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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.
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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.
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.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
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.
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.
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:
The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.
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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.
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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.
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Encryption Management Solutions Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2020 |
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Forecast period |
2021-2025 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 17% |
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Market growth 2021-2025 |
$ 6.07 billion |
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Market structure |
Fragmented |
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YoY growth (%) |
16.65 |
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Regional analysis |
North America, Europe, APAC, South America, and MEA |
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Performing market contribution |
North America at 40% |
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Key consumer countries |
US, China, UK, Germany, and Japan |
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Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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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. |
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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 |
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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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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Application
6 Market Segmentation by Deployment
7 Customer landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix
Research Framework
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
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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