Data encryption market is one of the emerging markets of data security. It is a solution to protect the key data of the companies. It uses encryption keys which encode the data so that the theft of the data can be prevented. It provides many benefits such as 24x7 data security, no privacy issues, integrity maintenance etc. Nowadays, the usage of mobiles, virtual storage, social media and cloud computing have led to huge data which is vulnerable to cyber-attack which in turn lead to theft or lost. This led to more and more companies to use data encryption software for data security.
Demand Scenario
The global database encryption market was USD 1.35 billion in 2018 and is estimated to reach USD 3.65 billion by 2025 at a CAGR 15.26% of during the forecast period
Growth by Region
North America is the biggest market due to the highest cybercrime cases in the region followed by Europe. However, Asia Pacific region is expected to have the highest growth in the forecasted period because of the strong manufacturing and service sector in the region.
Drivers vs. Constraints
Growing adoption of cloud based services and increase in cybercrimes led to the major growth of the market. Also, the need of compliance and regulatory requirements, especially for services of bank, government and healthcare industries become the major key factor of the market growth. The software is portable, easy to implement and is easily available, making it widely used among companies. However, due to high cost, major companies find it difficult to deploy and manage. Moreover, restriction of crypto software and management of encryption keys are considered to hinder the market growth.
Industry Structure and Updates
• May 2018 - Microsoft and boffins in collaboration represented an experimental database called ‘EnclaveDB ‘which can secure data even when host computer has been satisfied.
• June 2018 - Ladybridge launched QM 3.4-12 in which data encryption supports additional set of algorithms that use initialize vector instead of a fixed value.
• May 2018 - World’s largest ID holder -‘aadhar’ card is announced to be encrypted using high tech encryption software having multi layered protection.