The Global Network Encryption Market size is expected to reach $4.7 billion by 2024, rising at a market growth of 11.4% CAGR during the forecast period. Network encryption can be understood as the process of encrypting or encoding data and messages that are transmitted or communicated through a computer network. Network encryption is a wide concept which involves various tools, methods and standards. These methods ensure that the messages are unreadable when they’re in the transit between two or more network nodes. Major growth factors for the market include an increasing demand to meet different regulatory compliances and a growing focus on shielding organizations from network security breaches. However, frequent changes in government policies for data protection across regions may hinder the market growth.
Based on the Component, the market is segmented into Hardware, Platform and Services. Risks and threats are increasing and can hinder businesses and other critical infrastructure. Businesses all over the world are therefore constantly looking to improve network safety and to offer customers enhanced experience with cost-effective and strong products. The performance of hardware equipment, including high speed, low latency and robust security, plays a vital role in the network encryption market. In addition, hardware components provide advanced security against endpoint, network and application threats.
Based on Organization Size, the market is segmented into Large Enterprises and Small & Medium Enterprises. Large enterprises have been the initial adopters of network encryption solutions because they are usually under the need to secure enormous volumes of data that is generated from several application areas such as sales, marketing, HR, and operations within the organization. Large companies take advantage of network encryption solutions because of the large volumes of content generated every second by applications in companies to gain business advantage. The deployment of network encryption solutions prevents unauthorized access to critical data by large enterprises. Large Enterprises have dominated the market during the forecast period.
Based on Transmission type, the market is segmented into Optical Transmission and Traditional Transmission. Traditional transmission is further bifurcated into Coaxial Cable, Twisted Pair Cable, and Radiowaves & Microwaves. Based on data Type, the market is segmented into Greater Than 10g & Less Than 40g, Greater Than 40g & Less Than 100g, Less Than 10g and Others. Based on End User, the market is segmented into Telecom & IT, BFSI, Media & Entertainment, Government, and Others. Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa.
The market research report covers theanalysis of key stake holders of the market. Key companies profiled in the report IBM Corporation, Cisco Systems, Juniper Networks, BMC software, CA Technologies, Riverbed Technology, SolarWinds Inc., Nokia Corporation, Micro Focus, and Kentik.