Mobile Encryption Market Size, Industry Outlook, Regional Analysis, Application Development & Forecast, 2021 – 2027
Report ID: GMI2021
Mobile Encryption Market size has witnessed a considerable growth owing to the growing need for stringent regulatory and compliance requirements, concern for privacy and data security issues, and proliferation of smart devices across enterprises.
Growing implementation of cloud-based storage across enterprises to protect valuable electronic data, such as credit card numbers, personal contacts, and bank passwords, is increasing the demand for these solutions. The increase in the adoption of BYOD and the growing usage of mobile technology in various sectors, such as healthcare, BFSI, defense, and IT, are further providing an impetus to the mobile encryption market. Moreover, the growing need for integrated and cloud security solutions is creating several opportunities for the market.
Growing government pressure to adopt strict regulations for the implementation of effective data security to monitor sensitive data transmission amongst the mobile devices and enterprises is influencing the industry growth. Stringent regulations, such as Advanced Encryption Standard (AES), federal information processing standards, and Payment Card Industry Data Security Standard (PCI DSS) have been authorized for data security solutions across BFSI and healthcare segments. Speedy digitalization and the growing usage of internet across these verticals are expected to generate added scope for the development of mobile encryption market over the forecast timeline.
Factors, such as rapid growth of operational expenditure, increasing budget constraints, and lack of skilled workforce, are hindering the mobile encryption market growth. In addition, the industry is facing several challenges such as CPU overburdening, compatibility issues, and encryption key management. However, the enterprises are implementing the solution to lessen the effects of commercial espionage data breaches, cyber-attacks, and data loss, which are expected to stimulate the mobile encryption market.
The mobile encryption market can be segmented based on deployment type into on-premises and cloud-based models. The cloud-based deployment model is anticipated to have a majority share owing to the growing flexibility, low cost of purchasing & servicing of cloud based models such as Software-as-a-service (SaaS) and Platform-as-a-Service (PaaS), and growing adoption of the cloud models among several companies globally. Furthermore, various features, such as high scalability and availability of subscription-based pricing, are driving the mobile encryption market. Several companies are positively implementing varied cloud environments ranging from private and hybrid to public for the storage of vast amounts of data.
By application type, the mobile encryption market is segmented into disc, file & folder, cloud, and communication encryption. Cloud encryption is anticipated to grow at a high rate owing to the implementation of cloud services among enterprises throughout the world. The rise in the growing number of cyber-attacks is promoting the existing amplified data security & privacy concerns for enterprises, which have implemented cloud data storage services. This has stimulated the implementation of cloud applications to protect the crucial information from various security threats, such as security thefts and security violations, thereby propelling the mobile encryption market demand.
On basis of the end-user type, the mobile encryption market is segmented into large-sized enterprises and Small & Medium Enterprises (SMEs). The SMEs segment is anticipated to witness a high growth owing to the growing demand for mobile encryption solutions. These solutions allow SMEs to safeguard their enterprise information & data and deliver safe real-time access facilities. Furthermore, the availability of these solutions at economical pricing is driving the mobile encryption market growth.
By application, the mobile encryption market is categorized into BFSI, healthcare, manufacturing, retail, media & entertainment, telecommunications & information technology, education, government & public sector, and defense & aerospace. The BFSI sector is anticipated to hold a high market share owing to the high implementation of such solutions and growing use of mobile technology in financial institutions.
The North America mobile encryption market is anticipated to hold a high market share owing to the growing focus of BFSI companies toward the early implementation of innovative & advanced solutions in security technologies. Asia Pacific is expected witness a high growth rate owing to the growing implementation of BYOD and stringent compliance throughout various industry verticals, such as government, retail, BFSI, aerospace & defense, and telecom. Countries, such as Australia, China, India, Japan, and Singapore, are steadily adopting mobile encryption solutions due to the increasing need to safeguard data & information against advanced cyber threats and growing implementation of cloud-based solutions, thereby driving the industry size.
The players involved in mobile encryption market include BlackBerry Ltd., Dell Technologies, Inc., IBM Corporation, Intel Corporation (McAfee), Symantec Corporation, T-Systems International GmbH, Huawei Technologies Co., Ltd., Hewlett Packard Enterprise, Zix Corporation, MobileIron, Inc., Sophos Ltd., Alertboot Data Security, Certes Networks, Inc., CSG, Inc., ESET, and Silent Circle, LLC.
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