Network Encryption Market Size Worth USD 8.56 Million in 2032 | Emergen Research

Rising number of data breaches and cyber security threats is one of the major factors driving Network Encryption market revenue growth

Vancouver, Jan. 01, 2024 (GLOBE NEWSWIRE) — The global network encryption market size was USD 4.06 Million in 2022 and is expected to register a steady revenue CAGR of 7.8% during the forecast period, according to latest analysis by Emergen Research. Rising number of data breaches and cyber security threats is the primary factor driving market revenue growth. Network encryption protects network traffic as it travels across the network edge, from intruders, reducing the likelihood of data breaches. Encryption not only secures data or message confidentiality, but it also provides authentication and integrity, demonstrating that the underlying data or messages have not been altered in any way from their original condition.

In addition, increasing adoption of (BYOD policies at work is another key factor driving revenue growth of the market. Personal devices may not have the same level of data backup and recovery procedures but are more secure compared to company-managed devices. Moreover, rising strategic initiatives taken by major companies is also expected to drive market revenue growth of this region during the forecast period. For instance, on 15 September 2021, Viasat announced a next-generation encryption storage solution, the Data-At-Rest Cryptography Solid State Drive (DARC-SSD), as the latest addition to Viasat’s hardware encryption family, providing secure data protection for government and defense agencies around the world.

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However, lack of knowledge about security threats leads to unregulated devices is a key factor, which could restrain market revenue growth. This might pose a bigger danger if suitable security measures are not implemented, as possibility of containing malware is high.

Scope of Research

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Major Companies and Competitive Landscape

The global network encryption market is fragmented with large and medium-sized market players accounting for the majority of revenue. Major players are deploying various strategies, entering into mergers and acquisitions, strategic agreements and contracts, developing, testing, and introducing more effective network encryption products in the market. Some major players included in the global network encryption market report are:

• Thales GROUP
• CISCO SYSTEMS, INC.
• Juniper Networks, Inc.
• CERTES NETWORKS, INC.
• Rohde & Schwarz
• Atos SE
• ADVA Optical Networking
• Nokia
• Colt Technology Services Group Ltd.
• Viasat, Inc.

Strategic Development

• On 15 August 2023, MongoDB, Inc. announced the general release of MongoDB Queryable Encryption, a first-of-its-kind technology that enables organizations encrypt sensitive data when it is queried and in use on MongoDB. MongoDB Queryable Encryption significantly reduces the risk of data exposure for organizations and increases developer productivity by providing built-in encryption capabilities for highly sensitive application workflows, such as searching employee records, processing financial transactions, or analyzing medical records, all without the need for cryptography expertise.
• On 11 January 2022, Kiteworks, which governs and protects sensitive digital Content moving within, into, and out of global enterprises, acquired Totemo, which is one of the leading email encryption gateway provider used by various largest multinational corporations in Germany, Austria, and Switzerland. Through this acquisition, the company expanded its email functionality from user or plug-in activation within the platform into mail client natively. This ensures that any sensitive digital material transmitted and received through email is automatically covered.

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Some Key Highlights From the Report

• The symmetric encryption segment accounted for largest revenue share in the global network encryption market in 2022. This is because symmetric encryption is quick, efficient, and easy to set up and can encrypt enormous volumes of data such as files, messages, or databases. Data is scrambled using symmetric encryption techniques so that it cannot be understood by anybody who does not have the secret key to decrypt. Once the message has been delivered to appropriate recipient who has the key, the algorithm reverses its action and returns the message to its original readable form. The secret key used by both the sender and recipient could be a specific password/code or a random string of letters or numbers created using a secure Random Number Generator (RNG). For banking-grade encryption, the symmetric keys must be generated with a RNG that has been certified in accordance with industry standards such as FIPS 140-2.
• The hardware segment is expected to register steadily fast revenue growth rate in the global network encryption market during the forecast period. This is because main advantage of hardware encryption is that it does not require installation on host computer’s operating system, which implies that even if operating system is hacked, hardware encryption mechanisms will keep data secure. Network encryption hardware, such as dedicated encryption appliances and Hardware Security Modules (HSMs), offers several significant benefits for organizations looking to secure their data and communications. Network encryption hardware is often scalable, allowing organizations to expand their capacity to meet rising demand without compromising security or performance.

• The North America market accounted for largest revenue share in the global network analytics market in 2022. This is due to increasing use of 5G network enabled devices to be connected at faster speeds and with larger bandwidth, which can led to increase in cybersecurity attacks. According to research, the U.S. was target of 46% of cyberattacks in 2020. In addition, rising product launches by major companies is also expected to drive market market revenue growth of this region during the forecast period.
• On 7 May 2020, Zoom acquired Keybase, which is a startup with encryption expertise. Keybase has been previously been involved in building encryption products including secure file sharing and collaboration tools, which is expected to provide Zoom some security credibility. All paying accounts will have access to an end-to-end encrypted meeting mode. Logged-in users will generate public cryptographic identities, which will be saved in a repository on Zoom’s network and can be used to build trust relationships among meeting attendees.

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Emergen Research has segmented the global network encryption market on the basis of encryption type, component, encryption protocol, organization size, end-use, and region:

• Encryption Type Outlook (Revenue, USD Billion; 2019–2032)
  • Symmetric Encryption
    • Triple Data Encryption Standard (Triple Des)
    • Advanced Encryption Standard (AES)
    • Blowfish
    • Twofish
    • International Data Encryption Algorithm (IDEA)
  • Asymmetric Encryption
    • Rivest-Shamir-Adleman (RSA)
    • Elliptic Curve Cryptography (ECC)
• Component Outlook (Revenue, USD Billion; 2019–2032)
  • Hardware
  • Platform
  • Solutions & Services
    • Advisory Services
    • Integration and Implementation Services
    • Training and Support Services
    • Managed Services
• Technology Outlook (Revenue, USD Billion; 2019–2032)
  • Led Network Encryption
  • Holographic Network Encryption
  • Laser Network Encryption
• Encryption Protocol Outlook (Revenue, USD Billion; 2019–2032)
  • Transport Layer Security (TLS)/ Secure Socket Layers (SSL)
  • Internet Protocol Security (IPSEC)
  • Secure Shell (SSH)
  • Pretty Good Privacy (PGP)
  • Secure/Multipurpose Internet Mail Extensions (S/MIME)
  • Kerberos
• Organization Size Outlook (Revenue, USD Billion; 2019–2032)
  • Small & Medium Enterprises (SMEs)
  • Large Enterprises

• End-use Outlook (Revenue, USD Billion; 2019–2032)
  • Telecom and Information Technology (IT)
  • Banking, Financial Services, and Insurance (BFSI)
  • Government
  • Media & Entertainment
  • Manufacturing
  • Healthcare
  • Others
• Regional Outlook (Revenue, USD Million; 2019-2032)
  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • France
    • UK
    • Italy
    • Spain
    • Benelux
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Rest of APAC
  • Latin America
    • Brazil
    • Rest of LATAM
  • Middle East & Africa
    • Saudi Arabia
    • UAE
    • South Africa
    • Turkey
    • Rest of Middle East & Africa

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