Mobile Encryption Market Research Report – Global Forecast till 2027

Mobile Encryption Market, by Component (Solution, Services), by Application (Disk Encryption, File/Folder Encryption, Cloud Encryption), by Deployment Type (On-premises, Cloud), by Enterprise Size (SMEs, Large Enterprises), by Vertical (BFSI, Aerospace and Defense, Telecom, Others) — Global Forecast till 2027

ID: MRFR/ICT/5661-HCR | February 2021 | Region: Global | 100 pages

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Mobile Encryption Market Overview:

The Mobile Encryption market is anticipated to grow at a high speed in the years to come. The market value was USD 705.2 million in the year 2023. The smartphone encryption market value is anticipated to reach up to USD 3.013 billion over the forecast period (2017-2023), with a CAGR of about 27.75%.


Mobile Encryption helps protect information stored in smartphones by making them inaccessible to unauthorized users. The number of internet users and the adoption of smart devices have grown across the globe. Hence, the risk of data fraudulence has also increased. So business firms, organizations, and individuals need to secure their confidential data on their devices.


The above factors have led to the sudden upsurge of the need for mobile encryption. The process refers to encoding the data on a device (mobile phone) with the help of encryption keys. Encryption for your smartphone will aid in safeguarding your data, if you miss your device or if it gets stolen. The large span of smartphone users around the world is adding to the growth of the market.


Covid-19 Analysis:


The impact of Covid-19 has led to the downfall of most small and large business institutions. But population across the globe has resorted to more smartphone users than usual. This is because of the lockdown and physical distancing measures. However, increased mobile phone usage also means a higher risk of data insecurity and fraudulence.


Usage of appropriate mobile encryption is mandatory to protect your confidential data such as pictures and chats on your mobile phone. The Covid-19 situation has led to a sudden upsurge in the number of internet users. This has also increased the risk of cyber-attacks. Hence, the need for robust encryption is rising, fueling the growth of the global Mobile Encryption market in the coming years.


Market Dynamics:


Drivers:

Many factors are driving the Mobile Encryption market growth. Government and private sector business institutions have enforced strict regulations against the misuse of the internet and to avoid cyber-attacks and threats. Moreover, the more number of internet and smartphone users also leads to the demand for smartphone encryption solutions.


Opportunities:
Encryption of mobile phones helps prevent data breaches and leaks. Opportunities for Mobile Encryption market sales are growing among the adoption of cloud-based work environments. Moreover, people for opting for encryptions that offer irrecoverable protection and FDE (Full-Disk Encryption). This will help protect the confidential and sensitive data on the mobile phone in case it is lost or stolen. Since smartphones are the principal target for cyber-attackers and hackers, it is important to have encryption. These factors lead to the growth of the encryption market.

Restraints:
There are a few restraints that may inhibit the growth of the global smartphone encryption market. The lack of awareness among firms or individuals about the benefits of smartphone encryption may hinder its sales. Likewise, most people cannot spend too much to encrypt their phones, and high-quality encryption solutions may cost a fortune. Hence, the budget constraints of smartphone users may also slow down the growth of the global encryption market.

Challenges:
There are a few factors that may challenge mobile encryption providers. Smartphone users need encryption that does not allow retrieving the data once deleted. However, it is possible to retrieve the data after deleting it. With data encryption, it can be retrieved by factory resetting the phone. Hence, encryption providers need to deliver solutions that completely prohibit data retrieval and this can be a challenging task. Also, encryption is often expensive, so providers find it challenging to convince people to encrypt their smartphones.

Cumulative Growth Analysis:

The Mobile Encryption market was evaluated at USD 705.2 million in the year 2017. But it is expected to reach up to more than 3.01 billion by 2023. Due to the increase in the number of internet and smartphone users, the risk of threats and cyber-attacks has also grown. Hence, the Mobile Encryption business is anticipated to boom in the forecast years, especially post-Covid-19.


Technological Analysis:


Mobile Encryption works by making the user’s data unreadable to anyone else who tries to access it. It is highly beneficial for various digital transactions using the mobile phone too, such as payments, advanced applications usage, data storage, and information exchange such as chatting. The latest blockchain integration technology helps in making secure and encrypted payments from your mobile.


