According to the network encryption market analysis by Future Market Insights (FMI), the demand registered in the market will grow at a healthy CAGR of 7.5% from 2022-2032.
The report also forecasts that the market will surpass a valuation of ~US$ 4.0 Bn by the end of 2022. As per FMI, rapid technological advancements and introduction of artificial intelligence, machine learning, network security and cyber security have created prospects for network encryptions. These technologies have become essential in improving economic competitiveness, thereby propelling the market growth.
As more IoT products enter the market, new security and policies will likely be established to prevent cyber assaults and the theft of personal information. IoT products are sophisticated, hence it will be critical to manage the risks that come with them. On the back of these factors, the #network encryption market is anticipated to grow at a significant rate.
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- By solution, network encryption platforms segment is anticipated to account for the leading share 46.4% in the global demand for network encryption during the forecast period.
- By enterprise size, the adoption of network encryptions in small enterprises is anticipated to increase at a CAGR of 8.9% between 2022 & 2032.
- By industry, the adoption of network encryptions in healthcare is anticipated to increase at a CAGR of 11.7% between 2022 & 2032, while BFSI segment is currently dominating the market share.
- North America is expected to lead the market followed by Europe in 2021.
- South Asia & Pacific is anticipated to emerge as the fastest growing region between 2022 & 2032.