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Encryption Management Solutions Market by Deployment and Geography - Forecast and Analysis 2021-2025

Encryption Management Solutions Market by Deployment and Geography - Forecast and Analysis 2021-2025

Published: Apr 2021 120 Pages SKU: IRTNTR43375

Market Overview at a Glance

$6.07 B
Market Opportunity
17.34%
CAGR
YoY growth 2020-2021(%)

The encryption management solutions market share is expected to increase by USD 6.07 billion from 2020 to 2025, and the market’s growth momentum will accelerate at a CAGR of 17%.

This encryption management solutions market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers encryption management solutions market segmentation by deployment (on-premise and cloud-based), application (endpoint encryption, network encryption, database encryption, and cloud encryption), and geography (North America, Europe, APAC, South America, and MEA). The encryption management solutions market report also offers information on several market vendors, including Broadcom Inc., Cisco Systems Inc., CommScope Holding Co. Inc., Dell Technologies Inc., International Business Machines Corp., McAfee LLC, Oracle Corp., Sophos Ltd., Thales Group, and Trend Micro Inc. among others.

What will the Encryption Management Solutions Market Size be During the Forecast Period?

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Encryption Management Solutions Market: Key Drivers, Trends, and Challenges

The rising demand for digitalization is notably driving the encryption management solutions market growth, although factors such as encryption deployment issues may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the encryption management solutions industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Encryption Management Solutions Market Driver

The rising demand for digitalization is notably driving the encryption management solutions market growth. The adoption of digitalization across the world by several industries, such as consumer goods, healthcare, manufacturing, and retail, is increasing. Digitalization makes the IT resources of industries prone to cyberattacks. Hence, the rising adoption of digitalization is increasing the demand for encryption management solutions, which can be used as tools to prevent cyberattacks. Technological developments such as the integration of chatbots in customer support applications and the implementation of the bring your own device (BYOD) policy across the world have increased the need for the proactive prevention of cyberattacks. Such policies help geographically dispersed employees and employees who work remotely. Therefore, several industries are integrating processes that are based on digitalization, which is driving the growth of the global encryption management solutions market.

Key Encryption Management Solutions Market Trend

The surging demand for IoT services is the key market trend driving the encryption management solutions market growth. The global encryption management solutions market is expected to grow during the forecast period due to the increasing penetration of IoT devices and the evolution of 5G technology. Personal data collection by enterprises will increase because of technological innovations such as the IoT as the number of connected devices will rise enormously in the coming years. Thus, governments worldwide are also focusing on developing stricter data protection laws. These factors will further increase the demand for encryption management solutions during the forecast period.

Key Encryption Management Solutions Market Challenge

The major challenge impeding the encryption management solutions market growth is the encryption deployment issues. The deployment and implementation of encryption management solutions have been among the primary areas of concern for enterprises in the global encryption management solutions market. The integration of encryption management solutions is compute-intensive and can affect the performance of the systems connected to servers. In addition, there are other issues, such as compatibility with the technology used for encryption, latency, and scalability, which can result in high implementation time and incur additional costs. Owing to the above-mentioned factors, high-capacity computational devices may be installed to overcome the performance issues of the systems while decrypting complex encryption. In such cases, the processes may slow down, and most of the computing power and clock cycles are consumed by high-capacity computing systems.

This encryption management solutions market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.

Parent Market Analysis

Technavio categorizes the global encryption management solutions market as a part of the global systems software market  Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the encryption management solutions market during the forecast period.

Who are the Major Encryption Management Solutions Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

 

  • Broadcom Inc.
  • Cisco Systems Inc.
  • CommScope Holding Co. Inc.
  • Dell Technologies Inc.
  • International Business Machines Corp.
  • McAfee LLC
  • Oracle Corp.
  • Sophos Ltd.
  • Thales Group
  • Trend Micro Inc.

 

This statistical study of the encryption management solutions market encompasses successful business strategies deployed by the key vendors. The encryption management solutions market is fragmented and the vendors are deploying growth strategies such as focusing on digitalization to compete in the market.

Product Insights and News

  • Broadcom Inc. - The company offers encryption management solutions under its cyber security product line.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The encryption management solutions market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Encryption Management Solutions Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the encryption management solutions market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chains is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

The value chain of the systems software market includes the following core components:

  • Inputs
  • Software development
  • Marketing and distribution
  • Post-sales services
  • Market innovation

The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.

Which are the Key Regions for Encryption Management Solutions Market?

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40% of the market’s growth will originate from North America during the forecast period. The US is the key market for encryption management solutions in North America. Market growth in this region will be faster than the growth of the market in the European, MEA, and South American regions.

