Data Encryption Market Status and Trend Report (2020-2030)
The data encryption market industry is projected to grow USD 38.5 billion by 2030, exhibiting a CAGR of 16.30% during the forecast period (2022 - 2030).
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Data Encryption Market Overview:
As businesses continue to move towards digital platforms, data security is becoming increasingly important. Data breaches can cause immense damage to a business's reputation and financial stability. It is important to take necessary precautions to prevent such incidents from happening. One of the best ways to secure your sensitive information is through data encryption.
Extensive study on the Data Encryption Market indicates that the market has witnessed significant development in past few years and is expected to grow rapidly in the forecasted period 2021-2030.
The Global Data Encryption Market revenue was valued at USD 13.4 Billion in 2022 and is anticipated to reach USD 38.5 Billion with a CAGR of 16.30% within the projected period.
Recently, growing number of industries that uses data encryption to ensure data privacy and data safety of their organizations has helped in the growth of the Global Data Encryption Market. Increase in compliance regulations in various organizations as well as cases of data breaches will be major market drivers in the foreseeable future.
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During Covid 19 Pandemic, the world has moved towards virtual platforms and many organizations opted for digitalization but this raised issues like data safety. Various organizations are now using data encryption services which opened a great platform for growth of the Data Encryption Market.
Data Encryption Market Segmentation
The Global Data Encryption Market is segmented into deployment model, component, enterprise size, function, application and region.
On the basis of function, the market is segmented into disk encryption, file/folder encryption, communication encryption and cloud encryption.
Depending on industry vertical, the market segmented into government, public, banking, BFSI, healthcare, IT/Telecom, retail, media and entertainment, aerospace and defense. Sophisticated attacks on sensitive data of many organizations has increased the use of data encryption services. Higher rate of data breaches will help in the growth of the Global Data Encryption Market size in coming years.
Data Encryption Market Regional Classification
Based on the region, the market is segmented into North America, Asia Pacific, Latin America, Europe, Middle East and Africa.
Europe occupies the largest Global Data Encryption Market share and the region is expected to find steady growth in the market due increasing number of IT sectors in the region. Asia Pacific will be the fastest growing market and hold majority of the share of the Global Data Encryption Market revenue.
Increasing use of wireless network and threat to data security in the Asia Pacific region will be the driving force in the growth of the Global Data Encryption Market.
What is Data Encryption?
Data encryption is a process of converting plain text into an unreadable code. The purpose of data encryption is to ensure that sensitive information remains secure and confidential. Data encryption uses algorithms to scramble the data, making it difficult for unauthorized parties to access or decipher the information. The encrypted data can only be accessed by individuals who possess the key to decrypt the data. This key is a unique code that is used to unlock the encrypted data.
Types of Data Encryption
There are two types of data encryption: symmetric and asymmetric encryption.
Symmetric Encryption
Symmetric encryption uses a single key to both encrypt and decrypt data. This means that both the sender and receiver of the information have access to the same key. While symmetric encryption is fast and efficient, the key must be kept secure to prevent unauthorized access to the encrypted data.
Asymmetric Encryption
Asymmetric encryption uses two keys, a public key, and a private key, to encrypt and decrypt data. The public key is available to anyone who wants to send the encrypted data, while the private key is kept secret and is used to decrypt the data. Asymmetric encryption is slower than symmetric encryption, but it is more secure, as the private key is not shared with anyone else.
Benefits of Data Encryption
Data encryption offers several benefits to individuals and organizations:
- Protects Sensitive Information
Data encryption ensures that sensitive information remains secure and confidential. This is particularly important in industries such as healthcare, finance, and government, where the unauthorized disclosure of sensitive information can have severe consequences.
- Complies with Regulations
Many industries are required by law to protect sensitive information. Data encryption helps organizations comply with regulations such as the Health Insurance Portability and Accountability Act (HIPAA) and the General Data Protection Regulation (GDPR).
- Builds Trust with Customers
Data breaches can damage an organization's reputation and erode customer trust. By using data encryption, organizations can demonstrate their commitment to protecting sensitive information, building trust with customers and stakeholders.
- Reduces the Risk of Data Breaches
Data breaches can be costly and damaging to organizations. Data encryption can reduce the risk of data breaches by making it difficult for unauthorized parties to access sensitive information.
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Industry News
Some of the major players in the Global Data Encryption Market are Amazon Web services, Microsoft Corporation, IBM Corporation, Check Point Software, Cisco Systems, F-Secure, Fortinet Inc., Dell Technologies Inc.., Palo Alto Networks Inc., Zettaset Inc. and Trend Micro Incorporated. These key players are concentrating on creating innovative products with advanced technology. Expansions and mergers are also part of their development strategy.
- In January, 2018, Thales Group, a security solution provider, collaborated with STC (Saudi Telecom Company) to introduce cloud encryption that offers data protection and management.
- Zettaset Inc. introduced SD (software-defined) XCrypt Kubernetes Encryption in March, 2020 which offers enhanced data protection. It will help organizations to protect their sensitive data from issues like data breaches.
- In May, 2020, Zoom Communications Inc. acquired an encryption technology company named Keybase to increase the productivity of its’ services and protect ,various video conferencing solutions.
Data encryption is an essential tool for protecting sensitive information from unauthorized access. Whether you are an individual or an organization, data encryption can help you comply with regulations, protect sensitive information, and build trust with customers. Understanding the different types of data encryption and their benefits can help you make informed decisions about how to secure your data.
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