Network Encryption Market was valued at more than USD xx billion in 2020 and is expected to grow at a CAGR of around 9% from 2022-2028.
According to a new report published by UnivDatos Markets Insights, the Network Encryption Market was valued at more than USD xx billion in 2020 and is expected to grow at a CAGR of around 9% from 2022-2028. The analysis has been segmented into Components (Hardware, Platform, and Services); Organization Size (Small and Medium Enterprises and Large Enterprises) Verticals (Telecom and IT, BFSI, Media and Entertainment, Government, And Others); Region/Country.
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The network encryption market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on Network Encryption. The network encryption report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates network encryption at the global and regional levels.
Market Overview
Network encryption is a security procedure that encrypts or codes sensitive data sent over a computer network, including passwords, identification information, communications, and files. Network encryption solutions aid in defending enterprises' sensitive information and privacy against espionage. They make sure that when data is transmitted across a computer network, it is end-to-end encrypted. To offer reliable, authenticated, and high-assurance encryption, they can be used with zero-touch encryption key management.
The growing adoption of network encryption is attributed to the growing number of data breaches around the world. Moreover, the growing adoption of next-generation security solutions is expected to surge the market growth during the analysis time period. Furthermore, the rising cost of each data breach is also expected to drive the market. For instance, according to IBM, the average cost of a data breach increased by 2.6% in 2021.
Some of the major players operating in the market include Thales TCT, ATMedia Gmbh, Atos SE, Juniper Networks Inc, Certes Networks Inc, Senetas Corporation Ltd, Viasat Inc, Raytheon Technologies Corporation, Securosys SA, and Huawei Technologies Co., Ltd.
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COVID-19 Impact
The recent covid-19 pandemic has disrupted the world and has brought a state of shock to the global economy. The global pandemic has impacted the network encryption industry in a significant way. Due to COVID -19, governments around the world implemented lockdowns which forced organizations to follow work from home model. Which resulted in a surge in demand for network encryption services to maintain confidentiality.
The global network encryption report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
· Based on organization size, the network encryption market has been classified into large enterprises and SMEs. The large enterprise is to witness higher adoption in 2020 and is expected to maintain its domination throughout the forecast period. As large organizations are the early users of the network encryption solution because they must protect vast amounts of data created by numerous application areas, including sales, marketing, HR, and internal operations. Moreover, due to the massive amounts of content generated by enterprise applications every second to gain a competitive advantage, large businesses across all industries are leading the way in implementing network encryption solutions.
· Based on verticals, the network encryption market has been classified into telecom and IT, BFSI, media and entertainment, government, and others. The telecom and IT segment are to witness higher adoption during the forecast period. Network encryption tools are being used by telecom and IT service providers to protect sensitive data. For instance, in November 2022, Vodafone partnered with IBM on quantum-safe cyber security. Moreover, the rising prevalence of online fraud is also expected to surge the market growth during the forecast period.
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Network Encryption Market Geographical Segmentation Includes:
· North America (United States, Canada, and Rest of North America)
· Europe (Germany, United Kingdom, Spain, Italy, France, and the Rest of Europe)
· Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific)
· Rest of the World
North America led the network encryption market in 2020 with the highest market share and is expected to maintain the same throughout the forecast period. The growing adoption of network encryption in the region is mainly attributed to the growing cases on data breaches. For instance, according to Surf Shark, the United States experienced more than 200 million data breaches in the year 2021. Moreover, the governments in the region offer appropriate platforms for startups and SMEs, in terms of government regulations and compliances. Hence, enterprises are growing rapidly and have a massive demand for network encryption. These factors are expected to drive the market during the analysis time period.
The major players targeting the market include
· Thales TCT
· ATMedia Gmbh
· Atos SE
· Juniper Networks Inc
· Certes Networks Inc
· Senetas Corporation Ltd
· Viasat Inc
· Raytheon Technologies Corporation
· Securosys SA.
· Huawei Technologies Co., Ltd.
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the network encryption market. The major players have been analyzed by using research methodologies for getting insight views on global competition.
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Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in network encryption?
• Which factors are influencing network encryption over the forecast period?
• What are the global challenges, threats, and risks in network encryption?
• Which factors are propelling and restraining network encryption?
• What are the demanding global regions of network encryption?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?
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