Global Data Encryption Market – Industry Trends and Forecast to 2029

Global Data Encryption Market, By Method (Asymmetric, Symmetric), Deployment (On-Cloud, On- Premise), Organization Size (Large-Sized Enterprise, Small and Medium-Sized Enterprise), End User (Aerospace and Defense, Automotive, Banking, Financial Services and Insurance (BFSI), IT and Telecom, Healthcare, Manufacturing) – Industry Trends and Forecast to 2029.

Data Encryption Market Analysis and Size

The increasing digital data transmission accomplishments via smartphones and evolving network security are the rare factors boosting the market’s growth. BFSI, healthcare and engineering sectors are increasingly shifting from traditional data storage to cloud-based data storage methods. The rise in digital technology would continue to escalate the market in future years, growing the vulnerability of data loss or cyber-attacks across telecommunication and IT sectors.

Global data encryption market was valued at USD 25,389.30 million in 2021 and is expected to reach USD 84391.70 million by 2029, registering a CAGR of 16.20% during the forecast period of 2022-2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.

Data Encryption Market Scope and Segmentation

Market Definition

The data encryption refers to the solution that assists in translating data into another form, or code, in order to make the data accessible to the people owning a secret key. It is a cipher text and is considered one of the most popular methods of data security. 

Global Data Encryption Market Dynamics

This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:

Drivers

• Accelerating Urbanization across the Globe

The big data and internet of things (IOTs) have contributed significantly to the rising use of internet services and the rising demands of the data security due to increased data theft and cybercrime incidents. Through highly networked services, IoT enables the integration of sensors, actuators, radio frequency and Bluetooth in a real environment. Moreover, the emphasis on efficiency brought on by rising urbanization is also an essential factor driving the market's growth over the forecasted period.

• Rising Awareness and Government Initiatives

The market is largely accelerating due to the government's various favorable initiatives as the governments of developing nations like China, South Korea, Dubai, India, Singapore, and Japan aim for the economic growth of their nations. Governments' growing adoption of big data analytics to enhance internet services will increase the overall market expansion during the forecast period. Additionally, the enhancement in people's living standards is predicted to drive the market's growth rate during the forecast period.

Opportunities

• Adoption Of Advanced Technologies and cloud-based services

The increased adoption of various advanced technologies and the cloud-based services is further estimated to generate lucrative opportunities for the market, further expanding the market’s future growth rate. Advanced technologies such as artificial intelligence, machine learning, blockchain, and big data analytics are used to build networking patterns. These technologies are increasing worldwide due to their expanding use across numerous industries. All these factors are creating certain lucrative growth opportunities for the data encryption market over the forecasted period.

Restraints/Challenges

• High Implementation Costs

The implementation of advanced technologies demands a significant financial investment. These technologies can be expensive to build and maintain infrastructure. Therefore, the high costs as well as the investments required are further anticipated to obstruct market growth over the forecast period.

This data encryption market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the b data encryption market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on Data Encryption Market

The outbreak of the coronavirus had a positive impact on the data encryption market. The whole world has become more digitized and only run or connected through the Internet at a large scale. This has driven the data encryption market trends over the pandemic and during the post-pandemic era. The market is expected to show growth in the post-pandemic era due to the rising adoption of internet services and increasing smart cities across the globe.

Recent developments

• In 2022, converge technology solutions corp., a software-enabled IT and cloud solutions provider, announced that it is certified to sell and implement IBM zsystems and LinuxONE in Canada.

Global Big Data Market in Smarter Cities Scope

The data encryption market is segmented on the basis of method, deployment, organization size and end user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Method

• Asymmetric
• Symmetric

Deployment

• On-Cloud
• On-Premise

Organization Size

• Large-Sized Enterprise
• Small and Medium-Sized Enterprise

End User

• Aerospace and Defense
• Automotive
• Banking, Financial Services and Insurance (BFSI)
• IT and Telecom
• Healthcare
• Manufacturing

Data Encryption Market Regional Analysis/Insights

The data encryption market is analyzed and market size insights and trends are provided by method, deployment, organization size and end user as referenced above.

The countries covered in the data encryption market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the data encryption market because of the rise in the technology infrastructure and the rise in the demand for safe internet infrastructure within the region.

Asia-Pacific is expected to witness significant growth during the forecast period of 2022 to 2029 due to the increasing internet users within the region.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Data Encryption Market Share Analysis

The data encryption market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to data encryption market.

Some of the major players operating in the data encryption market are

• Cisco Systems, Inc. (U.S.)
• IBM (U.S.)
• Siemens (Germany)
• Microsoft (U.S.)
• Intel Corporation (U.S.)
• NEC Corporation (Japan)
• ABB (Switzerland)
• Oracle (U.S.)
• Fujitsu (Japan)
• Honeywell International Inc.,(U.S.)
• Accenture (Ireland)
• SAP SE (Germany)
• Trustwave Holdings, Inc. (U.S.)
• Thales (France)
• McAfee, LLC (U.S.)
• Fortinet, Inc. (U.S.)
• Innovative Routines International (IRI), Inc. (U.S.)
• Micro Focus (U.K.)
• Imperva (U.S.)
• Protegrity Inc. (U.S.)
• BlackBerry Limited. (U.S.)