Encryption Management Solutions Market to Reach USD 41.44 Billion by 2029

Data Bridge Market Research analyses that the Encryption Management Solutions Market was valued at USD 12.64 billion in 2021 and is expected to reach the value of USD 41.44 billion by 2029, at a CAGR of 16.00% during the forecast period. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.

With the growing trend of Internet of Things (IoT) and Bring Your Own Device (BYOD) among enterprises, data security concerns are on the rise. This has resulted in an increase in cyberattacks, commercial espionage, data breaches, and theft and losses in businesses, escalating the need to safeguard sensitive data and ensure compliance.

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Global Encryption Management Solutions Market Drivers

Growing adoption of digitization across various industries
The growing demand for digitalization is significantly driving the growth of the encryption management solutions market. Several industries, including consumer goods, healthcare, manufacturing, and retail, are increasing their use of digitalization around the world. Due to digitalization, industries' IT resources are vulnerable to cyberattacks. As a result of the increasing adoption of digitalization, there is a greater demand for encryption management solutions that can be used as tools to prevent cyberattacks.

Growth of IOT services and increasing penetration of 5G technology
The rising demand for IoT services is the primary market trend driving the encryption management solutions market growth. The market is expected to grow during the forecast period due to the increasing penetration of IoT devices and the evolution of 5G technology.

Some of the major players operating in the encryption management solutions market are:

Hewlett Packard Enterprise Development L.P. (U.S.)
IBM Corporation (U.S.)
Amazon.com, Inc. (U.S.)
Gemalto NV (Netherland)
RSA Security LLC (U.S.)
Thales. (France)
Sun Microsystems, Inc. (U.S)
VirtuCrypt (U.S)
Venafi, Inc (U.S.)
Oracle (U.S.)
Cisco Systems, Inc. (U.S.)
Dell Inc. (U.S.)
McAfee, LLC. (U.S.)
Trend Micro Incorporated (U.S.)
Sophos Ltd. (U.K.)
CommScope, Inc. (U.S.)
Broadcom (U.S.)

Recent Development

In April 2019, Thales Group, the parent company of Thales e-Security, completed the acquisition of Gemalto, a digital identity and security leader. The acquisition would result in a world-class leader with an unrivalled portfolio of digital identity and security solutions based on biometry, data protection, and cybersecurity in general.
On May 7, 2020 - Syncsort purchased the majority of Townsend Security's products to expand its burgeoning suite of security software for IBM.

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Global Encryption Management Solutions Market Scope

Deployment

Cloud
On-premise
End User

Banking
Financial Services and Insurance (BFSI)
Healthcare
Government
Retail
IT
Telecom
Application

Endpoint Encryption
Network Encryption
Database Encryption
Cloud Encryption

Encryption Management Solutions Market Regional Analysis/Insights

The countries covered in the encryption management solutions market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of Global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.

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