“Need for stringent compliance and increasing concern for data security are driving the mobile encryption market.”
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The mobile encryption market size is expected to grow from USD 760 million in 2017 to USD 2,900 million by 2022, at a Compound Annual Growth Rate (CAGR) of +30 %. 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.
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“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.
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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.”
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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
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