The augmenting demand for integrated solutions to improve customer service, and the increasing adoption of multi-cloud technologies will facilitate the encryption management solutions market growth in North America during the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

The COVID-19 outbreak in 2020 has led to the shutdown of many companies and industries. However, cloud-based providers are prominently gaining from the current disease outbreak, as a majority of IT employees are working from home, which is involved with secure data encryption.

What are the Revenue-generating Deployment Segments in the Encryption Management Solutions Market?

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The encryption management solutions market share growth by the on-premise segment will be significant during the forecast period. The adoption of on-premise encryption management solutions will be fueled by the demand from end-user such as healthcare, BFSI, and government sectors. This is because of the growing need for secure collaborations within organizations wherein data transactions happen over multiple devices and platforms.

This report provides an accurate prediction of the contribution of all the segments to the growth of the encryption management solutions market size and actionable market insights on post COVID-19 impact on each segment.

 

Encryption Management Solutions Market Scope

Report Coverage

Details

Page number

120

Base year

2020

Forecast period

2021-2025

Growth momentum & CAGR

Accelerate at a CAGR of 17%

Market growth 2021-2025

$ 6.07 billion

Market structure

Fragmented

YoY growth (%)

16.65

Regional analysis

North America, Europe, APAC, South America, and MEA

Performing market contribution

North America at 40%

Key consumer countries

US, China, UK, Germany, and Japan

Competitive landscape

Leading companies, Competitive strategies, Consumer engagement scope

Key companies profiled

Broadcom Inc., Cisco Systems Inc., CommScope Holding Co. Inc., Dell Technologies Inc., International Business Machines Corp., McAfee LLC, Oracle Corp., Sophos Ltd., Thales Group, and Trend Micro Inc.

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Encryption Management Solutions Market Report?

  • CAGR of the market during the forecast period 2021-2025
  • Detailed information on factors that will drive encryption management solutions market growth during the next five years
  • Precise estimation of the encryption management solutions market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the encryption management solutions industry across North America, Europe, APAC, South America, and MEA
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of encryption management solutions market vendors

We can help! Our analysts can customize this report to meet your requirements. Get in touch

Table of Contents not available.

Research Methodology

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

INFORMATION SOURCES

Primary sources

  • Manufacturers and suppliers
  • Channel partners
  • Industry experts
  • Strategic decision makers

Secondary sources

  • Industry journals and periodicals
  • Government data
  • Financial reports of key industry players
  • Historical data
  • Press releases

DATA ANALYSIS

Data Synthesis

  • Collation of data
  • Estimation of key figures
  • Analysis of derived insights

Data Validation

  • Triangulation with data models
  • Reference against proprietary databases
  • Corroboration with industry experts

REPORT WRITING

Qualitative

  • Market drivers
  • Market challenges
  • Market trends
  • Five forces analysis

Quantitative

  • Market size and forecast
  • Market segmentation
  • Geographical insights
  • Competitive landscape

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Frequently Asked Questions

Encryption Management Solutions market growth will increase by $ 6.07 bn during 2021-2025.

The Encryption Management Solutions market is expected to grow at a CAGR of 17.34% during 2021-2025.

Encryption Management Solutions market is segmented by Deployment( on-premise, cloud-based) Application( endpoint encryption, network encryption, database encryption, cloud encryption, MEA)

Broadcom Inc., Cisco Systems Inc., CommScope Holding Co. Inc., Dell Technologies Inc., International Business Machines Corp., McAfee LLC, Oracle Corp., Sophos Ltd., Thales Group, Trend Micro Inc. are a few of the key vendors in the Encryption Management Solutions market.

North America will register the highest growth rate of 40% among the other regions. Therefore, the Encryption Management Solutions market in North America is expected to garner significant business opportunities for the vendors during the forecast period.

