The global encryption management solutions market is expected to post a CAGR of close to 14% during the period 2019-2023, according to the latest market research report by Technavio.
A key factor driving the growth of the global encryption management solutions market is the rising demand for digitalization. Over the years, there has been a significant increase in the adoption of digitalization by several industries including healthcare, manufacturing, consumer goods, and retail. Although the adoption of digitalization offers several advantages to companies, it makes the IT resources of companies prone to cyber-attacks. The increasing number of cyber-attacks are pushing companies to adopt encryption management solutions, which can be used as tools to prevent cyber-attacks. Encryption management solutions help in protecting data and mitigating issues such as data theft during the data transit or data-at-rest.
As per Technavio, the adoption of honey encryption will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global encryption management solutions market 2019-2023 research report also analyzes other significant trends and market drivers that will affect market growth over 2019-2023.
Global encryption management solutions market: Honey encryption
The instances of cyber attacks have increased rapidly in recent years, which has become a significant challenge for enterprises operating in the cybersecurity space. As a result, vendors in the market have developed the honey encryption method that allows enterprises to share fake data when the potential attacker enters a wrong key. Hence, it helps in avoiding further attempts from the hacker. Honey encryption can be beneficial in financial institutions where debit or credit card number and personal identification number (PIN) are highly critical sets of information. This technique can also be used in the cloud environment where the password is designed to protect user information.
The adoption of encryption management solutions is likely to increase significantly due to the increasing penetration of IoT devices and the evolution of 5G technology. The increase in the number of IoT devices is contributing to a rise in the personal data collected by enterprises. Thus, the governments across the world are focusing on developing the precision and scope of data protection laws. Such factors will increase the demand for encryption management solutions during the forecast period, says an analyst at Technavio.
Global encryption management solutions market: Segmentation analysis
This market research report segments the global encryption management solutions market by application (endpoint encryption, network encryption, database encryption, and cloud encryption), deployment (cloud and on-premises), and geographic regions (North America, Europe, APAC, South America, and MEA).
The North American region led the market in 2018, followed by Europe, APAC, South America, and MEA respectively. The market growth in North America can be attributed to the rising popularity of IoT, the augmenting demand for integrated solutions such as Google Assistant and Alexa to improve customer services, and the increasing adoption of multi-cloud technologies.
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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
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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