The GMI Research’s latest analysis reveals that the Application-level Encryption Market is slated to register a significant CAGR over the forecast period. This is attributed to the high adoption of encryption technologies among SMEs to prevent internal breaches of data within a company and the growing adoption of encryption software to avoid cyber-attacks and internal breaches of data.
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Application-level Encryption Market’s leading Manufacturers:
- IBM Corporation
- Symantec Corporation
- McAfee LLC
- Microsoft Corporation
- Thales e-Security Inc.
- Micro Focus International plc
- Sophos Group plc
- Amazon Web Services
- Alphabet Inc.
- Prime Factors
Application-level Encryption Market Dynamics (including market size, share, trends, growth, forecast, and industry analysis)
Key Drivers
The high adoption of encryption technologies among SMEs to prevent internal breaches of data within a company is a key driver contributing to the growth of the global application-level encryption market size. Organizations are deploying digitization in several business processes that help in rising operational effectiveness. The majority of the enterprises heavily invest in encryption technology to offer security to sensitive information and improve productivity. The data encryption vendors incorporate and provide advanced ALE solutions that help in encrypting the data before writing and reading on the server. The new data stored on the server is saved in an encrypted format, so it becomes difficult to breach security for decryption without the authorized permission. ALE solutions enhance the data accuracy in the encrypted digital form, which will boost the growth of the application-level encryption market. Improving the data accuracy aids in reducing the operational cost and make simple the numerous data-related operational processes. The growing adoption of encryption software to avoid cyber-attacks and internal breaches of data has fuelled the markets’ demand. On the other hand, the factor hindering the growth of the market include increased initial costs.
Deployment Mode Segment Drivers
Based on deployment mode, the cloud is expected to rise at a higher CAGR during the forecast period due to the reduced latency and low cost. The majority of the leading storage vendors and operating systems offer data-at-rest encryption. For example, Google Cloud, Amazon Web Services, and Microsoft Azure provide data-at-rest encryption.
Regional Drivers
Based on the region, North America is projected to dominate the market due to the high adoption of improved encryption solutions owing to increasing security breaches. On the other hand, the Asia-Pacific is expected to rise at a higher CAGR during the forecast period due to the growing development and strong adoption of advanced and secure solutions. Moreover, rapid economic advancements, increasing urbanization, and rising technological developments are some other factors propelling the growth of the application-level encryption market.
Application-level Encryption Market Segmentation:
Segmentation by Deployment Type:
- On-premise
- Cloud
Segmentation by Enterprise Size:
- SMEs
- Large Enterprises
Segmentation by End-User:
- BFSI
- IT & Telecom
- Healthcare
- Government
- Manufacturing
- Retail & E-commerce
- Logistics & Transportation
- Others
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
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