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Network Encryption Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Network Encryption Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

  • April 2021
  • 131 pages
  • ID: 6067809
  • Format: PDF
  • Mordor Intelligence LLP
Up to $750 off Until Jul 31st 2021

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The Network Encryption Market is expected to register a CAGR of 16.2% over the forecast period 2021 - 2026. The increasing number of network security breaches, increasing adoption of cloud technologies by numerous organizations, and the rising need to comply with ever-changing regulatory standards for improved data protection are some of the significant factors influencing the growth of the market while high implementation cost of network encryption solutions is expected to hinder the growth of the market.

- Network encryption can be referred to as a process of encoding sensitive data such as passwords, credentials, and files, among others, which are transmitted or communicated through a computer network. Network encryption comprises three major components, namely hardware, services, and platform.
- The technological advancements in the field, increasing demand for high-speed connectivity, rising acceptance of IoT in various applications are expected to create exciting opportunities for the players in the market during the forecast period.
- Besides, regulatory standards set up the countries across the world have been a crucial factor in driving market growth. For instance, the EU Networks and Information Security Directive set in place by the United Kingdom has placed legal obligations on operators of UK critical services to improve their security measures.
- Further, the growing penetration of technology facilitators, coupled with increasing acceptance of virtual shopping, has bolstered the e-commerce ecosystem, but has increased the need for a robust network, to secure not only the online website but also secure the customer financial data and customer sensitive information.
- Owing to the COVID-19 pandemic, the unseen impact has been to ignite a revolution in remote working, on a massive scale. The remote operation often utilizes unprotected, public networks, thus making productivity application tools vulnerable to attacks. This has led to an increasing need to improve network security.

Key Market Trends
Telecom & IT Sector is Expected to Hold a Significant Share of the Market

- The Telecom & IT sector, comprising of IT solution and service providers, Internet Service Providers (ISPs), consulting companies, and communication companies, has witnessed the development of innovative technologies and the increasing use of the internet, Bring Your Own Device (BYOD) and mobile devices.
- A Cybersecurity Breaches Survey conducted and published in the Department for Digital, Culture, Media, and Sport (DCMS) report indicated that about 45% of businesses and 65% of charities have implemented Bring Your Own Device (BYOD) where staff uses their own private devices, such as laptops for work purposes. While these devices add flexibility at work, they also add to the network encryption enhancement resulting in increased demand.
- Telecom organizations typically store personal information, such as names, addresses, and financial data of the customers. Information-sensitive data is a compelling target for insiders, or cyber-criminals looking to conduct identity theft, steal money, blackmail customers, or launch further attacks. Factors such as these have highlighted the need to protect data that is transmitted over the network and comply with the industry regulations, thereby securing business-critical information.
- The significant inflow of investments into the development of network infrastructure is expected to drive the market growth further. For instance, in October 2019, SK Telecom has announced that they have received an order to build quantum cryptography-based communications networks one after another in Europe and the United States.
- Some of the significant players in the market, offering the network encryption solutions to the sector providers include Cisco, Juniper, and Huawei.

North America is Expected to Account for the Largest Market Size

- North America is expected to hold the largest market size and dominate the network encryption market during the forecast period owing to early adoption of technologies such as cloud-based services, and well-established economies such as the US and Canada.
- The region being the technologically advanced, has a high concentration of large multinational companies, which largely contribute to the growth of the market. Besides, the region offers appropriate platforms for startups and SMEs, in terms of government regulations and compliances.
- Cloud-based enterprise applications are thriving in the region. The cloud-based solutions depend on network connectivity to function in the hosted environment. As a result, the risks of attacks and other threats are constant, which provides exciting opportunities for network encryption providers in the region.
- The US government signed the law to establish the Cybersecurity and Infrastructure Security Agency (CISA), to enhance national defense against cyberattacks. It works with the Federal Government to provide cybersecurity tools, incident response services, and assessment capabilities to safeguard the government networks that support essential operations of the partner departments and agencies.
- In addition, with enterprises constantly optimizing their CapEx and OpEx, the region has scalable IT infrastructure in addition to significant IT expertise. Factors such as these could provide further impetus to the growth of market during the forecast period.

Competitive Landscape
The Global Network Encryption Market is quite fragmented, with a number of players operating in the space. No single organization has enough influence to move the industry in a single direction. The major players with a prominent share in the market are focusing on expanding their customer base across foreign countries by leveraging strategic collaborative initiatives to increase their market share and their profitability. The Thales Trusted Cyber Technologies, Technical Communications Corporation, Atos SE, Juniper Networks, Inc., Certes Networks, Inc., Senetas Corporation Ltd., Viasat Inc., Raytheon Technologies Corporation, Securosys SA., Packetlight Networks are some of the major players present in the current market.

- February 2020 - The United States Department of Defense is planning to put more than USD 106 billion into R&D efforts Of which, nearly USD 10 billion is being planned to be kept for cyber activities, including network encryption, and offensive and defensive cyber operations.
- October 2019 - PacketLight Networks earned Federal Information Processing Standard (FIPS) 140-2 Level 2 validation as a measure of compliance from the U.S. National Institute of Standards and Technology (NIST) for the implementation of systems house’s fiber-optic network Layer 1 encryption.

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