Network Encryption Market Outlook
According to the report by Expert Market Research (EMR), The Global Network Encryption Market Size, Share, Analysis, Report and Forecast 2024-2032″, reached a value of USD 4.1 billion in 2023. Aided by the increasing need for data security, rising cyber threats, and the growing use of encryption in diverse sectors, the market is projected to further grow at a CAGR of 8.40% between 2024 and 2032 to reach a value of USD 6.65 billion by 2032.
Network encryption is a process that applies cryptographic services at the network transfer layer – above the data link but below the application level. It is commonly used to create secure communication pipelines in different industries, including banking, finance, healthcare, and IT, among others. Its role in safeguarding data integrity, securing sensitive information, and ensuring data confidentiality is crucial.
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The growing need for data security is a key factor propelling the global network encryption market growth. As enterprises increasingly shift to digital platforms and cloud-based solutions, the need for robust data security measures is more pressing than ever. Companies are investing heavily in network encryption solutions to prevent unauthorised access, data breaches, and to maintain data integrity.
Furthermore, the rise in cyber threats, data theft, and data leakage incidents has made network encryption an indispensable tool, thus increasing the network encryption market demand. These threats have multiplied exponentially due to increased digitalisation and the proliferation of IoT devices, prompting businesses and organisations to leverage network encryption to protect sensitive information.
The widening application of network encryption across various sectors is another significant driver for the network encryption market expansion. Network encryption is being extensively adopted in banking, financial services, and insurance (BFSI) sectors to secure financial transactions and personal information. In the healthcare sector, it is used to protect sensitive patient information. IT and telecommunication sectors use network encryption to ensure secure data transmission and to protect against data breaches.
Moreover, the ongoing development and implementation of strict data protection regulations by governments around the world have necessitated the use of network encryption. Laws such as the General Data Protection Regulation (GDPR) in Europe mandate businesses to ensure the security of personal data, thereby contributing to the network encryption market development.
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Network Encryption Market Segmentation
The market can be divided based on deployment type, component, organisation size, end use, and region.
Market Breakup by Deployment Type
Market Breakup by Component
- Solution and Services
Market Breakup by Organisation Size
- Small and Medium-sized Enterprises
- Large-sized Enterprises
Market Breakup by End Use
- Telecom and IT
- Media and Entertainment
Market Breakup by Region
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Network Encryption Market Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global network encryption companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- Thales Trusted Cyber Technologies
- atmedia GmbH
- Atos SE
- Juniper Networks, Inc.,
- Certes Networks, Inc.
- Senetas Corporation Limited
- Viasat Inc.
- Raytheon Technologies Corporation
- Securosys SA.
- PacketLight Networks Ltd.
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