IMARC Group, a leading market research company, has recently releases report titled “Network Encryption Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global network encryption market share, size and forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How Big is the Network Encryption Market?
The global network encryption market size reached US$ 4.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 7.0 Billion by 2028, exhibiting a growth rate (CAGR) of 8.85% during 2023-2028.
What is Network Encryption?
Network encryption is a process of offering end-to-end, safe connectivity for encoding sensitive data, including credentials, files, and passwords, which are transmitted through a computer network. They are employed as a protective barrier for communication between multiple networks and are used by numerous organizations to secure their virtual private networks (VPNs), internet traffic, internal networks, and corporate backbone networks through network-level encryption. They are also incorporated with zero-touch encryption key management to offer authenticated, robust, and high-assurance encryption. Nowadays, network encryption is widely adopted in banking, financial services and insurance (BFSI), information and technology (IT), media and entertainment, and telecommunication sectors.
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What are the growth prospects and trends in the network encryption industry?
The market is primarily driven by the increasing incidences of network security breaches, data threats, and cybercriminal activities. Moreover, the surging need to comply with ever-changing regulatory standards for enhanced data protection has escalated the deployment of network encryption solutions across the globe.
In addition, the widespread adoption of network encryption solutions to secure digital communications, network transmitted data, and protect sensitive business information and intellectual property is contributing to the market growth. Moreover, various technological advancements, such as the incorporation of cloud technologies and the Internet of Things (IoT) in multiple hardware and software applications, represent another major growth-inducing factor.
Furthermore, the widespread product adoption in the healthcare industries due to the growing inclination toward m-health services and the popularity of electronic health records (EHRs) for improving access to healthcare facilities is providing a positive thrust to the market growth.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Component:
- Hardware
- Solutions and Services
Breakup by Deployment Mode:
- Cloud-based
- On-premises
Breakup by Organization Size:
- Small and Medium-sized Enterprises
- Large Enterprises
Breakup by End Use Industry:
- Telecom and IT
- BFSI
- Government
- Media and Entertainment
- Others
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
Atos SE, Ciena Corporation, Cisco Systems Inc., Colt Technology Services Group Limited, F5 Networks Inc., International Business Machines Corporation, Juniper Networks Inc., Nokia Corporation, PacketLight Networks Ltd., Raytheon Technologies Corporation, Rohde Schwarz GmbH Co KG, Securosys SA, Senetas Corporation Limited, Thales Group and Viasat Inc.
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
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