MarketsandMarkets expects the global Network Encryption Market size 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 the forecast period.
Network encryption helps organizations across industry verticals to safeguard sensitive data from cyber-attacks. With rapid advancements in technology, large volumes of data being generated across organizations operating in various verticals. Rapidly increasing volumes of data have led organizations to follow various compliance and regulations regarding data security. Network encryption enables organizations to safeguard their data from network security breaches, and to comply with various data security laws and regulations.
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Companies across the globe are finding it difficult to meet the stringent compliances and regulations. The expanding threat landscape, owing to the increasing number of cybercrimes and cyberespionage, has made it tough for enterprises to secure their networks from security breaches. Organizations are in need of robust network encryption solutions that can help them keep in pace with the changing business requirements by safeguarding sensitive business data, and also reduce the burden of compliance.
The optical transmission segment is expected to grow at the highest CAGR during the forecast period. Fiber optics offer various benefits including enormous bandwidth, reduced noise and interference, and high security of data in transit. Optical transmission mode empowers enterprises with various competitive advantages, such as the highest network performance, ability to fulfill high bandwidth requirements, and improved inter-data center connectivity. For achieving maximum security, optical encryption is embedded in optical hardware to reduce the risk of sensitive business data leaving the organization unprotected. Thus, organizations are looking forward to optical transmission through fiber optics owing to growing demand for high speed data transfer with enhanced security by ensuring end-to-end protection for sensitive data in transit.
SMEs are expected to grow at a higher CAGR during the forecast period. Enterprises with 999 employees are categorized under SMEs, and they are rapidly adopting the network encryption solutions to secure their data. SMEs have an arsenal of hosted services in the cloud. As a result, they majorly adopt the enhanced and reliable network encryption solutions. SMEs require multiple layers of monitoring, security, and centralized console to cut down costs and ensure effective security of data. They are benefitting from network encryption solutions, as the solutions enable them to move data securely and maintain the integrity of data, thereby helping to minimize the impact of data breaches and cyber frauds. Network encryption solutions can elevate SMEs’ anonymity and privacy thus keeping it ahead of threats from security breaches while reducing complexities and compliance costs.
The Banking, Financial Services, and Insurance (BFSI) vertical is expected to grow at the highest CAGR during the forecast period. In the digitally interconnected world, BFSI companies are vulnerable to data breaches. The vertical is 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 BFSI 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 to provide protection to their company from risk of theft and misuse of confidential data. 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. Furthermore, regulatory requirements such as Gramm-Leach-Bliley Act (GLBA) and Payment Card Industry Data Security Standard (PCI -DSS) have led BFSI companies to have end-to-end network security and to offer financial solutions with enhanced security.
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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.
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