The global database encryption market was estimated to be USD 795.35 million in 2021 and reach USD 3881.72 million by 2027, registering a CAGR of 30.24% from 2021 to 2027. The rising demand for cloud-based encryption software, the safety of stored data, and the prevention of pirated data or theft are major driving factors for the database encryption market. Moreover, the market players’ continuous rise in R&D spending to diversify its applications in untapped businesses is further expected to improve its consumption across the globe. However, factors such as the high cost of encryption solutions and lack of proper key management are some of the factors restraining the market’s growth.
Database encryption can be defined as the process of data translation within a specific database from the plain text and ciphered into a specific algorithm. Several algorithms are available for the use of encryption. These encryption algorithms have specific keys that are set which are related to the encrypted data. These keys serve as the connection between the encrypted data and the plain text in which the information was original.
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Rising Adoption of Database Encryption in the Global Market
In the current scenario, personal data lockers are used to secure an organization’s personal and financial information for data protection. Database encryption is adopted due to the factors such as the rising need for organizations to comply with regulatory standards, the growing demand for cloud-based databases, and the availability of flexible encryption software. The growth in cloud adoption also brings about its own set of challenges, such as data privacy and security. Cloud services are often classified as regulated approaches by government bodies for data privacy and security, especially for Government/Semi-Government and vital sectors. Cloud services have been directly brought under rigorous data privacy laws such as the ‘CLOUD Act’ of the US government, the UK’s ”Data Protection Act”, the EU’s General Data Protection Regulation (GDPR), the ‘Australia Privacy Act’ and more.
The extensive use of smart devices, social media, and virtual data storage among organizations has increased the threats over data that is prone to lose or misused. Also, organizations store their personal information in databases in heterogeneous environments, ranging from business networks to diverse types of clouds. Due to increasing chances of data loss and data theft, organizations adopt robust data encryption software that offers multilevel encryption, regardless of the heterogeneous environment.
Impact of COVID-19 on Database Encryption Market
The COVID-19 pandemic prevalence has positively impacted the database encryption companies’ revenue due to the imposed lockdown and shutdown facilities regulations. However, the post-pandemic has widely increased in the global output, data security has become a prime factor and also pain point for organizations, which is estimated to lead to the additional need for the database encryption to the end-users. The players are also investing in material advancement to minimize the database encryption price globally and further influence its consumption in the end-use market.
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Scope of the Report
The report outlines the global database encryption market study based on type, deployment type, operational models, end-user, and verticals.
Based on the type, the database encryption market has been segmented into –
- Transparent Encryption
- Column-level Encryption
- File-system Encryption
- Application- Level Encryption
- Key Management
Based on the deployment type, the database encryption market has been segmented into –
- On-premises
- Cloud
Based on the operational models, the database encryption market has been segmented into –
- Data-at-Rest
- Data-in-Motion
Based on the end-user, the database encryption market has been segmented into –
- SMBs
- Enterprises
Based on the vertical, the database encryption market has been segmented into –
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- IT & Telecom
- Banking, Financial Services, and Insurance (BFSI)
- Healthcare
- Retail and E-commerce
- Government & Public sectors
- Aerospace & Defense
- Others
Database Encryption Market Regional Outlook
Based on the geographical viewpoint, the global database encryption market has been segmented into five geographical regions: Asia Pacific, North America, Europe, South America, and the Middle East & Africa. In 2020, North America held the largest market share for database encryption, followed by Europe and Asia pacific. Moreover, Europe is estimated to project the highest CAGR globally during the forecast period.
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Key Global Database Encryption Market Competitors Includes
The global database encryption market is highly fragmented, with the presence of a large number of small players across the globe. The vital database encryption operating in the global market are –
- IBM Corporation
- Symantec Corporation
- HP
- CISCO
- Microsoft Corporation
- Sophos
- Vormetric
- McAfee (Intel Security)
- Net App
- Oracle Corporation
- Gemalto.
The database encryption market report covers a thorough analysis of the market dynamics, business models, the segmental/regional analysis, and respective market shares and strategies adopted by the key market players operating globally. It entails an in-depth analysis of the factors influencing the global market and market statistics indicating region-wise and segment-wise market share/growth analysis. The report’s study will outlook one of the most exhaustive market analyses, capturing all the database encryption market aspects.
The database encryption market report provides a thorough analysis of macro-economic factors and every segment’s market attractiveness. The report will include an in-depth qualitative and quantitative assessment of the segmental/regional outlook with the market players’ presence in the respective segment and region/country. The information concluded in the report includes the inputs.