The global Data Encryption market size was USD 2.35 Billion in 2022 and is expected to register a revenue CAGR of 30.3% during the forecast period. Increasing awareness regarding cyber security threats, rising adoption of cloud-based platforms in all sectors, along with technological advancements are driving market revenue growth.
Number of cyber security data breaches is increasing along with incorporation of various technologies in mobile devices, which is creating high demand for Data Encryption solutions. On 5 October 2022 for instance, the City of Tucson in Arizona disclosed a data breach impacting the personal details of more than 123,000 individuals. An attacker broke into the city’s network and stole an unspecified number of files holding sensitive information, as was reported in a notification of a sensitive data breach addressed to those affected. Rapid digitalization and the ongoing trend of e-banking, online shopping, and crypto trade further create high demand for encryption to protect personal information from getting compromised.
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Blockchain technology is one of the most recent advancements. Blockchain has the potential to advance mobile app privacy and accountability, which is essential in sectors, especially in healthcare and finance technology (fintech). Adopting blockchain would provide companies the advantage of enhancing the security of mobile apps, which would help maintain a competitive edge. Provision of decentralized architecture is the primary advantage of blockchain technology as any occurrence of failure at the top of the hierarchy would not pose any critical issue to the whole system. Moreover, mobile banking can significantly develop owing to blockchain technology. The technology is capable of addressing the core problems with costs, security, and financial inclusion. Such factors are expected to drive revenue growth of the market in the upcoming years.
Rapid advancements in technology are also leading to a high number of cyber security threats. Malware, ransomware, Distributed Denial of Service (DDoS) attacks, spam and phishing, Corporate Account Takeover (CATO) are a few types of cyber threats. On 8 August 2022 for instance, Twitter has acknowledged that the platform’s zero-day vulnerability, which was first identified in January 2022, allowed for the theft of 5.4 million accounts’ email addresses and phone numbers. The flaw enabled a malicious user to determine whether a mobile number or email address they submitted corresponded to an already-existing account by trying to log in. 5.4 million accounts’ email addresses and phone numbers were subsequently posted for sale on the hacking forum Breach Forums as a result of this. More than 60% of digital fraud now occurs on mobile devices, including phishing scams and password theft. Security is even more crucial when using mobiles for vital tasks such as banking. Attacks including phishing and ‘smishing’ are more common on both computers and mobile devices as remote work becomes more popular. However, owing to reduced screen sizes that restrict the amount of data that can be viewed in a phishing email at any given moment, mobile consumers are frequently more susceptible to these assaults. This increases the risk that consumers may click on a link without thinking about the implications. As per research, cybercrime is a massive problem that is expected to cost the economy USD 10 trillion by 2025. breaches in 2021, resulting in the exposure of almost 22 billion records.
Competitive Landscape:
Competitive landscape of global Data Encryption market is quite fragmented with regional and global key players. These market players are involved in various strategies including mergers and acquisitions, collaborations, new product launches or corporate deals to retain their market position and expand their product portfolio.
some leading companies operating in the global Data Encryption market:
Huawei Technologies Co., Ltd., International Business Machines (IBM) Corporation, Dell Inc., Hewlett Packard Enterprise Development LP, Oracle Corporation, Intel Corporation, Simspace Corporation, Sophos Ltd., BlackBerry Limited, and McAfee, LLC.
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The global market is further segmented into type and application:
By Component Type Outlook
- Solutions
- Services
By Application Outlook
- Disk Encryption
- File or Folder Encryption
- Cloud Encryption
- Communication Encryption
By End-use Outlook
- Banking, Financial Services, and Insurance (BFSI)
- Aerospace and Defense
- Government and Public Sector
- Healthcare
- Retail
- Telecommunications & IT
- Others
Regional analysis provides insights into key trends and demands in each major country that can affect market growth in the region.
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of APAC)
- Latin America (Brazil, Rest of LATAM)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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