The global mobile encryption market analysis 2020 offers a steady compound annual growth rate (CAGR) from 2018 to 2023 of 27.75%, making a high market valuation of USD 3,013.3 million. This growth report has been stated by Market Research Future.
The Covid-19 Mobile Encryption Market Analysis is enduring an exacting period with its robust growth coming to an abrupt halt in light of the COVID-19 pandemic. MRFR report on the Covid-19 Mobile Encryption Market Analysis highlights the future prediction and the growth alternatives that can be created.
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Top Market Players
The top market players in the mobile encryption market are identified as IBM (US), Dell Technologies, Inc. (US), Intel Corporation (US), Blackberry Limited (Canada), Certes Networks, Inc. (US), Symantec Corporation (US), Mobileiron, Inc. (US), Sophos Ltd. (UK), and Communication Security Group (US).
Top Impacting Factors
The growing government pressure to adopt strict regulations for the implementation of adequate data security to monitor sensitive data transmission amongst mobile devices and enterprises is motivating the market growth. Stringent policies, such as federal information processing standards, Advanced Encryption Standard (AES), and Payment Card Industry Data Security Standard (PCI DSS), have been endorsed for data security solutions across BFSI and healthcare segments. This has been one of the core factors influencing the market growth.
Also, rapid digitalization and the increasing usage of the internet across these verticals are anticipated to create some more scope for the development of the mobile encryption market over the assessment timeline. Besides, the market is facing some challenges that include compatibility issues, CPU overburdening, and encryption key management. As the enterprises are implementing the solution to lessen the effects of commercial espionage data breaches, cyber-attacks, and data loss, these are expected to stimulate the mobile encryption market by nullifying the challenges that occurred in the growth course of the market.
On the other hand, more factors such as mounting and evolution of advanced threats, mobile device proliferation, enhanced adoption of cloud services, and virtualization are the foremost factors compelling the mobile encryption market. The necessitation for stringent compliance and regulatory requirements and rising concern for data security and privacy of intellectual property are other impulsive factors driving the market growth for the forecast period. With this, the rising trend of the Internet of Things among various end-user verticals is also a crucial factor in facilitating the expansion of the mobile encryption market.
On the contrary, more factors, such as rapid growth of operational expenditure, escalating budget limits, and a deficit of skilled workforce, are hindering the mobile encryption market expansion in the impending years.
Segmentation of Market
As per the segmental analysis, the global Covid-19 Mobile Encryption Market Analysis has been studied among various segments of component, application, deployment, enterprise size, and vertical.
Among the component segment, the market has included solutions and services. The services segment is also bifurcated into managed services and professional services.
Among the application segment, the market has included communication encryption, disk encryption, cloud encryption, and file/folder encryption.
Among the deployment type segment, the market has included on-premises and cloud.
Among the enterprise size segment, the market has been bifurcated into SMEs and large enterprises.
Among the vertical segment, the mobile encryption market has included aerospace and defense, BFSI, telecom, healthcare, government, and public sector and retail.
The regional analysis of mobile encryption market is studied for key regions of Europe, North America, Asia-Pacific, and the rest of the world (which includes the Middle East, Africa, and Latin America).
Among the regions mentioned, North America is accepted to lead the mobile encryption market. Several factors, including a large number of Smartphone adoption, escalating internet penetration, advanced IT infrastructure is creating demand for mobile encryption in the North America region. Also, as the US and Canada are developed economies, so they primarily focus on adopting new and innovative solutions in the security segment, thus leading to augmented demand for mobile encryption. In fact, a significant boost in the BYOD trend is also favoring conditions for superior authentication methods like smart cards, physical tokens, KPI’s to access the sensitive information or to log in to the client servers. The North America region is followed by Europe in terms of share contribution, and Asia-Pacific is anticipated to cultivate at the highest CAGR during the forecast period of 2018 to 2023.
The region of Asia Pacific is anticipated to witness a high growth rate owing to the mounting implementation of BYOD and stringent compliance throughout various industry verticals, such as retail, government, aerospace & defense, BFSI, and telecom. The countries of China, Australia, Japan, India, and Singapore are steadily adopting mobile encryption solutions. This was owing to the escalating need to safeguard data & information against advanced cyber threats and the growing implementation of cloud-based solutions, thereby motivating the industry size.
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LIST OF TABLES
Table 1 Mobile Encryption Market, By Region, 2018–2023
Table 2 North America: Mobile Encryption Market, By Country, 2018–2023
Table 3 Europe: Mobile Encryption Market, By Country, 2018–2023
Table 4 Asia-Pacific: Mobile Encryption Market, By Country, 2018–2023
Table 5 Middle East & Africa: Mobile Encryption Market, By Country, 2018–2023
LIST OF FIGURES
FIGURE 1 Global Mobile Encryption Market Segmentation
FIGURE 2 Forecast Methodology
FIGURE 3 Porter’s Five Forces Analysis Of Global Mobile Encryption Market
FIGURE 4 Value Chain Of Global Mobile Encryption Market
FIGURE 5 Share Of Global Mobile Encryption Market In 2017, By Country (In %)
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