The mobile encryption software also helps prevent data leaks and breaches. Hence, if you encrypt your mobile, your data will become inaccessible to anyone, in case your phone is lost or stolen. The encryption also helps protect against cyber threats and malware, inhibiting the entrance of data from foreign or unknown sources.


Mobile Encryption Market Segment Overview:


The mobile phone encryption market is classified into many segments such as by deployment type, organization size, component, application, and vertical. Listed below are the Mobile Encryption market segments:


By Deployment Type:

  • On-premise

  • On-cloud


By Organization Size:

  • Large Enterprises

  • Small and Medium Enterprises (SMEs)


By Component:
Solution:
Services:


  • Professional services

  • Managed services


By Application:

  • Cloud Encryption

  • Disk Encryption

  • File Encryption

  • Communication Encryption


By Vertical:

  • Government & Public Sector

  • BFSI

  • Retail and e-Commerce

  • IT & Telecommunication

  • Aerospace & Defense

  • Healthcare

  • Others


Mobile Encryption Market Regional Analysis:


The regional analysis of the RTP market is divided into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa over the forecast period from 2022 to 2027. The North American region is the most anticipated to dominate the encryption market in the years to come. This is because the density of internet usage, smartphone adoption, and advanced IT provision are very high in the countries of this region.


Moreover, there are many developed countries like the US and Canada, which aim at researching and innovating in encryption solutions. Hence, the demand for smartphone encryption is increasing by the day in this region. Europe generates the second-highest Mobile Encryption market profit. However, the Asia Pacific region is anticipated to grow at the most CAGR during the forecast period.


Competitive Landscape:


The smartphone encryption industry is dominated by a few companies that play an important role in the growth of the market. These mobile encryption market companies are called key companies. They are responsible for the largest portion of the market profit. Apple Inc. is one of the topmost mobile OS providers. This company offers superior smartphone encryption solutions such as Full Disk Encryption (FDE).


Mobile Encryption Market Key Players:    
Below are the key companies in the global market with the location of their headquarters:

  • IBM (US)

  • Apple Inc. (US)

  • Intel Corporation (US)

  • Dell Technologies Inc. (US)

  • Blackberry Ltd (Canada)

  • Certes Networks Inc. (US)

  • Mobileiron Inc. (US)

  • Symantec Corporation (US)

  • Sophos Ltd. (UK)

  • Communication Security Group (US)

  • Alertboot Data Security (US)

  • T-Systems International GmbH (Germany)

  • Check Point Software Technologies Ltd. (Israel)

  • Adeya SA (Switzerland)

  • DataMotion Inc. (US)


Recent Developments:



  • In 2009, IBM introduced Homomorphic encryption for mobile phones. It is a computation method that allows you to process data without having to decrypt it.

  • Biometric encryption is one of the latest innovations in the field. Access to the mobile or data is given after verifying your fingerprints, voice, or face. This is a highly AI-powered smart feature, which is almost very accurate. It helps protect your data efficiently.

  • Apple Inc. provides Full-disk encryption for its smartphone users. Moreover, it is one of the most popular and reliable operating system (OS) providers for smartphones.


Report Overview:


This research report compiles all the information about the growth of the global smartphone encryption market over the forecast period. It also includes different sections of the Mobile Encryption market analysis to help obtain detailed information such as opportunities, challenges, drivers, COVID 19 analysis, regional analysis, competitive landscape, and others. Moreover, all the information is gathered from verified primary and secondary sources to deliver the expected market growth of the industry by the year 2027.


Report Details:



  • Historic Period: 2015-2020

  • Base Year: 2021

  • Forecast Period: 2022-2027


Geographically:



  • Europe

  • Asia-Pacific

  • North America

  • Middle East & Africa

  • Latin America



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Frequently Asked Questions (FAQ) :

The global mobile encryption market is expected to record a substantial market valuation of 3.01 billion by 2023.

The global mobile encryption market is projected to register a moderate 27.75% CAGR in the forecast period.

The on-cloud segment is slated to develop as the fastest-growing segment.

A few major market players operating in the global mobile encryption market Blackberry Limited (Canada), Dell Technologies, Inc. (US), IBM (US), Intel Corporation (US), Symantec Corporation (US), among others.