The global encryption management solutions market is expected to post a CAGR of almost 14% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
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Technavio announced its latest market research report titled global encryption management solutions market 2019-2023. (Graphic: Business Wire)
Enterprises across various industries such as consumer goods, healthcare, manufacturing, and retail are increasingly adopting digitalization. This has made their IT resources more prone to cyberattacks, thereby driving the demand for encryption management solutions. For instance, many companies are increasingly adopting bring your own device (BYOD) policies. BYOD policies allow employees to access enterprise data using devices such as smartphones and laptops. This has necessitated the need for proactive prevention of cyberattacks. Therefore, the rising demand for digitalization is expected to fuel the growth of the global encryption management solutions market during the forecast period.
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As per Technavio, honey encryption will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Encryption Management Solutions Market: Honey Encryption
Vendors in the market are developing honey encryption methods to tackle unexpected cyberattacks. Whenever an attacker injects a wrong encryption key, honey encryption shares false data that is readable and resembles the format of original data. This avoids further attempts from hackers. During the forecast period, honey encryption is expected to find many applications in financial institutions where credit and debit card numbers and personal identification numbers (PIN) are highly critical sets of information. With the rising number of cyber-attacks, the adoption of honey encryption is expected to increase during the forecast period.
“The increasing adoption of harmonic encryption and the rising demand for IoT devices will further boost market growth during the forecast period”, says a senior analyst at Technavio.
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Global Encryption Management Solutions Market: Segmentation Analysis
This market report segments the global encryption management solutions market by application (endpoint encryption, network encryption, database encryption, and cloud encryption), deployment (on-premise and cloud), and geography (APAC, Europe, MEA, North America, and South America).
The North American region led the market in 2019, followed by Europe, APAC, South America, and MEA respectively. During the forecast period, the North American region is expected to maintain its dominance over the market. This is due to the increasing adoption of new and innovative technologies such as AI, machine learning (ML), deep learning (DL), and big data among enterprises in the region.
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Geographic comparison
- Key leading countries
- Landscape disruption
- Competitive scenario
- Vendors covered
- Vendor classification
- Market positioning of vendors
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