“Need for stringent compliance and increasing concern for data security are driving the mobile encryption market.”
The mobile encryption market size is expected to grow from USD 761.4 million in 2017 to USD 2,917.9 million by 2022, at a Compound Annual Growth Rate (CAGR) of 30.8%. The market is driven by factors such as increased concerns for data security and privacy issues, the proliferation of smartphones and tablets across enterprises, and the need for strict compliance and regulatory requirements. However, increased operational expenditure and budget constraints are some of the major factors hindering the growth of the global mobile encryption market.
“Cloud encryption application is expected to grow at the highest rate during the forecast period.”
The cloud encryption segment among the mobile encryption applications is projected to grow at the highest rate during the forecast period, due to the increased adoption of cloud-based storage and applications across various business processes. Organizations are categorically embracing diverse cloud environments, ranging from private and hybrid to public, for the storage of vast amounts of data. However, risks associated with content protection and data compliance remain to be the prime impediments for cloud embracement across businesses. Thus, it encourages the adoption of cloud encryption to safeguard sensitive information from security breaches and thefts.
“BFSI sector in the mobile encryption market is expected to have the largest market share in 2017.”
The Banking, Financial Services, and Insurance (BFSI) sector represents the highest adoption of mobile encryption out of all the industry verticals. The increasing usage of mobile technology has enhanced the adoption of encryption solutions and services in financial organizations. Pressure from regulatory standards, such as Advanced Encryption Standard (AES) and Payment Card Industry Data Security Standard (PCI DSS) has led companies in this sector to deliver security solutions with encryption software. Mobile encryption technology helps banking and financial companies to cater to financial security, online fund transfer security, and data security by encrypting files, data, and emails.
“APAC is projected to grow at the highest CAGR.”
Asia Pacific includes emerging economies, such as China, Australia, Singapore, and India, which are rapidly deploying mobile encryption solutions. APAC is expected to grow at the highest CAGR during the forecast period. This is mainly due to the increasing adoption of BYOD trends and strict compliance across different industry verticals, such as BFSI, aerospace and defense, government, telecom, retail, and others. Furthermore, North America is expected to have the largest market size in 2017
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, innovation and technology directors, and executives from various key organizations operating in the mobile encryption market.
The breakup of the profiles of the primary participants is given below:
- By Company: Tier 1 – 18%, Tier 2 – 47%, and Tier 3 – 35%
- By Designation: C level – 54%, Director level – 39%, Others – 7%
- By Region: North America – 69%, Europe – 15%, APAC – 9%, RoW – 7%
The key mobile encryption providers profiled in the report are as follows:
1. Adeya SA (Morges, Switzerland)
2. AlertBoot Data Security (Las Vegas, US)
3. Becrypt, Ltd. (London, UK)
4. BlackBerry Ltd. (Ontario, Canada)
5. CSG, Inc. (Washington, US)
6. Certes Networks, Inc. (Pennsylvania, US)
7. Check Point Software Technologies, Ltd. (Tel Aviv, Israel)
8. DataMotion, Inc. (New Jersey, US)
9. Dell Technologies, Inc. (Texas, US)
10. ESET (Bratislava, Slovakia)
11. Gold Line Group Ltd. (Israel)
12. Hewlett Packard Enterprise (California, US)
13. Huawei Technologies Co. Ltd. (Shenzhen, China)
14. IBM Corporation (New York, US)
15. Intel Corporation (California, US)
16. KoolSpan, Inc. (Maryland, US)
17. MobileIron, Inc. (California, US)
18. Open Whisper Systems (California, US)
19. Proofpoint, Inc. (California, US)
20. SecurStar (Munich, Germany)
21. Silent Circle, LLC (Le Grand-Saconnex, Switzerland)
22. Sophos Ltd. (Abingdon, UK)
23. Symantec Corporation (California, US)
24. T-Systems International GmbH (Frankfurt, Germany)
25. Zix Corporation (Texas, US)
The mobile encryption market has been segmented based on components (solutions and services), applications, end-user types, deployment types, verticals, and regions. A detailed analysis of the key industry players has been done to provide key insights into their business overview; products and services; key strategies; new product launches; partnerships, agreements, and collaborations; expansions; and competitive landscapes associated with the mobile encryption market.
Reasons To Buy the Report
The report will help the market leaders/new entrants in this market in the following ways:
- This report segments the mobile encryption market comprehensively and provides the closest approximations of the revenue numbers for the overall market and the subsegments across different regions.
- The report helps stakeholders to understand the pulse of the market and provides them information on key market drivers, restraints, challenges, and opportunities.
- This report is expected to help stakeholders to understand the competitors better and gain more insights to better their position in the business. The competitive landscape section includes competitor ecosystems, new product developments, partnerships, and mergers and acquisitions.