Global Encryption Management Solutions Market – Industry Trends and Forecast to 2029

Global Encryption Management Solutions Market, By Deployment (Cloud, On-Premises), Application (Endpoint Encryption, Network Encryption, Database Encryption, Cloud Encryption), End User (Banking, Financial Services and Insurance (BFSI), Healthcare, Government, Retail, IT and Telecom) – Industry Trends and Forecast to 2029.

Encryption Management Solutions Market Analysis and Size

With the growing trend of Internet of Things (IoT) and Bring Your Own Device (BYOD) among enterprises, data security concerns are on the rise. This has resulted in an increase in cyberattacks, commercial espionage, data breaches, and theft and losses in businesses, escalating the need to safeguard sensitive data and ensure compliance.

Data Bridge Market Research analyses that the encryption management solutions market was valued at USD 12.64 billion in 2021 and is expected to reach the value of USD 41.44 billion by 2029, at a CAGR of 16.00% during the forecast period. 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.

Encryption Management Solutions Market Scope and Segmentation

Market Definition

Encryption key management software provides network, database, and application end-point security. Encryption key management is a technique for managing the overall lifecycle of cryptographic keys. This includes key archiving, generation, use, deletion, and storage.

Global Encryption Management Solutions Market Dynamics

Drivers

• Growing adoption of digitization across various industries

The growing demand for digitalization is significantly driving the growth of the encryption management solutions market. Several industries, including consumer goods, healthcare, manufacturing, and retail, are increasing their use of digitalization around the world. Due to digitalization, industries' IT resources are vulnerable to cyberattacks. As a result of the increasing adoption of digitalization, there is a greater demand for encryption management solutions that can be used as tools to prevent cyberattacks.

• Growth of IOT services and increasing penetration of 5G technology

The rising demand for IoT services is the primary market trend driving the encryption management solutions market growth. The market is expected to grow during the forecast period due to the increasing penetration of IoT devices and the evolution of 5G technology.

Personal data collection by businesses will increase as a result of technological innovations such as IoT, as the number of connected devices explodes in the coming years. As a result, governments around the world are focusing on enacting stricter data protection legislation. During the forecast period, these factors will drive up demand for encryption management solutions even more.

Opportunities

The increasing usage of the internet and social media has resulted in a dramatic increase in the number of people who can access copyrighted material. The growing popularity of streaming services like Netflix, Hulu, and Amazon Prime has also led to an increase in encryption management solutions market growth.

Restraints

The increased adoption of cloud and edge computing technologies across various sectors is expected to increase cyber-attacks around the world, driving demand for security solutions. This, in turn, is expected to boost the global encryption management solutions market.

This encryption management solutions 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 encryption management solutions 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 Encryption Management Solutions Market

Cell phone and internet usage have greatly expanded globally during the COVID-19 epidemic. Users may now access their emails and other data on their devices from anywhere. Additionally, it has raised the risk of cyberattacks. IT companies offer numerous services via web and mobile applications. Online financial transactions have greatly increased in this sector and are now highly profitable targets for cybercriminals. To offer risk-free services to their clients, the market are implementing encryption solutions. Additionally, they are employing cloud and mobile technology to provide encrypted services to its clients. The use of encryption software has enabled users to save their important information on their mobile devices and use it through the cloud without any risk.

Recent Development

• In April 2019, Thales Group, the parent company of Thales e-Security, completed the acquisition of Gemalto, a digital identity and security leader. The acquisition would result in a world-class leader with an unrivalled portfolio of digital identity and security solutions based on biometry, data protection, and cybersecurity in general.
• On May 7, 2020 - Syncsort purchased the majority of Townsend Security's products to expand its burgeoning suite of security software for IBM.

Global Encryption Management Solutions Market Scope

The encryption management solutions market is segmented on the basis of deployment, application and end user. The growth amongst these segments will help you analyse 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.

Deployment

• Cloud
• On-premise

End User

• Banking
• Financial Services and Insurance (BFSI)
• Healthcare
• Government
• Retail
• IT
• Telecom

Application

• Endpoint Encryption
• Network Encryption
• Database Encryption
• Cloud Encryption

Encryption Management Solutions Market Regional Analysis/Insights

The encryption management solutions market is analysed and market size insights and trends are provided by country, deployment, application and end user as referenced above.

The countries covered in the encryption management solutions 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 will dominate the encryption management solutions market due to the prevalence of various market vendors, rising demand for honey encryption, homomorphic encryption, and internet of things, as well as the introduction of new and innovative technologies such as machine learning, artificial intelligence, deep learning, and big data in various organisations in the region, while Asia-Pacific will grow during the forecast period of 2022-2029 due to the surge in demand for honey encryption, homomorphic encryption, and internet of things.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact 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 Encryption Management Solutions Market Share Analysis

The encryption management solutions 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 encryption management solutions market.

Some of the major players operating in the encryption management solutions market are:

• Hewlett Packard Enterprise Development L.P. (U.S.)
• IBM Corporation (U.S.)
• Amazon.com, Inc. (U.S.)
• Gemalto NV (Netherland)
• RSA Security LLC (U.S.)
• Thales. (France)
• Sun Microsystems, Inc. (U.S)
• VirtuCrypt (U.S)
• Venafi, Inc (U.S.)
• Oracle (U.S.)
• Cisco Systems, Inc. (U.S.)
• Dell Inc. (U.S.)
• McAfee, LLC. (U.S.)
• Trend Micro Incorporated (U.S.)
• Sophos Ltd. (U.K.)
• CommScope, Inc. (U.S.)
• Broadcom (U.S.)