Data Encryption Market – Growing Data Security Breaches Incorporates such as Wal-Mart, Apple Inc., J.P. Morgan Chase and others will drive an Exponential CAGR

Market Scenario of Data Encryption Market:
The report “Data Encryption Market -Forecast to 2022″ results from the crucial appreciation by Market Research Future of the importance of the Data Encryption Market as can be seen from the below examples of security breaches.

There have been a number of data beaches around the world as exemplified by the following examples. Wal-Mart suffered a data security breach in 2009, which resulted in data theft from its cash registers. Wal-Mart’s chief data officer commented on the need to “segregate and separate data, into separate networks” and to encrypt it fully. J.P. Morgan Chase suffered the biggest cyber-attack in corporate history which compromised information of 76 million households including customer names, phone numbers, addresses, and email contact information. In 2014, hackers broke into the Apple iCloud accounts of Hollywood celebrities including Kate Upton, Jennifer Lawrence, Kirsten Dunst and stole nude photos. Thus the need for data encryption is apprehended even by the layman.

Data Encryption is a field of cryptography, which renders information unintelligible by the process of encoding. The information then is accessible only to authorized parties which possess the key to decrypt the data. The data encryption market is expected to generate a CAGR of ~18% and to grow at a staggering USD ~4 billion during the forecast period of 2016 to 2022.

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Prominent Market Players of Data Encryption Market:
Oracle Corporation, IBM Corporation, Microsoft Corporation, HP, Vormetric Inc., Intel Security, Symantec Corporation, Netapp Inc., FireEye, Inc. among others.

Segments of Data Encryption Market:
Global Data Encryption market has been bifurcated by deployment, methods of database encryption, applications and end users.
Methods of Database Encryption - Symmetric and Asymmetric.
Deployment - on premises and on cloud
End users - Large organizations and small scale organizations (SMEs)
Application - Government, Manufacturing, Healthcare, BFSI, Aerospace & Defense, Automotive, IT & Telecom, and others.

Regional Analysis of Data Encryption Market:
North America secures the dominant market share of data encryption market by value as well as volume. The U.S. dominates the North American market by a huge margin due to the presence of large global players, huge demand, and rapid uptake of technology which gives it immense advantage.

Europe gained the second largest market position led by Germany, France and the U.K. However the Scandinavian economies of Norway, Finland have an appreciable share of the market.
Asia-Pacific led by Japan, China and India are expected to generate the fastest growth. The high growth of service led industries especially in India and China, growing economy, presence of skilled manpower are factors boosting the growth of the Data Encryption Market in Asia-Pacific.
The Middle East and Africa regions are expected to generate moderate single digit growth due to underdeveloped economy and socio-economic conditions.

Market Dynamics of Data Encryption Market:
Drivers
• Growing concerns of data security and rising threat of cyber-attacks and virus.
• Growth in the degree of confidentiality of digital data stored on computer systems
• Growing transmission of data through the internet or other computer networks.
• Growing ecommerce and payment card industry, social messaging apps and growing connectivity
• Advantages of data encryption such as data responsibility such as authentication, data integrity and nonrepudiation.
• Technological developments such as quantum computing and quantum cryptography. Quantum encoding ensures that the data cannot be copied as any attempt to access the encoded data will result in detectable change the data which notifies the authorized parties of an attack. Another development has been end-to-end encryption (E2EE) which guarantees that the data being transmitted between two parties cannot be viewed by an attacker intercepting the communication channel.
• Growing complexity and computational power, improving algorithm and others
• Growing stringency of data storage regulations, growing cloud storage and remote access technologies
• Scalable and repeatable nature of the business which makes it attractive to startup and angel investing
• Huge unmet needs of data encryption for security agencies in developing regions such as India

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Restraints
• Interference from state apparatus and intelligence agencies such as the National Security Agency which deliberately weakened the Data Encryption Standard algorithm, as seen by the revelations from former NSA analyst Edward Snowden.
• Deliberate subverting of cryptography standards by intelligence agencies
• Criticism of end-to-end encryption from law enforcement agencies such as the FBI. There has been an argument that encryption prevents law enforcement from accessing data even with a warrant. Demands from U.S. Department of Justice for "responsible encryption" where the data can be decrypted under a warrant
• High cost of installation and maintenance intensive
• Lack of awareness in underdeveloped regions of the world

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