The global database encryption market is anticipated to grow at a significant CAGR of 30.1% during the forecast period. Personal data lockers are currently being utilized to secure an organization’s personal and financial information for data security. The increasing requirement for enterprises to comply with regulatory norms, the expanding need for cloud-based databases, and the availability of adaptable encryption software have all contributed to the adoption of database encryption. Cloud adoption is bringing with it its own set of issues, such as data privacy and security. Cloud services are frequently designated by government bodies as regulated techniques for data privacy and security, particularly in the government/semi-government and essential sectors. Cloud services have been subjected to stringent data privacy legislation such as the US government’s ‘CLOUD Act,’ the UK’s ‘Data Protection Act,’ the EU’s General Data Protection Regulation (GDPR), the ‘Australia Privacy Act,’ and others.
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Besides, the key companies operating in the industry are highly inclined towards the adoption of different growth strategies including capacity expansion, partnerships, mergers and acquisitions, geographical expansion, new product launches, and product innovation to remain competitive in the marketplace. For instance, in October 2020, Zoom announced that it is implementing end-to-end encryption. This is to ensure that user meetings are secure. In addition, the company said that it will launch a series of new products aimed at removing security concerns from users’ minds. End-to-end encryption, according to Zoom, is now the strongest data security standard. This encryption technology was available to all free and paying customers in October 2020. Users can also select whether or not to enable it based on their needs.
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Market Coverage
- The market number available for – 2021-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered-
o By Type
o By Deployment Model
o By Verticals
- Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
- Competitive Landscape- IBM Corp, Intel Security, Microsoft Corp, Netapp Inc., and Oracle Corp.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
o Deviation from the pre-COVID-19 forecast
o Most affected region and segment
- Who is the leader in the market?
- How are players addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Database Encryption Market Report Segment
By Type
- Database Operational Models
- Database Encryption Types
By Deployment Model
- Public Cloud Deployment
- Private Cloud Deployment
- Hybrid Cloud Deployment
By Verticals
- BFSI
- Healthcare
- IT and Telecommunication
- Government
- Retail and E-commerce
- Aerospace and Defence
- Others