US, China, UK, Germany, Japan

  • Regulatory complianc eThe adoption of digitalization across the world by several industries is the driving factor this market.
  • such as consumer goods is the driving factor this market.
  • healthcare is the driving factor this market.
  • manufacturing is the driving factor this market.
  • and retail is the driving factor this market.
  • is increasing. Digitalization makes the IT resources of industries prone to cyberattacks. Hence is the driving factor this market.
  • the rising adoption of digitalization is increasing the demand for encryption management solutions is the driving factor this market.
  • which can be used as tools to prevent cyberattacks. Technological developments such as the integration of chatbots in customer support applications and the implementation of the bring your own device (BYOD) policy across the world have increased the need for the proactive prevention of cyberattacks. The popularity of the BYOD policy is increasing across all industries as it enables the employees of enterprises to access enterprise data using devices such as smartphones and laptops. Such policies help geographically dispersed employees and employees who work remotely. They also help enterprises reduce their operational and capital expenditures. The implementation of the BYOD policy requires enterprises to ensure the security of enterprise data to have complete control over data transactions and protection. The rising implementation of the BYOD policy has resulted in companies such as VMware Inc. (VMware) is the driving factor this market.
  • QlikTech International AB (QlikTech) is the driving factor this market.
  • and Parallels International GmbH (Paralles International) offering several BYOD solutions. For instance is the driving factor this market.
  • AirWatch is the driving factor this market.
  • an enterprise mobility management software by VMware is the driving factor this market.
  • offers a unique solution called Workspace ONE is the driving factor this market.
  • new unified endpoint management (UEM) digital workspace platform. The solution ensures security when employees access organizational information on their personal devices such as smartphones. Therefore is the driving factor this market.
  • several industries are integrating processes that are based on digitalization is the driving factor this market.
  • which is driving the growth of the global encryption management solutions market.The adoption of digitalization across the world by several industries is the driving factor this market.
  • such as consumer goods is the driving factor this market.
  • healthcare is the driving factor this market.
  • manufacturing is the driving factor this market.
  • and retail is the driving factor this market.
  • is increasing. Digitalization makes the IT resources of industries prone to cyberattacks. Hence is the driving factor this market.
  • the rising adoption of digitalization is increasing the demand for encryption management solutions is the driving factor this market.
  • which can be used as tools to prevent cyberattacks. Technological developments such as the integration of chatbots in customer support applications and the implementation of bringing your own device (BYOD) policies across the world have increased the need for the proactive prevention of cyberattacks. The popularity of BYOD policies is increasing across all industries as they enable the employees of enterprises to access enterprise data using devices such as smartphones and laptops. Such policies help geographically dispersed employees and employees who work remotely. They also help enterprises reduce their operational and capital expenditures. The implementation of BYOD policies requires enterprises to ensure the security of enterprise data to have complete control over data transactions and protection. The rising implementation of BYOD policies has resulted in companies such as VMware Inc. (VMware) is the driving factor this market.
  • QlikTech International AB (QlikTech) is the driving factor this market.
  • and Parallels International GmbH (Parallels International) offering several BYOD solutions. For instance is the driving factor this market.
  • AirWatch is the driving factor this market.
  • an enterprise mobility management software by VMware is the driving factor this market.
  • offers a unique solution called Workspace ONE is the driving factor this market.
  • new unified endpoint management (UEM) digital workspace platform. The solution ensures security when employees access organizational information on personal devices such as smartphones.Vendors that offer encryption management solutions have also been compelled to support the increasing implementation of BYOD policies. For instance is the driving factor this market.
  • Ceragon Networks has implemented Symantec s Symantec Endpoint Protection Mobile solution to enhance security standards as its BYOD adoption is growing significantly. The company stated that its existing mobile device management (MDM) solution was not adequate to secure organizational information as most employees were not adhering to security policies. The adoption of encryption management solutions has also increased significantly in the BFSI sector is the driving factor this market.
  • especially for payment handling applications. Many platforms for payment processing have emerged is the driving factor this market.
  • which include mobile wallets is the driving factor this market.
  • payment applications is the driving factor this market.
  • and card-based transactions. Such platforms require a robust encryption solution to comply with the regulations established by the governments of several countries. For instance is the driving factor this market.
  • HSBC Holdings (HSBC) is the driving factor this market.
  • a multinational banking and financial company is the driving factor this market.
  • offers PayMe is the driving factor this market.
  • a payment application that enables users to transfer money to other users in Hong Kong. This application has processed millions of transactions to date. In July 2018 is the driving factor this market.
  • the company announced that over 1 million users had registered with PayMe. In March 2019 is the driving factor this market.
  • following the successful deployment of PayMe is the driving factor this market.
  • the bank extended application services for businesses. Apart from providing easy and convenient digital transaction solutions to users is the driving factor this market.
  • banking and finance institutions are also concentrating on underlying cybersecurity concerns in the digital banking system. Hence is the driving factor this market.
