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)

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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