The global encryption management solutions market is expected to post a
CAGR of close to 14% during the period 2019-2023, according to the
latest market research report by Technavio.
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Technavio has published a new market research report on the global encryption management solutions market from 2019-2023. (Graphic: Business Wire)
A key factor driving the growth of the global encryption management
solutions market is the rising demand for digitalization. Over the
years, there has been a significant increase in the adoption of
digitalization by several industries including healthcare,
manufacturing, consumer goods, and retail. Although the adoption of
digitalization offers several advantages to companies, it makes the IT
resources of companies prone to cyber-attacks. The increasing number of
cyber-attacks are pushing companies to adopt encryption management
solutions, which can be used as tools to prevent cyber-attacks.
Encryption management solutions help in protecting data and mitigating
issues such as data theft during the data transit or data-at-rest.
As per Technavio, the adoption of honey encryption will have a positive
impact on the market and contribute to its growth significantly over the
forecast period. This global
encryption management solutions market 2019-2023 research
report also analyzes other significant trends and market drivers that
will affect market growth over 2019-2023.
Global encryption management solutions market:
The instances of cyber attacks have increased rapidly in recent years,
which has become a significant challenge for enterprises operating in
the cybersecurity space. As a result, vendors in the market have
developed the honey encryption method that allows enterprises to share
fake data when the potential attacker enters a wrong key. Hence, it
helps in avoiding further attempts from the hacker. Honey encryption can
be beneficial in financial institutions where debit or credit card
number and personal identification number (PIN) are highly critical sets
of information. This technique can also be used in the cloud environment
where the password is designed to protect user information.
“The adoption of encryption management solutions is likely to
increase significantly due to the increasing penetration of IoT devices
and the evolution of 5G technology. The increase in the number of IoT
devices is contributing to a rise in the personal data collected by
enterprises. Thus, the governments across the world are focusing on
developing the precision and scope of data protection laws. Such factors
will increase the demand for encryption management solutions during the
forecast period,” says an analyst at Technavio.
Global encryption management solutions market:
This market research report segments the global encryption management
solutions market by application (endpoint encryption, network
encryption, database encryption, and cloud encryption), deployment
(cloud and on-premises), and geographic regions (North America, Europe,
APAC, South America, and MEA).
The North American region led the market in 2018, followed by Europe,
APAC, South America, and MEA respectively. The market growth in North
America can be attributed to the rising popularity of IoT, the
augmenting demand for integrated solutions such as Google Assistant and
Alexa to improve customer services, and the increasing adoption of
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