DUBLIN–(BUSINESS WIRE)–The “Network Encryption Market – Growth, Trends, COVID-19 Impact, and Forecasts (2021 – 2026)” report has been added to ResearchAndMarkets.com’s offering.
The Global Network Encryption Market was valued at USD 3.48 Billion in 2020, and it is projected to be worth USD 5.91 Billion by 2026, registering a CAGR of 9.12% during the forecast period of 2021-2026.
Companies Mentioned
Thales Trusted Cyber Technologies ATMedia Gmbh Atos SE Juniper Networks Inc. Certes Networks Inc. Senetas Corporation Ltd Viasat Inc. Raytheon Technologies Corporation Securosys SA Packetlight Networks Rohde & Schwarz Cybersecurity GmbH Colt Technology Services Group Ltd Ciena Corporation Key Market Trends
Telecom & IT Sector is Expected to Hold a Significant Share of the Market
The growing cloud adoption, increasing investment in optical communication, an increasing number of network data breaches, and stringent government regulations are some of the major factors driving the adoption of network encryption in the global IT and Telecom industry. Furthermore, the growing adoption of a private network, trends of network automation, and the advent of 5G networks will create massive growth opportunities for the studied market vendors in the IT and Telecom sector. The IT and telecom industry networks are becoming prone to cyberattacks. According to SpyCloud, the IT and Telecom industry is becoming the most vulnerable to network attacks in recent years, owing to the high adoption of cloud and IoT services. The company also reported that 11 telecom companies in the Fortune 1000 comprise the most vulnerable industry in the study done in 2020. Studied market vendors are also offering products to secure Data Center Interconnect (DCI) applications. Network encryption combines ease of operation and administration for IT and telecom vendors to enable simple-to-implement data protection strategies. For instance, Rohde & Schwarz relies on the R&S Trusted VPN IPsec-based encryption solution for secure voice and data communications at 78 locations in 40 countries. Furthermore, the growing trend of BYOD in the IT companies and increasing adoption of the enterprise storage network is also expanding the scope of private networks among the global IT companies. In addition to that, telecom operators are transforming themselves from network companies to cloud service companies to roll out new services and applications and store and distribute content through various networks. According to the GDPR Report, network-attached storage devices are among the topmost vulnerable devices in the IT industry. North America is Expected to Account for the Largest Market Share
The North American region is one of the largest regions for network encryption. The presence of the United States, one of the major countries in cybersecurity solutions, contributes to the highest market share of North America. Moreover, in the United States, end-to-end encryption has been a key sticking point between large tech companies and law enforcement. To counter this, three Republican senators in June 2020 introduced a bill that would force tech companies to offer a backdoor to end-to-end encrypted communication. The bill targeted companies that were refusing to cooperate with law enforcement to help recover encrypted data, even when presented with a lawful warrant, even though companies like Apple have always argued that they are incapable of doing so as they don’t have access to data that uses this form of encryption. The Lawful Access to Encrypted Data Act had been recently introduced to the United States. Congress may worsen in a recent string of encryption attacks, its most robust digital security tool online. While the recently amended EARN IT Act would leave strong encryption on the unstable ground if passed into law. The Lawful Access to Encrypted Data Act (LAEDA) is a direct assault on the tool millions of people rely on for personal and national security each day. In December 2020, FireEye mentioned that while some 18,000 organizations had malicious code in their networks, it was the 50 who suffered major breaches. The United States Treasury and departments of homeland security, state, and defense are known to have been targeted. Key Topics Covered:
1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Attractiveness – Porter’s Five Forces Analysis
4.3 Impact of COVID-19 on the Market
5 MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Increasing Number of Network Security Breaches
5.1.2 Increasing Adoption of Cloud Technologies by Numerous Organizations
5.2 Market Challenges
5.2.1 High Implementation Cost of Network Encryption Solutions
6 MARKET SEGMENTATION
6.1 Deployment Type
6.2 Component
6.3 Organization Size
6.4 End-user Industry
6.5 Geography
7 COMPETITIVE LANDSCAPE
7.1 Company Profiles
8 INVESTMENT ANALYSIS
9 MARKET OPPORTUNITIES AND FUTURE TRENDS
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