April 20, 2020
As per the report titled ‘Global Database Encryption Market Size study, by Deployment (On Cloud and on premises), by Type (Transparent, Column-level and Filesystem), by Industry (IT & Telecommunication, BFSI, Healthcare, Manufacturing, Transportation & Logistics, Defense & Government and Others) and Regional Forecasts 2019-2026’, available with Market Study Report LLC, global database encryption market was worth USD 572.52 million in 2018 and is projected to grow at 29.8% CAGR through 2026.
Growing concern regarding data theft and cybersecurity coupled with prominent use of database encryption software for safeguarding data across organizations and enterprises is driving the market growth. Database encryption is the fastest growing end-point data security solutions as it is widely applied across several end-use industries including BFSI, government & defense, IT & telecommunication and manufacturing to ensure security from cyberattacks.
Citing a survey, National Crime Record Bureau (NCRB) of India revealed that cybercrime cases increased by 56%, that is 21,796 in 2017 as compared to 12000 in 2016. Likewise, the United States is also witnessing a hike in the number of cybercrime cases every year. According to Insurance Information Institute (III) of United States, more than 351,937 cybercrime complaints were received in 2018, which plunged to 467,361 in 2019.
Notably, data encryption solutions utilize an encryption method that converts plain text data or database into ciphertext to secure data and prevents unauthorized access by providing master encryption keys to authorized users. Reduced hacking, lessened unplanned downtime cases, and lower operational cost are the key benefits encouraging the solution adoption.
Rising number of cyberattacks and increasing government regulations for enhancing cybersecurity will foster the market growth in the coming years. However, high deployment cost and prerequisite of large infrastructure in enterprises may hinder the market outlook to some extent.
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Considering the geographical outlook, global database encryption industry is divided into Asia Pacific, North America, Europe, Latin America, and rest of the world. North America database encryption market is predicted to display strong growth trends during 2019-2026, owing to escalating cases of cyberattacks in the region. Meanwhile, database encryption market in Asia Pacific is set to grow at a rapid pace, due to favorable government norms for the protection of database from cyberattacks and thefts.
Key players of global database encryption market are IBM Corporation, Microsoft Corporation, Symantec Corporation, Intel, Oracle, Gemalto, EMC Corporation, Win Magic Inc., Check Point Software Technologies Ltd., and Trend Micro Inc.