The global network encryption market size is expected to grow from USD 2.9 billion in 2018 to USD 4.6 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 9.8% during 2018–2023. Major driving factors for the market include an increasing demand to meet many regulatory compliances, a growing need to shield organizations from network security breaches, and increasing adoption of optical transmission.
Major vendors in the network encryption market include Cisco (US), Juniper Networks (US), Gemalto (Netherlands), Nokia (Finland), Thales eSecurity (US), Atos (France), Ciena (US), Rohde & Schwarz Cybersecurity (Germany), ADVA (Germany), Colt Technology Services (UK), Huawei (China), Aruba (US), F5 Networks (US), Stormshield (France), ECI Telecom (Israel), Senetas (Australia), Viasat (US), Raytheon (US), Quantum (US), TCC (US) , ARRIS (Georgia), atmedia (Germany), Securosys (Switzerland), PacketLight Networks (Israel), and Certes Networks (US). They have adopted various growth strategies, such as partnerships, agreements, and collaborations, acquisitions, and new product launches, to further expand their presence in the global network encryption market. Partnerships and new product launches have been major growth strategies adopted by the leading players from 2016 to 2018, which have helped them innovate their offerings and broaden their customer base.
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In line with the increasing importance of the network encryption to safeguard sensitive data and to manage various data security compliances, Cisco has been working to deliver secure and reliable network encryption to its customers across industry verticals including financial services, healthcare, media and entertainment, consumer goods and retail, and government. The company has adopted various organic and inorganic growth strategies to cater to its customers with enhanced solutions and services and to strengthen its clientele across the globe. For instance, in October 2018, Cisco acquired Duo Security. With the acquisition, Cisco users can connect any application on any networked device with more ease and security.
Atos is one of the prominent players in the global network encryption market. The company caters to its global clientele across verticals with its cutting-edge technology expertise and industry knowledge to help clients in their digital journeys. It invests in R&D activities to offer innovative solutions and services to offer seamless customer experience. The company has also formed several partnerships, acquired businesses, launched new products, and expanded its business. For instance, in October 2018, Atos launched Trustway IP Protect, an IP network encryption solution, to offer highest level of security to protect its data against the theft of sensitive data. In October 2018, Atos partnered with North Atlantic Treaty Organization (NATO) to help organizations to prevent and respond to cyber threats quickly.
Network Encryption Market by Component (Hardware, Platform and Services), Transmission Type (Traditional Transmission and Optical Transmission), Data Rate, Organization Size, Vertical, and Region - Global Forecast to 2023
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