The encryption management solutions market is expected to increase by $6.07 billion from 2020 to 2025, and the market’s growth momentum will accelerate at a CAGR of almost 17%, according to Technavio.
Encryption management solutions vendor insights
The encryption management solutions market is fragmented, and the vendors are deploying various organic and inorganic growth strategies to compete in the market. To make the best of the opportunity, the market vendors should focus more on the fast-growing segment’s growth prospect while maintaining their positions in the slow-growing segments.
The encryption management solutions market share growth in North America will be significant during the forecast period. The US is the key market for encryption management solutions in North America. Market growth in this region will be faster than the growth of the market in the European, MEA, and South American regions.
The rising popularity of IoT, the increasing demand for integrated solutions such as Google Assistant and Alexa to improve customer service, and the increasing adoption of multi-cloud technologies are the primary factors driving the growth of the encryption management solutions market in North America.
The desire of businesses to adopt new and creative technologies like as artificial intelligence (AI), machine learning (ML), and deep learning (DL), as well as the expanding demand for big data analysis across numerous industries, such as healthcare, are driving market expansion in the area.
Moreover, countries like the US, China, UK, Germany, and Japan are the key market for the encryption management solutions market in North America, owing to the augmenting demand for integrated solutions to improve customer service and the increasing adoption of multi-cloud technologies in this region.
Encryption management solutions key market drivers
The presence of strict regulations that charge hefty fines on enterprises for data breaches has resulted in the significant growth of the global encryption management solutions market. To secure the data of businesses, regulatory agencies have given instructions such as anonymization or pseudonymization.
Regulatory organizations are making it mandatory for businesses to immediately notify affected users and the regulatory authority in the event of a data breach. As a result, regulatory compliance is a key driver of the global encryption management solutions market’s growth.
Encryption management solutions key market trends
Surging demand for IoT devices
Enterprises will acquire more personal data as a result of technological advancements such as the Internet of Things, as the number of linked devices will skyrocket in the coming years. As a result, governments all around the world are focusing on enacting tougher data privacy legislation. These considerations will drive up demand for encryption management software even more.
Cyberattacks will become a major problem for businesses, particularly those in the IoT industry and dealing with large amounts of data. As a result, businesses must secure the security of data-in-transit in addition to looking for cybersecurity solutions such as firewalls to safeguard data-at-rest.