The report "Database Encryption Market by Types (Transparent Encryption, File-system Encryption, Application-level Encryption, Column-level Encryption, Hashing and Key Management), by End User, by Deployment Types, by Region - Global Forecast to 2020", The database encryption market size to grow from USD 261.8 Million in 2015 to USD 968.3 Million by 2020, at a Compound Annual Growth Rate (CAGR) of 29.9%.
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There has been a significant increase in the adoption of BYOD, mobility, and cloud technology. With the need to reduce the IT infrastructure and other upfront costs have increased the adoption of cloud-based services among organizations by approximately 15%-20% per year. However, the increased usage of cloud-based services such as Database as a Service (DBaaS), sharing content, and storing the documents has increased the risk of data loss and theft. Thus, the adoption of encryption solutions is on the rise among organizations to protect the data from theft and intrusion, thereby giving rise to the adoption of database encryption market in numerous sectors. Ease in deployment, scalability, and flexibility of services, as well as low cost benefits are some of the factors boosting the growth of the database encryption market.
The need of organizations to comply with regulatory compliances will drive the database encryption market
The rising digitalization trends such as Bring Your Own Device (BYOD) and mobility are helping organizations improve their productivity and customer service among various industry verticals. This has also given rise to the huge amount of confidential business and personal information of customers’ data stored in the database. Thus, the demand for encryption solutions from organizations, to secure the databases that contain confidential information about their business and customers, is increasing.
BFSI sector is projected to show robust growth in the database encryption market
The BFSI vertical is one of the major verticals that generates large volumes of confidential and private business data and also stores huge amounts of the customers’ personal information. Thus, database encryption solutions provide businesses with cost-effective encryption capabilities. BYOD is necessary for BFSI, e-commerce, and healthcare verticals due to real-time data requirement in their work culture, to share confidential data such as documents, bank statements, medical reports, and others to improve productivity. However, it has also given rise to data loss, theft, and security breach issues. Thus, compliance mandates with standards and regulations are stringent and increasing among these verticals, thereby giving rise to the increase in the adoption of database encryption software.
Increasing demand for cloud-based databases creates remarkable potential for the database encryption market in the APAC region
The APAC region is expected to experience extensive growth opportunities in the next few years. The extensive adoption of digitalization trends such as BYOD and mobility among organizations has given rise to the large volumes of business data which needs to be stored securely in databases. The increasing number of small- and medium-sized businesses in countries such as China, Japan, and India, are putting in efforts to secure personal and business data to focus more on their core operations, which is likely to increase the adoption of database encryption market by 2020.
MarketsandMarkets broadly segments the database encryption market by type, by deployment type, and by user type. The study covers more than 9 industry verticals, namely, IT & telecom, BFSI, government & public sector, healthcare, retail and e-commerce, aerospace and defense, and others including education and research, hospitality, and transportation & logistics. Some of the key players providing database encryption solutions to the above verticals include IBM, HP, Symantec, Cisco Systems, McAfee, Microsoft, Oracle, Sophos, and Vormetric.
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