Global Network Encryption Market to Reach US$ 7.0 Billion by 2028, Bolstered by Growing Investments by Governing Agencies

The latest report by IMARC Group, titled “Network Encryption Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” finds that the global network encryption market size reached US$ 4.2 Billion in 2022. Network encryption is the process of providing end-to-end, secure connectivity, regardless of the network layer user wants to protect. The process involves encoding sensitive data, such as passwords, credentials and files, which are transmitted or communicated through computer networks. It is also used as a security layer between the communications of multiple networks. Various organizations employ it to protect their internet traffic as well as internal networks, virtual private networks, and corporate backbone networks with network-level encryption. Network encryption is incorporated with zero-touch encryption key management to provide robust, authenticated, and high-assurance encryption. Consequently, network encryption finds applications across various end-user industries such as telecom and IT, BFSI, government, and media and entertainment.
 

Global Network Encryption Market Trends: 

The market is primarily driven by the rising focus to shield organizations from network security breaches and safeguard connected devices and high integrity data. In addition to this, the growing instances of data threats and cybercriminal activities have caused huge data loss to individuals and organizations. As a result, the increasing regulatory compliances have resulted in the deployment of network encryption solutions across the globe. Nowadays, companies worldwide are focusing on integrating network encryption solutions into their platforms to safeguard internal networks, website traffic, corporate backbone networks and virtual private networks (VPNs). Besides this, several governing agencies and organizations are extensively investing in the renewable energy infrastructure, which is accelerating the adoption of network encryption solutions. Furthermore, the growing adoption of cloud technologies and the integration of the Internet of Things (IoT) in multiple software and hardware applications are also creating a positive outlook for the market. Looking forward, the market is expected to reach a value of US$ 7.0 Billion by 2028, exhibiting a CAGR of 8.85% during the forecast period (2023-2028).
 

Market Summary: 

• Based on the component, the market has been segmented into hardware, and solutions and services
• On the basis of the deployment mode, the market has been classified into cloud-based and on-premises.
• The market has been categorized based on the organization size into small and medium-sized, and large enterprises.
• On the basis of the end use industry, the market has been segregated into telecom and IT, BFSI, government, media and entertainment, and others.
• Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
• The competitive landscape of the market has been examined, with some of the key players being Atos SE, Ciena Corporation, Cisco Systems Inc., Colt Technology Services Group Limited, F5 Networks Inc., International Business Machines Corporation, Juniper Networks Inc., Nokia Corporation, PacketLight Networks Limited, Raytheon Technologies Corporation, Rohde & Schwarz GmbH & Co KG, Securosys SA, Senetas Corporation Limited, Thales Group, and Viasat Inc.

Report Scope:

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