The global Network Encryption Market size is expected to grow from USD 2.9 billion in 2018 to USD 4.6 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 9.8% during 2018–2023. Major driving factors for the market include an increasing demand to meet many regulatory compliances, a growing need to shield organizations from network security breaches, and increasing adoption of optical transmission.
The hardware component to hold the largest market size in the global network encryption market during the forecast period
Risks and threats are becoming advanced and have the capability of hampering enterprises and other critical infrastructure. Therefore, enterprises across the globe are constantly searching for the cost-effective and robust products to improve the network security and offer enhanced experience to customers. Hardware devices play a vital role in the network encryption market for performing the processing function in terms of performance, such as high speed and low latency; and provide robust security. Moreover, hardware components offer advanced security against threats on endpoints, networks, and applications.
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The BFSI vertical to grow at the highest CAGR during the forecast period
In the digitally interconnected world, the BFSI vertical is vulnerable to data breaches. The vertical is constantly upgrading its processing and transaction technologies and requires end-to-end security solutions to optimize operations against internal and external threats. With services such as smart banking, internet banking, and mobile banking, the security of payment data transmitted over the network becomes a priority for organizations in the BFSI vertical. It makes the vertical an attractive target for fraudsters who intend to exploit sensitive customer information. Network encryption solutions are used in the BFSI vertical to control and secure customers’ sensitive data and provide protection to their company from risk of data breach. With the help of network encryption solutions, the BFSI vertical can offer financial security, online fund transfer security, and data security by encrypting files, data, and emails. An increasing need to adhering to regulations such as Gramm-Leach-Bliley Act (GLBA) and Payment Card Industry Data Security Standard (PCI DSS) has led BFSI companies to deliver security solutions with network encryption solutions.
Major vendors in the network encryption market include Cisco (US), Juniper Networks (US), Gemalto (Netherlands), Nokia (Finland), Thales eSecurity (US), Atos (France), Ciena (US), Rohde & Schwarz Cybersecurity (Germany), ADVA (Germany), Colt Technology Services (UK), Huawei (China), Aruba (US), F5 Networks (US), Stormshield (France), ECI Telecom (Israel), Senetas (Australia), Viasat (US), Raytheon (US), Quantum (US), TCC (US) , ARRIS (Georgia), atmedia (Germany), Securosys (Switzerland), PacketLight Networks (Israel), and Certes Networks (US). They have adopted various growth strategies, such as partnerships, agreements, and collaborations, acquisitions, and new product launches, to further expand their presence in the global network encryption market. Partnerships and new product launches have been major growth strategies adopted by the leading players from 2016 to 2018, which have helped them innovate their offerings and broaden their customer base.
In line with the increasing importance of the network encryption to safeguard sensitive data and to manage various data security compliances, Cisco has been working to deliver secure and reliable network encryption to its customers across industry verticals including financial services, healthcare, media and entertainment, consumer goods and retail, and government. The company has adopted various organic and inorganic growth strategies to cater to its customers with enhanced solutions and services and to strengthen its clientele across the globe. For instance, in October 2018, Cisco acquired Duo Security. With the acquisition, Cisco users can connect any application on any networked device with more ease and security.
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Atos is one of the prominent players in the global network encryption market. The company caters to its global clientele across verticals with its cutting-edge technology expertise and industry knowledge to help clients in their digital journeys. It invests in R&D activities to offer innovative solutions and services to offer seamless customer experience. The company has also formed several partnerships, acquired businesses, launched new products, and expanded its business. For instance, in October 2018, Atos launched Trustway IP Protect, an IP network encryption solution, to offer highest level of security to protect its data against the theft of sensitive data. In October 2018, Atos partnered with North Atlantic Treaty Organization (NATO) to help organizations to prevent and respond to cyber threats quickly.
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