North American optical encryption market is estimated to grow significantly at a CAGR of around 7.4% during the forecast period. Factors that augment the regional growth of the North America market include well-developed ICT infrastructure, significant instances of cyber-attacks across major verticals, and an increasing number of smart cities projects. Additionally, the presence of key market players in the region such as Ciena Corp., Cisco Systems Inc., Infinera Corp., and several others are further fueling the regional business growth of the market. The economic strength and well-established technology infrastructure of the North America provides a solid platform for the growth of the market. The high adoption of cloud-based applications in the US has led to a dramatic increase in the number of cyber-attacks. Increasing number of cyber-attacks along with the increasing internet penetration rate in the region is estimated to be the major factors that are driving the growth of the market.
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The North American optical encryption market is segmented on the basis of the encryption layer and vertical. Based on the encryption layer, the market is further segmented into Layer 1, Layer 2, and Layer 3. Based on vertical, the market is further segmented into military & defense, BFSI, healthcare, retail, transportation, IT & telecom, and others. BFSI sector extensively deploys optical encryption to protect their customers, meet government and industry data security compliance standards. Therefore the BFSI segment has significant share in the North American optical encryption market. Moreover, the significant number of data centers, increasing data traffic over the telecom and IT sector coupled with rising cyber threats are augmenting the need for optical encryption solutions in the IT and telecom sector.
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The companies which are contributing to the growth of the North American optical encryption market include Ciena Corp., Cisco Systems, Inc., Infinera Corp., Microsemi Corp., Thales eSecurity, Inc., and others. The market players are considerably contributing to the market growth by the adoption of various strategies including new product launch, merger, and acquisition, collaborations with government, funding to the start-ups and technological advancements to stay competitive in the market.
North American Optical Encryption Market- Segmentation
By Encryption Layer
- Layer 1
- Layer 2
- Layer 3
By Verticals
- Military & Defense
- Banking, Financial Services and Insurance (BFSI)
- Healthcare
- Retail
- Transportation
- Telecom & IT
- Others (Energy & Utilities)
