Fear is fueling fortunes in the encryption industry. As data breaches and cyber threats explode, the global network encryption market is bracing for a windfall. It is expected to reach a colossal USD 8.56 billion by 2032 (**see note below). This 7.8% annual growth surge signals a desperate scramble for digital shields, leaving no corner of the internet unarmored. Emergen Research’s latest analysis attributes this growth to increased data breaches and cybersecurity threats. Network encryption is crucial in protecting network traffic, reducing the risk of data breaches by thwarting intruders.
A notable market trend contributing to this growth is the adoption of Bring Your Own Device (BYOD) policies in workplaces. Personal devices lack the same level of data backup and recovery procedures as company-managed devices. Still, they are deemed more secure. Additionally, major companies are taking strategic initiatives to bolster market revenue. For example, Viasat unveiled the Data-At-Rest Cryptography Solid State Drive (DARC-SSD). This enhances secure data protection for government and defense agencies.
North America
In 2022, North America led the market, driven by the increased use of 5G-enabled devices and a surge in cybersecurity attacks. The region accounted for 46% of cyberattacks in 2020. Notable companies in the global market include Thales GROUP, CISCO SYSTEMS, INC., Juniper Networks, Inc., CERTES NETWORKS, INC., Rohde & Schwarz, Atos SE, ADVA Optical Networking, Nokia, Colt Technology Services Group Ltd., and Viasat, Inc.
Zoom’s acquisition of Keybase in May 2020, known for its encryption expertise, adds a layer of security to its services. Zoom aims to enhance security credibility by providing end-to-end encrypted meeting modes for all paying accounts.
Data breaches and cyber threats are catalysts, driving the global network encryption market towards a projected USD 8.56 billion** by 2032. The adoption of BYOD policies, strategic initiatives by major players, and the dominance of symmetric encryption and hardware solutions are propelling this growth. Challenges include the risks associated with unregulated devices. North America, fueled by 5G adoption and a rise in cyber attacks, is a key player.
Source: Network Encryption Market Size Worth USD 8.56 Million in 2032 (**Note: A typo appears to state million and not billion in the press release incorrectly. In the report summary, which you can see in the screenshot below, it is a billion. We have asked for clarification and will update.)
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