Mobile Encryption Market 2017-2023|Overview, Share, Scope, Revenue, Trends, Drivers

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 2023

Market Synopsis:

The Global Mobile Encryption Market was valued at USD 705.2 million in 2017 and is exected to reach USD 3,013.3 million by the end of forecast period with a CAGR of 27.75%.The rising number of data frauds and increasing data security risks is creating demand for mobile encryption market. Mobile encryption protects data stored in mobile devices thus making the data unusable in the wrong hands. Compliance requirements across organizations make it necessary to encrypt data in order to avoid penalties for data breaches. One of the most important factors for increasing demand for mobile encryption is the proliferation of mobile devices such as smartphones and tablets. Furthermore, the increasing internet penetration is also making smartphones prime target for data frauds.

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Also, public and private organizations have laid some stringent regulations regarding data protection which is further creating the need for mobile encryption. The mobile encryption has immense opportunities due to rising trend of cloud-based mobile encryption solutions. Increasing application of unrecoverable encryption, particularly full disk encryption (FDE), is rapidly growing in the mobile encryption market. Among major smartphone operating system provider, Apple iOS is the largest provider of mobile FDE across the globe. However, factors such as lack of awareness, budget constraints and encryption key management might hamper the growth of the market.

Among the component segments, solution segment is the largest revenue generating segment and is expected to continue its dominance throughout the forecast period while services segment is expected to have the highest growth rate during the forecast period. The rapid updation of mobile devices need upgraded security in order to prevent malware attacks and cyber-crimes. This leads to organizations outsourcing network security from managed security service providers. Among the application segments, cloud encryption is expected to grow at the highest rate during the forecast period owing to the rapid adoption of cloud across the globe.

Segmentation:

By component, the market is segmented into solution and services. The services segment is further bifurcated into managed services and professional services. By application, the market is segmented into disk encryption, communication encryption, file/folder encryption, and cloud encryption. By deployment type, the market is segmented into on-premises and cloud. By enterprise size, the market is bifurcated into SMEs and large enterprises. By vertical, mobile encryption market is segmented into BFSI, aerospace and defense, healthcare, telecom, retail, government and public sector and others.

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Regional analysis:

The global market for mobile encryption is estimated to grow at a significant rate during the forecast period from 2018 to 2023. The geographical analysis of mobile encryption market is studied for North America, Europe, Asia-Pacific, and the rest of the world (including the Middle East, Africa, and Latin America). Among the regions mentioned, North America is expected to dominate the mobile encryption market. A number of factors including large number of smartphone adoption, increasing internet penetration, advanced IT infrastructure is creating demand for mobile encryption the North America region. Also, as US and Canada are developed economies so they primarily focus on adopting new and innovative solutions in security segment, thus leading to increased demand for mobile encryption. North America is followed by Europe in terms of revenue contribution and Asia-Pacific is expected to grow at the highest CAGR during the forecast period of 2018 to 2023.

The global mobile encryption market was valued at USD 705.2 million in 2017 and is expected to reach USD 3,013.3 million by the end of forecast period with a CAGR of 27.75%.

Key players:

The key players in the mobile encryption market are identified across all the major regions based on their country of origin, presence across different regions, recent key developments, product diversification, and industry expertise. Some of them are – Dell Technologies, Inc. (US), IBM (US), Blackberry Limited (Canada), Intel Corporation (US), Symantec Corporation (US), Certes Networks, Inc. (US), Sophos Ltd. (UK), Mobileiron, Inc. (US), Alertboot Data Security (US), and Communication Security Group (US). These players contribute a major share in the growth of Mobile encryption market.

Apart from the top key players, there are other players that contribute to the market growth. These include Adeya SA (Switzerland), Check Point Software Technologies, Ltd. (Israel), DataMotion, Inc. (US) and T-Systems International GmbH (Germany), and others.

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Intended Audience:

Network solution providers

Encryption solution vendors

Mobile encryption solution providers

Mobile security vendors

Independent software vendors

Value-Added Resellers (VARs)

Information Technology (IT) security agencies

Managed Security Service Providers (MSSPs)

System integrators

Consulting companies

Government agencies

Research organizations

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