Database encryption has grown in importance and demand as privacy and security has become a key concern for many business enterprises. Database encryption is vital in securing the integrity of database information and is widely being adopted. Market Research Future has conducted a detailed survey of the market and calculated various rates of growth as well as analyzed drivers, trends, and restraints of the market. Increasing data breaches in recent times have put a spotlight on database encryption and demand has exploded, driving significant growth for the global database encryption market.
Government and privacy regulations have come into effect which either endorse or mandate database encryption to reduce theft of valuable data. Increasing establishment of database security companies and the offered services are driving the growth of the market. Encryption service offerings also offer easy manageability and improved performances which have led to increased demand for database encryption services. Moreover, the increasing affordability of such services has also had a highly positive impact on market growth. The advent of the cloud and its widespread adoption has improved scalability, made deployment easy and accessible, and highly flexible which encourage database encryption adoption. Additionally, databases are increasingly being stored on the cloud which makes them more vulnerable to security threats, thus driving the need for encryption.
Notably, the high cost and complexity associated with the initial set up of database encryption are expected to challenge market growth. Moreover, there is a dire lack of awareness regarding database encryption services which is expected to restrain market growth. However, the market is flooded with opportunities as the awareness is growing gradually, and advancement of IT technology is expected to result in the rendering of highly efficient database encryption services.
Various key segments of the database encryption market have been analyzed in depth in MRFR's report. Division of the various vital market components has been performed on the basis of encryption type, deployment, vertical, and region. Encryption types implemented included column level, file system, transparent, and others.
- Deployment of data encryption services can be done on-cloud and on-premise.
- Verticals, where database encryption is used, include manufacturing, It & telecom, BFSI, government, retail, aerospace & defense, healthcare, and others,
- The global market is divided into key geographical regional markets which include Europe, Asia Pacific, North America, and the Rest of the World.
North America has been identified and established as the leader in the global data encryption market. The strong presence of leading market players in the region such as Intel, Symantec, Win Magic, and Microsoft has put North America at the forefront of the global market. Well-developed countries such as the U.S and Canada have a high adoption rate for cloud-based services and solutions which is expected to affect the growth of the North American market positively.
Meanwhile, the Asia Pacific market is growing rapidly and is likely to register the highest CAGR among all regional markets. The increasing trend of Bring Your Own Devices (BYOD) has played a huge role in increasing the importance of database security solutions. Countries such as China and Japan are witnessing increasing adoption of scalable database encryption services in small and medium enterprises, thus driving the growth of the market.
Notable market participants included in MRFR’s analysis of the competition in the global database encryption market include Win Magic Inc., PKWARE, Inc., EMC Corporation, Symantec Corporation, Microsoft Corporation, SAS Institute Inc., IBM Corporation, Sophos Ltd., Check Point Software Technologies Ltd., Intel, and Trend Micro Inc.
Latest Industry News:
- Canadian based Kalepso has entered the database encryption market with its recent company launch.
- Australia has established a new anti-encryption law for national security purposes.
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