The increasing adoption of digitalization and globalization of enterprises have made IT resources prone to cyber attacks. This has increased the demand for encryption management solutions which will help prevent such cyber attacks.
Enterprises are implementing BYOD policies and integrating chatbots in customer support applications. Moreover, enterprises are also integrating processes based on digitalization to personalize their products and services for end-users.
These factors have boosted the demand for encryption management solutions which will enable data protection and prevent data theft during data transit or data-at-rest, thereby driving market growth.
Furthermore, this industry research report also presents a competitive analysis of the market by application (endpoint encryption, network encryption, database encryption, and cloud encryption), deployment (on-premise and cloud), and geography (APAC, Europe, MEA, North America, and South America).
Competitive vendor landscape
The global encryption management solutions market is highly competitive with major vendors such as Cisco Systems, IBM, McAfee, Oracle, Sophos, and Symantec competing on the basis of product or service offerings.
“To gain higher market shares, companies as a key strategy are involved in acquisitions and partnerships along with effective product launches. Leading corporations are aggressively pursuing to enhance their capabilities to gain a competitive edge through joint ventures, MoUs, and agreements or acquisitions,” says a senior analyst at Technavio.
Top five encryption management solutions market vendors
Cisco Systems – The company operates in two segments, products and services. The company’s offerings include Next-Generation Encryption, which offers a wide range of algorithms and protocols for authentication, encryption, and key exchange; and Cisco Email Encryption, which offers encryption solution as per the compliance requirements, and features that include email control and easy to use.
IBM – The company operates in five segments, Cognitive solutions, Global business services, Technology services and cloud platforms, Systems, and Global Financing. The company offerings include IBM Guardium for File and Database Encryption, which offers encryption solution for databases and also ensures compliance with government regulations.
Its Multi-Cloud Data Encryption offers encryption solution for multi-cloud, single cloud, and hybrid cloud establishments. It also offers an integrated key management solution with data access policies.
McAfee – The company offerings include McAfee Complete Data Protection—Advanced, which offers advanced endpoint encryption solutions such as drive encryption, FileVault and BitLocker management, and file and removable media protection. It also provides additional data protection features such as monitoring and regulating the access of data.
Oracle – The company operates through three segments, Cloud and license, Hardware, and Services. The company’s offerings include Oracle Advanced Security, which offers transparent data encryption (TDE) for encryption of data-at-rest and data reduction, which complements TDE to overcome the problem of unauthorized exposure of data.
Its product named Oracle Key Vault offers centralized management of encryption keys, Java Keystores, Oracle Wallets, and credential files.
Sophos – The company offers SafeGuard Encryption. It offers centrally managed full-disk encryption via Mac FileVault and Windows BitLocker. It also offers individual file encryption, which remains encrypted when transferred to removable USB, cloud, and shared folder.