ID: MRFR/SEM/1269-HCR | February 2021 | Region: Global | 110 pages
The Database Encryption Market 2020 is poised to grow exponentially over the review period, securing a substantial market valuation and a healthy CAGR over the review period.
Database encryption is a process of using certain encryption techniques to convert plain text on a database into ciphertext to secure the uprightness of the organization's database. Some several methods and theories can be applied in the encryption of data. These algorithms have certain keys that serve as a connection between the data that is encrypted and plain text in which the information was originally present. However, due to several recent public data breaches, many database security companies have started providing enhanced performances and manageability of their encryption offerings. Also with the support of these database security Solutions Company, the implementation cost and cost associated with it has reduced to a great extent.
The coronavirus pandemic has given a very hard time to most of the manufacturing, developing, production, and logistic units of the market. Due to this pandemic situation, restrictions were imposed by the government of different countries. COVID -19 situation has impacted this database encryption sector both positively. Due to restrictions imposed the whole world has become more digitalized and carries out most of its activities through the internet at a large scale. As data encryption is a method of converting the data from an easily readable format to an encoded format that is definite and can be easily processed through a decryption key. Database Encryption Market also enables modern data security, the basic integrity of user information is ensured, which can be shared over a network. The increasing rate of data thefts and other unlawful activities has raised cybersecurity concerns. All these factors will create more opportunities for the prime players of Database Encryption Market. Also when these COVID restrictions are lifted, the profit figures of this industry will increase by a great percentage.
The rising number of public database breaches will be deriving the growth of Database Encryption Market. The benefits such as scalability, ease of placement, and flexibility associated with database encryption solutions are other key factors that will be responsible for the growth of Database Encryption Market. In addition to this, the increasing adoption of the cloud-based database, BYOD, and mobility services are other certain factors that will enhance the expansion of Database Encryption Market during the forecast period. Lastly, the rising digitalization & outsourcing of databases is calling for better database security solutions which in turn will increase the growth of this market. The average price of full disk encryption was 235 dollars in 2020 which is expected to rise to 460 dollars by 2023.
The high cost associated with the implementation of these database encryption solutions is one of the major factors that may hamper the growth of Database Encryption Market. Many types of complexities are attached to this database encryption so a person with special knowledge and skill is required to handle them and due to lack of this expertise among technicians or operators is another crucial element that may hinder the growth of Database Encryption Market. Lastly, the lack of awareness about database encryption among the population is another factor that may restrict the growth of this industry to a large extent.
According to recent research reports, approximately 60% of business organizations are anticipated to raise their primary expenditure in the adoption of modern automation solutions such as advanced industrial IOT, advanced artificial intelligence, latest computer vision, and proper machine learning, etc. For instance, if we look at the smart annual budget passed by the US government for 2021, it has allocated a massive amount of USD 19 billion for the latest cybersecurity solutions and initiatives. The newly launched data encryption software will assist the users in protecting the confidential information that is stored in computing systems. Also, it ensures that the modern files are shared securely as per the norms and regulations as per the security requirements.
Database encryption market is anticipated to witness significant growth owing to the performance of different market segments. Among these, the government segment will be the fastest-growing and also contribute towards Database Encryption Market growth more than any other segment. The increasing use of database encryption solutions by government organizations will boost the growth of Database Encryption Market. For an amplifying use the market has been segmented into the following on different bases:
The database encryption industry movement is remarkably working in 6 major regions of the world that is North America, South America, Asia Pacific, Europe, and the Middle East & Africa. Among all these regions, the North American region will dominate Database Encryption Market, and the reason attributed to it is the rising demand for cloud services & solutions in this region. Also most of the key players of Database Encryption Market such as Microsoft Corporation, Intel and win magic Inc. Have their bases and headquarters in the developed countries such as the USA and Canada of this region. Asia Pacific will be the second-largest market due to the rising trend of mobility and bring your device (BYOD) among organizations which in turn has increased the demand for database security solutions. Also, the increasing adoption of these database encryption solutions in small and medium scale enterprises in developing economies like China and Japan will boost the growth of Database Encryption Market in this region. Europe will also witness significant growth during the assessment period due to rising manageability and ease of execution of database encryption solutions it-based organizations.
To get a detailed and profound idea about the database encryption market insights, it is very important to create a competitive environment amongst the different key players at different market locations all around the country. All the market players are competing with each other globally in the international markets by implementing various types of strategies such as product launches and upgrades, mergers and acquisitions, partnerships, etc. The prime players of Database Encryption Market include:
In April 2019, the acquisition agreement between GEMALTO (Netherlands-based Company), a leading provider of digital identity and security, and Thales Group, and a French-based company provider of e-security solutions was completed. This acquisition aimed to create a world-class leader having an unexcelled portfolio of digital identity and security solutions. The base of these technologies was biometry, data protection, and cybersecurity.
In May 2018, IBM and cisco, both based companies collaborated to combine the security staff (of IBM) with security products (of cisco) for faster, more accurate problem detection and response. This collaboration if implemented properly would have improved the product interaction, better service integration, and enhance the treat intelligence to a great extent.
In December 2018, a partnership was being entered into between Symantec and FORTINET (a leader in providing integrated and automated cybersecurity solutions) to provide the consumers with the most exhaustive and robust security solutions the proper working of this agreement will provide crucial security controls across various endpoint networks and cloud environments that are expository for enforcing the framework of zero-trust security.
In January 2020, a new product named voltage smart chipper was launched by microfocus. This product was made to ensure that the file encryption process takes place in a secured manner across a various email or cloud-hosted environments. This new bee also provides for improved privacy and compliance with determined unstructured file encryption
The database encryption market report presents a shift analysis that includes market drivers, opportunities, and restraints that are available in the global market. The report discusses the impact of covid-19 on the key players of Database Encryption Market. The report also tells about the market segmentation on a different basis and how a competitive environment is developed among the key players around the globe. At last, the report presents some recent developments in this industry.
Frequently Asked Questions (FAQ) :
Rising adoption of BYOD, cloud services and mobility is touted to be the top trend in the global database encryption market in the ensuing years.
Low awareness level about database encryption solutions is one of the chief market restraints.
The renowned players are continuously innovating and investing considerably in research and development to develop an affordable product portfolio.
North America has managed to bag the leading position in the global market.
Europe can be one of the strong contenders in the global market for database encryption in the coming years.