  • they are opting for different security solutions such as point-to-point encryption (P2PE) to secure the personal data of users from potential cyberattacks.In an era of digitalization is the driving factor this market.
  • everything goes closer to the edge. Consumerization has become a global phenomenon. Enterprises are designing their products and services with the intent of personalizing them for the end-users. In the telecommunications industry is the driving factor this market.
  • communication service providers are developing innovative mobile applications for their subscribers to facilitate the customization of mobile is the driving factor this market.
  • fixed broadband is the driving factor this market.
  • and pay-tv plans on their own without any intervention from customer support.Therefore is the driving factor this market.
  • several industries are integrating processes that are based on digitalization is the driving factor this market.
  • which is driving the growth of the global encryption management solutions market. Hence is the driving factor this market.
  • the growing adoption of digitalization and the globalization of enterprises will increase the demand for encryption management solutions to protect data and mitigate issues such as data theft during the data transit or data-at-rest.Management of encryption keysEncryption key management is one of the key challenges faced by various enterprises. The aim of key management is to protect encryption keys from unauthorized access is the driving factor this market.
  • cyberattacks is the driving factor this market.
  • or data loss. Key management can be achieved by taking several preventive measures is the driving factor this market.
  • such as restricting the access of keys to employees within the organization and generating new keys periodically. In the event of the loss of an encryption key is the driving factor this market.
  • enterprises may struggle to recover the data. In addition is the driving factor this market.
  • encryption software and key management software from different vendors may be incompatible. The increasing number of encryption keys can also hinder the operations of enterprises. Enterprises are rapidly migrating from the on-premises model to the cloud model to reduce their operational expenditures. However is the driving factor this market.
  • since data is not stored on-premises is the driving factor this market.
  • the significance of encryption management solutions increases to secure sensitive data is the driving factor this market.
  • such as the personal information of customers. Furthermore is the driving factor this market.
  • in the case of multi-cloud environments is the driving factor this market.
  • key management becomes a major concern for enterprises as they have to manage multiple keys compatible with multiple cloud service providers. With the growing number of regulations over data is the driving factor this market.
  • enterprises are adopting various cloud key management solutions without being dependent on a cloud service provider is the driving factor this market.
  • which is reducing the risk of data loss to a certain extent. Furthermore is the driving factor this market.
  • with the emergence of advanced encryption techniques is the driving factor this market.
  • such as homomorphic encryption is the driving factor this market.
  • enterprises can opt for data computation solutions from a cloud service provider without sharing the encryption key. Therefore is the driving factor this market.
  • encryption key management is one of the important challenges faced by enterprises in the market. The vendors in the global encryption management solutions market are introducing advanced key management solutions to address key management challenges. However is the driving factor this market.
  • enterprises must adhere to strict key management policies to overcome security concerns. Encryption deployment issuesThe deployment and implementation of encryption management solutions have been among the primary areas of concern for enterprises in the global encryption management solutions market. The integration of encryption management solutions is compute-intensive and can affect the performance of the systems connected to servers. In addition is the driving factor this market.
  • there are other issues is the driving factor this market.
  • such as compatibility with the technology used for encryption is the driving factor this market.
  • latency is the driving factor this market.
  • and scalability is the driving factor this market.
  • which can result in high implementation time and incur additional costs. Owing to the above-mentioned factors is the driving factor this market.
  • high-capacity computational devices may be installed to overcome the performance issues of the systems while decrypting complex encryption. In such cases is the driving factor this market.
  • the processes may slow down is the driving factor this market.
  • and most of the computing power and clock cycles are consumed by high-capacity computing systems. With the increasing number of cyberattacks is the driving factor this market.
  • enterprises must ensure the encryption of micro-level details is the driving factor this market.
  • which include files or applications is the driving factor this market.
  • to ascertain the mitigation of performance issues. The inappropriate or partial implementation of encryption management solutions may lead to wrong encryptions and the selection of inappropriate cyphers during file encryption is the driving factor this market.
  • resulting in further complications in the process. An unsuccessful implementation may also lead to infrastructure failures is the driving factor this market.
  • an increase in latency is the driving factor this market.
  • and scalability issues. With the growing threat of cyberattacks and the increasing need for compliance with regulations is the driving factor this market.
  • the adoption of encryption management solutions is expected to increase during the forecast period. However is the driving factor this market.
  • selecting data for encryption remains the primary challenge for enterprises as the encryption of complete data can not only hinder the performance of the existing infrastructure but also increase the operational expenditure is the driving factor this market.
