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Global Encryption Management Solutions Market 2019-2023 | 14% CAGR Projection Over the Next Five Years | Technavio

May 3, 2019

LONDON--(BUSINESS WIRE)--May 3, 2019--The global encryption management solutions market is expected to post a CAGR of close to 14% during the period 2019-2023, according to the latest market research report by Technavio.

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Technavio has published a new market research report on the global encryption management solutions market from 2019-2023. (Graphic: Business Wire)

A key factor driving the growth of the global encryption management solutions market is the rising demand for digitalization. Over the years, there has been a significant increase in the adoption of digitalization by several industries including healthcare, manufacturing, consumer goods, and retail. Although the adoption of digitalization offers several advantages to companies, it makes the IT resources of companies prone to cyber-attacks. The increasing number of cyber-attacks are pushing companies to adopt encryption management solutions, which can be used as tools to prevent cyber-attacks. Encryption management solutions help in protecting data and mitigating issues such as data theft during the data transit or data-at-rest.

As per Technavio, the adoption of honey encryption will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global encryption management solutions market 2019-2023 research report also analyzes other significant trends and market drivers that will affect market growth over 2019-2023.

Global encryption management solutions market: Honey encryption

The instances of cyber attacks have increased rapidly in recent years, which has become a significant challenge for enterprises operating in the cybersecurity space. As a result, vendors in the market have developed the honey encryption method that allows enterprises to share fake data when the potential attacker enters a wrong key. Hence, it helps in avoiding further attempts from the hacker. Honey encryption can be beneficial in financial institutions where debit or credit card number and personal identification number (PIN) are highly critical sets of information. This technique can also be used in the cloud environment where the password is designed to protect user information.

“The adoption of encryption management solutions is likely to increase significantly due to the increasing penetration of IoT devices and the evolution of 5G technology. The increase in the number of IoT devices is contributing to a rise in the personal data collected by enterprises. Thus, the governments across the world are focusing on developing the precision and scope of data protection laws. Such factors will increase the demand for encryption management solutions during the forecast period,” says an analyst at Technavio.

Global encryption management solutions market: Segmentation analysis

This market research report segments the global encryption management solutions market by application (endpoint encryption, network encryption, database encryption, and cloud encryption), deployment (cloud and on-premises), and geographic regions (North America, Europe, APAC, South America, and MEA).

The North American region led the market in 2018, followed by Europe, APAC, South America, and MEA respectively. The market growth in North America can be attributed to the rising popularity of IoT, the augmenting demand for integrated solutions such as Google Assistant and Alexa to improve customer services, and the increasing adoption of multi-cloud technologies.

Looking for more information on this market? Request a free sample report

Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.

Some of the key topics covered in the report include:

Market Landscape

  • Market ecosystem
  • Market characteristics
  • Market segmentation analysis

Market Sizing

  • Market definition
  • Market size and forecast

Five Forces Analysis

Market Segmentation

Geographical Segmentation

  • Regional comparison
  • Key leading countries

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

  • Vendors covered
  • Vendor classification
  • Market positioning of vendors
  • Competitive scenario

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

If you are interested in more information, please contact our media team at media@technavio.com.

View source version on businesswire.com:https://www.businesswire.com/news/home/20190503005228/en/

CONTACT: Technavio Research

Jesse Maida

Media & Marketing Executive

US: +1 844 364 1100

UK: +44 203 893 3200

www.technavio.com

KEYWORD:

INDUSTRY KEYWORD: TECHNOLOGY SOFTWARE SECURITY

SOURCE: Technavio Research

Copyright Business Wire 2019.

PUB: 05/03/2019 10:05 AM/DISC: 05/03/2019 10:05 AM

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