Database Encryption Market: Worldwide Industry Analysis and New Market Opportunities Explored
Regulatory and compliance requirements are the major driving factors for the data encryption market. Regulatory requirements such as health insurance portability and accountability (HIPAA) for healthcare and payment card industry data security standard (PCI DSS) for banking financial services and insurance (BFSI) have forced enterprises worldwide to implement data protection techniques.
Introduction of new mobile devices, comprehensive usage of social media and virtual storage applications in the enterprises generate vast amount of data. Protecting this data is important as it contains valuable information pertaining to customers and enterprises. Database encryption is the choice of organizations to protect their vulnerable data, further driving the database encryption market. Also, flexibility of the database encryption solutions is helping to increase its popularity. With the help of flexible data encryption solutions, encrypted data could be easily transferred to removable devices such as USBs or CDs/DVDs. However, high costs associated with these solutions and erroneous management of encryption key are restraining the growth of database encryption market. Cloud services are providing tremendous growth opportunities to database encryption market. Furthermore, easy implementation of the data encryption solution with the help of cloud technology has helped the customers to use it irrespective of the location and time.
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Database encryption market is segmented on the basis of type, mode of deployment, size of the enterprise and industry verticals. On the basis of type, database encryption market is segmented into database encryption types and database operational models.
Database encryption types include file system encryption, application level encryption, column level encryption, transparent/external encryption and key management. There are two operational models used in the database encryption market which are data-at-rest and data-in-motion. Database encryption solutions are deployed using on-premise and cloud deployment techniques. Furthermore, according to the size of the enterprise database encryption market is segmented into small and medium enterprises and large enterprises.
Database encryption solutions are used in various industries such as banking, financial services and insurance (BFSI), healthcare, government and public sector, retail and e-commerce, IT and telecom, aerospace and defense and others. On the basis of geography, the global database encryption market is segmented into Europe, North America, Asia Pacific, Latin America, and the Middle East and Africa. North America is predicted to experience significant growth among all regional segments in the coming years, due to the large amount of data generated from the adoption of cloud technology and mobility solutions.
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The global database encryption market is highly competitive in nature and is marked with the presence of several international and domestic key players. Major players in the database encryption market include IBM Corporation, Symantec Corporation, Netapp, Inc., Microsoft Corporation, Hewlett-Packard Company, Oracle Corporation, Intel Security (Mcafee), Vormetric Inc., Gemalto NV, and Sophos Group plc.
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