Global Mobile Encryption Market - Segmented by Component (Solution and Services), Application (Disk Encryption, File/Folder Encryption, Communication Encryption), Enterprise Type (SMEs and Large Enterprises), End User Industry, and Region - Growth, Trends and Forecast (2018 - 2023)
The global mobile encryption market was valued at USD 763.24 million in 2017 and is expected to reach a value of USD 2924.19 million by 2023 at a CAGR of 30.8%, during the forecast period of (2018- 2023). Increasing and evolution of advanced threats, the enhanced adoption of cloud services, mobile device proliferation, and virtualization are the major factors creating disrupting changes in the mobile encryption market.
As organizations have adapted to increasingly pervasive regulatory and compliance mandates and more stringent internal policies, encryption deployments have risen in number and scope in major enterprises. The “bring your own device” (BYOD) phenomenon, and it’s incredibly fast and pervasive adoption by almost every organization necessitated a fundamental rethinking of security approaches and it is found that organizations are deploying many disparate encryption platforms. And as a result, managing policies and keys both efficiently and securely is an increasingly troublesome challenge.
BFSI Industry to Have the Largest Market Share during the Forecast Period
The BFSI sector is faced with a number of data breach and cyber-attacks owing to the large customer base that the industry serves. Data breaches leads to the exponential rise in costs and loss of valuable customer information. For instance, in the recent past Taiwan’s Far Eastern International Bank incurred a loss of around 60 million by a malware. With the aim to secure their IT processes and systems, secure customer critical data and comply with government regulations, both private and public banking institutes are focused on implementing the latest technology to prevent cyberattacks. Also, with greater customer expectation, growing technological capabilities and regulatory requirements, banking institutions are pushed to adopt a proactive approach to security. The growing technological penetration coupled with the digital channels such as internet banking, mobile banking, becoming the preference choice of customers for banking services, there is a greater need for banks to leverage advanced authentication and access control encryption processes.
Key Developments in the Market
July 2017: Symantec acquired the U.S. and Israel-based Skycure. After this acquisition, Skycure’s predictive threat detection techniques enriched Symantec’s enterprise and consumer mobility offerings to help organizations more confidently address the needs of the increasingly mobile workforce, enabling them to ensure that devices are risk-free and secure while accessing corporate resources.
Major Players: CHECK POINT SOFTWARE TECHNOLOGIES, LTD., DELL TECHNOLOGIES, INC., ESET, GOLD LINE GROUP LTD., HEWLETT PACKARD ENTERPRISE, HUAWEI TECHNOLOGIES CO. LTD., and IBM CORPORATION, amongst others.
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