Market Highlights
In its research report, Market Research Future (MRFR), highlights that the global data encryption market is poised to reach USD 38.73 billion at a CAGR of 16.3% during the forecast period 2020-2030.
The growing advancement of data-centered technology and the increasing adoption of electronics data-driven equipment in the market are propelling the data encryption market 2020. The rise in cyber threats, cyber-attacks, and data increase across the globe has compelled the enterprises to secure the data and take necessary precautions to protect the confidential data. Growing digitalization has resulted in a rise in the generation of new data every day, which is confidential and requires to be protected from the cyber-attacks. The call for the protection of personal and sensitive information produced using electric equipment has led to the proliferation of data encryption market. However, unawareness about data encryption solutions and intricacy in integrating them are the major factors that are impeding the enlargement of the market.
Drivers and Restraints
Database encryption has grown in importance and demand has become a key concern for many business enterprises as privacy and security. Database encryption is vital to securing data base information integrity, and is widely adopted. Increasing a number of breaches of the public database is driving the growth of the global market for encryption of databases. Increased scalability, ease of implementation, and versatility of solutions for database encryption drives the growth of the demand for data base encryption. Growing cloud-based software adoption across different industries has increased the use of encryption solutions for the software. Increasing the establishment of security companies in the database and the services offered drive data encryption market growth. In addition, the growing availability of these services has had a very positive effect on business development. In addition, increased adoption of BYOD, mobility, and cloud services is expected to drive growth in the global market for data base encryption over the forecast period. Growing digitalization and outsourcing of databases has increasingly called for better database security solutions that have accelerated the acceptance of solutions for data base encryption. High cost and difficulty associated with implementing database encryption solutions are, however, limiting the growth of the demand for data base encryption. Lack of awareness of database encryption solutions can be seen as another factor that hampers the growth of the global market for data base encryption. However, as awareness grows gradually, the market is flooded with opportunities, and advancement of IT technology is expected to result in the rendering of highly efficient data base encryption service.
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Segmentation:
The global database encryption market is segmented on the basis of deployment, encryption type, vertical, and, region.
Based on the encryption type, the global database encryption market is segmented into column-level, transparent, file-system and others.
Based on the deployment, the global database encryption market is divided into on-cloud and on-premise.
By vertical, the global database automation market is divided into manufacturing, IT and telecom, BFSI, government, retail, healthcare, aerospace & defense, and others.
Regional Analysis
The global business regional analysis was conducted in four major regions including Asia Pacific, North America, Europe and the rest of the world.
At the moment North America dominates the global demand for encryption of databases. The presence of key market players including Microsoft Corporation, Intel and Win Magic Inc. is driving the deployment of the database encryption market in this region, among others in the US and Canada. The rising demand for cloud services and solution is also expected to fuel the growth of this region's market for data base encryption during the forecast period.
During the review period Asia-Pacific is expected to grow at the highest rate on the global data base encryption market. Rising trend in mobility and BYOD among organizations has led to the growing importance of database protection solutions that drive the growth of this region's data base encryption market. Growing adoption of database encryption solutions in small and medium-sized enterprises in countries such as China and Japan drives the growth of the region's data base encryption market. Europe is expected to make a significant contribution to the demand for data base encryption over the forecast period. Increased manageability and ease of implementing database encryption solutions in IT businesses is driving market growth in the area.
Competitive Analysis
The major market players operating in the global market as slated by MRFR are PKWARE, Inc. (US), Trend Micro Inc. (Japan), Microsoft Corporation (US), Symantec Corporation (US), Sophos Ltd. (US), Check Point Software Technologies Ltd. (Israel).,IBM Corporation (US), SAS Institute Inc. (US), Intel (US), Win Magic Inc.(Canada) and EMC Corporation (US) .
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