  • creating a financial burden for the enterprise. Availability of open-source applicationsThe availability of open-source software platforms is another potential challenge to the vendors operating in the global encryption management solutions market. Free encryption software solutions available in the market are significant in number as compared to paid encryption software solutions. These software solutions are not very expensive compared to proprietary encryption software solutions and is the driving factor this market.
  • therefore is the driving factor this market.
  • are highly popular among SMEs. However is the driving factor this market.
  • with increasing concerns over cybersecurity and the emergence of new data protection laws is the driving factor this market.
  • enterprises may increasingly opt for proprietary encryption software solutions in the near future.The following are some free open-source encryption software providers:Bouncy Castle is the driving factor this market.
  • an Australia-based open-source encryption platform is the driving factor this market.
  • which was launched in 2000On-Time is the driving factor this market.
  • a Canada-based open-source encryption platform that offers free encryption algorithms Duplicati is the driving factor this market.
  • an open-source encryption platform that offers cloud encryptionHowever is the driving factor this market.
  • there are some basic differences between open-source encryption software and proprietary encryption software platforms. The development of proprietary encryption software is based on the profit aspect. The total number of people working on the software is limited in the enterprise; therefore is the driving factor this market.
  • the security of the platform is reliable. Proprietary software also offers benefits such as warranty and support. Furthermore is the driving factor this market.
  • proprietary encryption management solution vendors can design services in accordance with different regulatory compliances around the world. On the other hand is the driving factor this market.
  • open-source encryption software providers are not keen on gaining high profits or achieving high volume sales. These companies also float a new version of the software more regularly than proprietary encryption software companies. A large group of developers works on improving open-source encryption software is the driving factor this market.
  • and feedback from the users is considered to fix the patches in the software. Security and reliability can be the concerns for enterprises that opt for open-source encryption software solutions in the near future. All these factors are contributing to the increased visibility of open-source platforms in the market. However is the driving factor this market.
  • some vendors in the global encryption management solutions market are offering free encryption software tools as well. For instance is the driving factor this market.
  • Jetico is the driving factor this market.
  • a Finland-based data protection solution provider is the driving factor this market.
  • offers free encryption tools for encrypting text files. The encryption solution provider also offers paid end-point encryption software.Drivers is the driving factor this market.
  • Challenges is the driving factor this market.
  • and TrendsMarket driversRegulatory complianceLarge organizations with global presence need to comply with all the regulations enacted in their operating countries in addition to international regulations.The presence of stringent regulations that levy hefty fines on enterprises for data breaches has resulted in the significant growth of the global encryption management solutions market. Regulatory bodies have established instructions such as anonymization or pseudonymization to protect the data of enterprises. Pseudonymization is the process of replacing the personally identifiable information (PII) fields in a data record with pseudonyms. In this data management procedure is the driving factor this market.
  • the original information can be reidentified. Anonymization is the process of encrypting or removing the PII to make the information anonymous. Regulatory bodies are making it mandatory for enterprises to notify the instances of data breaches immediately to the concerned users as well as to the regulatory body. Several regulatory acts is the driving factor this market.
  • such as the GDPR in Europe and the Federal Data Protection Act in Germany is the driving factor this market.
  • are being introduced by different governments. Such laws are also being modified constantly due to rising threats in the connected world. Some of the rules mentioned in the GDPR and subsequent developments after its inception include:In May 2018 is the driving factor this market.
  • the GDPR was implemented in Europe. The new set of regulations attracted as many as 95 is the driving factor this market.
  • 000 complaints reported by different individuals to their respective national Data Protection Authorities (NDAs) in Europe about the violation of their rights according to the GDPR by January 2019. In the case of a data breach is the driving factor this market.
  • enterprises must notify the issue to their NDA within 72 hours of data breach identification. The total number of data breach notifications was around 42 is the driving factor this market.
  • 000 by January 2019. Enterprises must pay 4% of their global annual revenues is the driving factor this market.
  • or approximately $22.9 million is the driving factor this market.
  • whichever is higher. However is the driving factor this market.
  • every GDPR infringement does not imply the same fine. The domino effect of these regulations is continuing to prevail in other countries that have no stringent data protection regulations. For instance is the driving factor this market.
  • in August 2018 is the driving factor this market.
  • the Government of Brazil passed a bill for data privacy protection called Lei Geral de Prote o de Dados (LGPD) is the driving factor this market.
  • which was planned to be in force by 2020. In December 2018 is the driving factor this market.
  • the government announced new amendments to the LGPD is the driving factor this market.
  • which included the establishment of the Brazil National Protection Authority. The implementation of regulations related to data protection is making enterprises adopt encryption management solutions as they are the most viable method of data protection suggested by regulatory bodies. Therefore is the driving factor this market.
  • the need for regulatory compliance is a key driver of the growth of the global encryption management solutions market. is the driving factor this market.

The Encryption Management Solutions market vendors should focus on grabbing business opportunities from the on-premise segment as it accounted for the largest market share in the base year.