Mobile encryption is a way of securing data at rest and data in motion across mobile devices and networks by scrambling the data into the ciphertext form to ensure only authorized people with the correct decryption key can access it. Rising adoption of the BYOD trend amongst enterprises has resulted in increased susceptibility of loss or theft of critical business information. Mobile devices are among the common points of data leakage in organizations. This has called for increased protection of critical information within mobile devices in accordance with the encryption guidelines. However, budget constraints and the lack of skilled workforce and awareness about the benefits of mobile encryption solutions can be seen hindering the growth of the market, but this is expected to be impactful only for a short period. MarketsandMarkets expects the global mobile encryption market size to grow from USD 761.4 Million in 2017 to USD 2,917.9 Million by 2022, at a Compound Annual Growth Rate (CAGR) of 30.8%.
Companies such as BlackBerry Ltd., Certes Networks, Inc., Dell Technologies, Inc., ESET, Hewlett Packard Enterprise, Intel Corporation, MobileIron, Inc., and Sophos Ltd. have created leading mobile encryption solutions to cater to the needs and demands of the market. These players have adopted various growth strategies, such as acquisitions, agreements, partnerships, and new product launches.
The key players in this market are engaging in partnerships and new product launches to provide innovative offerings and increase profitability. BlackBerry Ltd. adopted the strategies of partnerships, acquisitions, and new product launches. In November 2015, BlackBerry acquired Good Technology to provide secure mobility solutions for enterprises and government agencies worldwide. In February 2017, it launched SecuSUITE, a cloud-based voice encryption solution for enterprises which secures mobile calls and is a multi-OS offering supported by iOS, Android, and BlackBerry 10 OS.
Certes Networks, Inc. adopted the strategies of partnerships, new product launches, and business expansions. In April 2017, Certes partnered with the EU Commission to become a trusted cybersecurity technology provider and provide secure data in motion for the commission by offering superior encryption capabilities to the devices of EU citizens. In October 2016, Certes expanded its market reach in the Middle East by partnering with Exclusive Networks. As per the partnership, Exclusive Networks became the official distributor of Certes’ encryption-based CryptoFlow solutions in the Middle East region.
Mobile Encryption Market by Component (Solution and Services), Application (Disk Encryption, File/Folder Encryption, Communication Encryption, and Cloud Encryption), End-User Type, Deployment Type, Vertical, and Region - Global Forecast to 2022
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