Data Encryption Market to reach USD 38.73 Billion, with a 16.3% CAGR by 2030
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).
larry wilson
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.
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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some current trends in data encryption are:
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Unified encryption strategies: According to a report by Security Boulevard, there is a rise in unified encryption strategies, where organizations are using a variety of encryption techniques to secure their data, rather than relying on a single form of encryption.
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Use of hardware-based encryption: A report by CSO Online suggests that hardware-based whole disk encryption is a trend that is gaining popularity [1], as it offers more protection against attacks than software-based encryption.
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Homomorphic encryption: Another trend in data encryption is the use of homomorphic encryption, which allows for computations to be performed on encrypted data without the need to decrypt it first. This technique is gaining attention as a way to enhance security while still allowing for data analysis.
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Bring Your Own Encryption (BYOE): The Security Boulevard report also mentions the growth of Bring Your Own Encryption (BYOE), where organizations allow employees to bring their own encryption tools to the workplace in order to secure sensitive data.
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Increased use of encryption by industry: The Ponemon Institute's Global Encryption Trends Study found that more organizations are using encryption to protect their data [2], with 50% reporting that they use encryption extensively.
Overall, these trends show that there is a growing emphasis on data security and encryption in organizations and industries.
Data encryption is a security method in which information is encoded and can only be accessed or decrypted by a user with the correct encryption key. In computing, unencrypted data is also known as plaintext, and encrypted data is referred to as ciphertext. Encryption works by scrambling data and information into a sequence of a random and unrecognizable characters. The scrambled information is then decrypted, allowing only those with the correct key to access the data. There are two main types of data encryption: symmetric encryption and asymmetric encryption. In symmetric encryption, a single, private password both encrypts and decrypts the data, while in asymmetric encryption, two different keys are used for encryption and decryption. Encryption is used to protect and secure sensitive information, such as personal data, financial information, and confidential business documents.
The latest trends in data encryption include the use of unified encryption strategies, the rise of Bring Your Own Encryption (BYOE), homomorphic encryption, hardware-based whole disk encryption, wearable two-factor authentication, and the use of hardware-accelerated encryption with the latest processors. In addition, organizations are also increasingly employing encryption to secure data and manage encryption keys, as well as signing digital objects to ensure their integrity.
Data encryption is important because it helps protect sensitive information from being accessed by unauthorized individuals or entities. It helps ensure that data remains confidential, secure, and private. It can also prevent data from being used for malicious purposes or stolen for financial gain. Encryption also helps to ensure the integrity of data, as well as enable secure communication between users.
Data Encryption Market 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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