Application-level Encryption Market: Introduction
In application-level encryption, the process of data encrypting is completed by the application that is used to modify or generate the data that is to be encrypted on servers. The application-level encryption provides robust security, operational flexibility, and high performance to the systems. Application encryption solutions deliver data protection and operational efficiency with the flexibility to handle a wide spectrum of applications - from high-volume applications and fully automated to low-volume and tightly supervised applications. The global application-level encryption market is anticipated to expand at a CAGR of 25% during the forecast period, and was valued at US$ 718.5 Mn in 2019.
The application-level encryption market is witnessing noticeable growth, owing to the growing adoption of cloud-based application-level encryption solutions globally. The increasing prominence of cloud-based application-level encryption services has led to the implementation of better encryption and data protection solutions for cloud-based application-level encryption systems across the world. Furthermore, the increasing adoption of encryption software to avoid cyber attacks and internal data breaches is also a major factor accelerating the demand for this solution globally.
Application-level Encryption Market Drivers
Companies are adopting digitization for different business processes that help to increase efficiency. Most companies are investing in the encryption technology to provide security to confidential information and increase productivity. The application-level encryption market is majorly driven by the increasing adoption of encryption technologies among small & medium enterprises to avoid internal data breaches within an enterprise.
Providers of data encryption are integrating and providing advanced application-level encryption solutions that help to encrypt data before the read and write process on the server. New data stored on the server is in an encrypted format, thus it is difficult to breach data security to decrypt it without authorized permission. Application-level encryption solutions help in improving data accuracy in encrypted digital form, minimizes operational cost, and simplifies different data-related operational processes.
Enterprises are seeing rising adoption of advanced web-based applications and smartphone solutions to enhance the productivity of employees. Smartphone applications and web-based business applications are generating huge amount of data related to personal information, login credentials, confidential file sharing, financial records, inventory records, and other confidential business information of users. Application-level encryption software helps to store normal data from different applications and store them in encrypted structured data formats for future use.
Web-based and smartphone applications are majorly adopted by transportation and logistics companies to scan and maintain records, bills, and invoices. They are adopted by banks to simplify the data access process of transaction data. Companies are investing in advanced cloud technologies to provide real-time security to information generated through different business applications. The increasing demand for encryption to provide security for web-based and smartphone application data is expected to drive the application-level encryption market during the forecast period.
Strategies Adopted by Companies
The global application-level encryption market comprises of large as well as mid-sized application-level encryption solution providers. Companies such as Dell Inc., F5 Networks, Inc., IBM Corporation, Microsoft Corporation, and Micro Focus International plc, have been able to establish a strong presence in various countries across the world. Solution providers present in the application-level encryption market are currently focusing on introducing advanced software and integrating new capabilities within the software to enable application-level encryption across company boundaries, and meet the need to manage data encryption and data security. Moreover, application-level encryption solution providers are aggressively developing innovative products that match customers’ expectations for enhanced features and integrated capability over connected devices. Currently, the application-level encryption market is growing and leading players are continuously focusing on acquisition of local players in order to broaden their geographical reach.
Application-level Encryption Market: Key Players
Some significant players engaged in the application-level encryption market include Baffle, Inc., Blue Star Limited, Chino Srls, Dell, Inc., F5 Networks, Inc., Futurex, IBM Corporation, McAfee LLC, Micro Focus International plc, Microsoft Corporation, nCipher Security, LLC, NetLib, Security, Inc., PKWARE, Inc., Prime Factors, Sophos Group plc, Symantec Corporation, Thales e-Security, Inc., and Unbound Tech Ltd.
Global Application-level Encryption Market: Segmentation
Application-level Encryption Market, by Deployment
Application-level Encryption Market, by Enterprise Size
Application-level Encryption Market, by End User
Application-level Encryption Market, by Region
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