The mobile encryption market is expected to reach US$ 8.5 Bn by 2031, at a significant growth rate of 25% during the forecast period 2021-2031. Growing concerns regarding data security and privacy issues, and the need for stringent compliance and regulatory requirements, is expected to propel demand from for mobile encryption, over the coming years.
Proliferation of smartphones and tablets across enterprises, increased usage of mobile technology, and rising availability of cost-effective mobile encryption solution along with technological advancements, are factors fueling the solution demand.
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What is Driving Demand for Mobile Encryption?
Growth in developments of cloud-based storage across various enterprises to protect valuable electronic data, including personal contacts, credit card numbers, and bank passwords, are such major factors fueling demand for mobile encryption solution across regions. Significant growth in the mobile encryption is expected to lead to greater opportunities for the integration of mobile devices to enhance cloud security solutions.
Growth in digitalization and growing usage of internet, along with rising BYOD trend are some of the major factors fueling demand for mobile encryption among enterprises. The increasing mobile encryption used in aerospace and defense application to enhance the system security is creating new growth opportunities for sales of the mobile encryption solutions.
Thus, to prevent, detect, securing, and responding to crime-prevention activities and managing traffic, an increase in the adoption of mobile encryption solutions has been witnessed by end-users of different verticals across the globe.
What is the impact of COVID-19 Pandemic Outbreak on Sales of Mobile Encryption?
The COVID-19 pandemic outbreak has disrupted many industries, including the mobile encryption market. As the stage of COVID-19 evolves across the world, technological developments have taken initiatives to stop the spread of COVID-19 disease.
Further, lockdown and restrictions have augmented the usage of mobile technology quite higher than usual. The mobile encryption solution sales is estimated to grow by 1.8X from 2020-2021 and would see a surge in demand amid the COVID-19 outbreak, as the growing need for interoperability between security devices becomes the new norm.
US and Canada Mobile Encryption Market Outlook
US is one of the largest markets for mobile encryption globally. Demand for mobile encryption in US and Canada will be led by IT and telecom sector. Furthermore, the growing trend of mobile shopping, e-banking and online retailing is accelerating the demand for mobiles across the North America, which is, in turn, fueling the growth of the mobile encryption.
Moreover, growing emphasis on regulating the U.S. government regarding data integrity and protection is also estimated to drive the mobile encryption solutions in the U.S. The mobile encryption solution providers are focused on R&D and product innovation to introduce innovative security solutions to expand their customer base.
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Europe Demand Outlook for Mobile Encryption
The adoption of mobile communication technology is expected to rise significantly across in small and medium size businesses in countries across Europe. Moreover, mobile encryption solution offered in the European market are integrated with AI and cloud computing technology, enabling organizations get actionable insights and thereby focus on reducing organizational BYOD risks.
Some of the key players such as Adeya SA, Sophos Ltd., T-Systems International GmbH, and among others are focused on securing and offering advanced solutions has the potential to enhance customer experience through speed and convenience in European countries. Europe is identified as the second-leading market in mobile encryption, a position it is likely to hold on to, throughout the forecast period.
Who are the Key Providers of Mobile Encryption?
Some of the leading providers of mobile encryption include
- Adeya SA
- Becrypt, Ltd.
- CSG, Inc.
- Dell Technologies, Inc.
- DataMotion, Inc.
- Hewlett Packard Enterprise
- IBM Corporation
- Huawei Technologies Co. Ltd.
Key Segments of Mobile Encryption Market
By Component:
- Mobile Encryption Solution
- Services
By Enterprises Size:
- Small and Medium Enterprises (SMEs)
- Large enterprises
By End-use Industry:
- Banking, Financial Services, and Insurance (BFSI)
- Aerospace & Defense
- Healthcare
- IT and Telecommunications
- Retail
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa
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