contemporary assessments of various chances in the North American market.
Data Encryption Market segmentation
On the basis of an encryption kind, deployment, contemporary vertical, and world-wide regional locations, the worldwide database encryption market is segmented. The worldwide database encryption market is segmented based on the kind of encryption used, including basic and transparent, column-level, sophisticated file-system, and others. The worldwide data encryption market is further divided into the most recent on-cloud and most sophisticated on-premise technologies based on deployment.
The worldwide database automation market is further segmented by vertical into IT and telecom, manufacturing, BFSI, retail, government, healthcare, aerospace military, and other sectors.
Application-Based Division:
The need for contemporary data encryption market has risen as a result of the global data analytics sector businesses increasing their financial budget for cybersecurity solutions. A research that was released in May 2020 claims that the coronavirus problem has given modern hackers new and well-developed chances, and that around 70% of enterprises have prioritised the most recent cybersecurity breaches.
Data Encryption Market By Deployment
- On Cloud
- Advanced On Premise
Data Encryption Market By vertical
- It And Telecom
- Bfsi
- Retail Sector
- Government
- Healthcare Sector
- Aerospace Defense
Data Encryption Market On the basis of Geographic Segmentation
- North America
- Europe
- APAC
- South America
- MEA
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Key players
The United States-based Microsoft Corporation, IBM Corporation, Symantec Corporation, Intel Security, Gemalto of the Netherlands, Netapp Inc. of the United States, FireEye Inc. of the United States, and Vormetric Inc. (US).
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