The report segments the global encryption management solutions market by application (hardware encryption, endpoint encryption, network encryption, database encryption, and cloud encryption), by deployment (on-premises and cloud-based), and by geography (the Americas, EMEA, and APAC). It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Here are some key findings of the global encryption management solutions market, according to Technavio ICT researchers:
- Increase in the use of mobile devices: a major market driver
- Adoption of cloud-based solutions: emerging market trend
- The Americas dominated the global encryption management solutions market with over 43% share in 2017
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Increase in the use of mobile devices: a major market driver
The increase in the use of mobile devices, such as laptops, cell phones, and tablets, is helping the growth of the global encryption management solutions market. The increased use of mobile devices helps in storing and accessing critical information makes it necessary to protect these devices from data theft. Hence, the increased dependence on mobile devices is linked to the growth of the global encryption management solutions market.
Furthermore, the growing popularity of BYOD policy will increase the use of mobile devices for official purposes. The BYOD policy helps employees complete work without time or location constraints. It has led to an increase in the productivity of employees along with a reduction in operational costs. SMEs are major adopters of the BYOD policy because it reduces their operational costs.
According to a senior analyst at Technavio for enterprise application research, “As mobile devices work on multiple wireless networks, they are prone to a variety of threats from unknown sources. Also, there are chances that the mobile device may get lost while moving from one facility to another in an organization. Hence, the need to secure the data with the help of hardware encryption solutions becomes necessary. Such developments augur well for the growth of the market.”
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Adoption of cloud-based solutions: emerging market trend
One of the key trends in the global encryption management solutions market is the adoption of cloud encryption solutions during the forecast period. Cloud-based services are getting adopted at a significant rate. These services include managed services, authentication processes, video management systems, and storing biometrics. Since a huge amount of data is being stored in the cloud, the encryption of the same becomes important to secure data from unauthorized access.
Thus, with the rising concerns about the security of data, the requirements for cloud encryption solutions have increased. The adoption of cloud encryption solutions is expected to be high among SMEs as they are cost-conscious buyers. Also, the cloud-based encryption process will be scalable and flexible to accommodate the needs of the consumers.
Global market opportunities
In terms of regional dominance, the Americas dominated the global encryption management solutions market, followed by EMEA and APAC in 2016. Although the Americas hold the largest market share, the region is expected to witness a decline of over 2% in its market share by 2022. APAC, on the other hand, hold the smallest share of the market but it is expected to witness the fastest growth of close to 3% over the forecast period. This is due to the growing awareness of the benefits of encryption management solutions in securing data and networks.
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