European optical encryption market is estimated to grow significantly at a CAGR of around 8.5% during the forecast period. Factors that are contributing to the growth of the optical encryption market in Europe include a well-developed telecommunication infrastructure, high internet penetration, growing cybercrimes, and strict government regulations regarding data protection. Cybercrime is increasing significantly across the globe, majorly in the EU Member States, where the internet infrastructure is well developed, and payment systems are online. The EU aimed to increase economic cooperation and encourage free trade among countries. Europe is highly relied on internet-based services owing to robust internet penetration, significant digitalization, and cohesive government policies. The optical encryption technology shows a significant application in providing secure and advances connectivity between smart devices that are implemented in smart city projects.
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European 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 European 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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European 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)
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