Encryption refers to the procedure of programming a message or information in a secured way through which only authorized parties have access to it. Mobile encryption is a rising trend as it focuses on the security aspect of personal or business information. Increasing concerns about privacy and data security are likely to drive the mobile encryption market over the next few years, along with the propagation of tablets and smartphones across enterprises coupled with stringent governing requirements. The rising trend of Internet of Things and Bring Your Own Device (BYOD) among enterprises are crucial factors facilitating the expansion of mobile encryption market. Cyber-attacks, data breaches, commercial espionage, and data loss are likely to influence the mobile encryption market.
The adoption of cloud computing technologies owing to the unprecedented growth of data in the last few years is a key factor expected to fuel the demand for mobile encryption over the forecast period. Cloud enabled storage and related applications across various business procedure is expected to enhance the growth of mobile encryption market over the years to come.
Stringent rules and regulations such as Payment Card Industry Data Security Standard (PCI DSS) and Advanced Encryption Standard (AES) have been mandated for data security solutions across various industry verticals such as BFSI and health care. Rapid digitalization and the rising usage of internet are likely to create additional scope for growth for the mobile encryption market over the forecast period. Asia-Pacific
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The market is segregated by usage into the following segments: cloud encryption, communication encryption, file/folder encryption, and disk encryption. Cloud encryption is likely to dominate the mobile encryption market owing to the rising adoption of cloud-based infrastructure and applications across various business processes. Data compliance and risks pertaining to the protection of data stored in cloud environments drive this segment.
Cloud encryption protects sensitive business information from security breaches and thefts. Disk encryption is estimated to dominate the mobile encryption market over the forecast period. Based on deployment, the market is segregated into the on-premises and cloud segments.
On the basis of end-user industry, the mobile encryption market is divided into the following groups: banking, financial services & insurance, aerospace & defense, telecommunication & IT, retail, and others. Telecommunication & IT held the dominant share in the mobile encryption market in 2016 and is predicted to remain dominant over the forecast period. The increasing volume of data stored in tablets and cellphones motivates this segment. Communication encryption plays a vital role in securing data in motion such as messages and calls for the telecommunication segment.
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BFSI sector needs security for business critical information along with demand for financial security, data security and online fund transfer security, among others. This in turn is likely to enhance the growth rate of the mobile encryption market over the forecast period.