Data Encryption Market Size, Share Analysis, Trends And Growth Forecast 2024 To 2033

The data encryption market size has grown rapidly in recent years. It will grow from $15.76 billion in 2023 to $18.08 billion in 2024 at a compound annual growth rate (CAGR) of 14.7%. The growth in the historic period can be attributed to changing network security, increasing numbers of data breaches, rising adoption of cloud-based services, accelerating urbanization across the globe, rising awareness and government initiatives.

The data encryption market size is expected to see rapid growth in the next few years. It will grow to $31.43 billion in 2028 at a compound annual growth rate (CAGR) of 14.8%. The growth in the forecast period can be attributed to increase in data theft, increasing cybercrime occurrences, rising demand for data protection, improvement in people's living standards, expanding use of internet services. Major trends in the forecast period include advancements in digital data transfer via smartphones, product innovation, adoption of advanced technologies and cloud-based services, application of machine learning and the internet of things, increased investments.

Market Overview -
Data encryption involves transforming data into an unreadable format referred to as ciphertext, which can only be reverted to its original form (plaintext) by someone with the necessary decryption key. It is a security measure implemented to safeguard information from unauthorized access, alteration, or compromise.

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Internet Service Expansion Fuels Data Encryption Market Growth
The expanding use of internet services is expected to propel the growth of the data encryption market going forward. The internet is a globally connected network system that facilitates communication and data services through a vast collection of private, public, academic, business, and government networks of local to global scope. The proliferation of high-speed internet infrastructure, including broadband and mobile networks, has made it easier for people to access the internet from virtually anywhere. Encryption transforms data into an incomprehensible format, thwarting unauthorized access and interception during transmission and safeguarding sensitive information such as personal, financial, or business data. For instance, in November 2022, according to a report published by the International Telecommunication Union, a Switzerland-based specialized agency, approximately 5.3 billion individuals, constituting 66% of the worldwide population, will be using the Internet. This represents a growth rate of 6.1% compared to 2021. Therefore, the expanding use of internet services is driving the growth of the data encryption market.

Competitive Landscape -
Major companies operating in the data encryption market are Microsoft Corporation, Siemens AG, Intel Corporation, International Business Machines Corporation, Cisco Systems Inc., Oracle Corporation, Honeywell International Inc., SAP SE, Fujitsu Limited, ABB Ltd., Hewlett Packard Enterprise Co., NEC Corporation, Thales Group, Netapp Inc., Palo Alto Networks Inc., Fortinet Inc., Micro Focus International Plc, Check Point Software Technologies Ltd., McAfee LLC, Trellix Corp, Innovative Routines International (IRI) Inc., BlackBerry Limited, Proofpoint Inc., Rapid7 Inc., Imperva Inc., Coalfire Systems Inc., Trustwave Holdings Inc., Protegrity Inc., GoGuardian

Innovative Cloud-Based File Encryption Management Solutions In The Data Encryption Market
Major companies operating in the data encryption market are developing innovative products, such as cloud-based file encryption management solutions, to serve customers with advanced features better. These solutions include processes and technologies that secure data by transforming it into an unreadable format (ciphertext) before it is stored or transmitted to and from cloud-based applications and storage. For instance, in November 2023, Utimaco, a Germany-based cybersecurity solutions provider, launched the u.trust LAN Crypt Cloud. The unique feature of u.trust LAN Crypt Cloud lies in its capability to safeguard sensitive and business-critical data against unauthorized access. With client-side encryption, data remains protected irrespective of its storage location, whether on-premises or in the cloud. Trust LAN Crypt Cloud simplifies the implementation of this strategy, offering a particularly user-friendly approach that allows companies to thwart unauthorized access to protected data and ensure compliance with international data protection regulations. This feature also serves as a powerful defense against ransomware attacks, as encrypted data cannot be misused by attackers who may attempt to threaten its publication.

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Key Segments -

The data encryption market covered in this report is segmented -

1) By Method: Asymmetric, Symmetric
2) By Deployment: On-Cloud, On-Premise
3) By Organization Size: Large-Sized Enterprise, Small And Medium-Sized Enterprise
4) By End User: Aerospace And Defense, Automotive, Banking, Financial Services And Insurance (BFSI), Information Technology (IT) And Telecom, Healthcare, Manufacturing

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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