DUBLIN--(BUSINESS WIRE)--The "Database Encryption - Global Strategic Business Report" has been added to ResearchAndMarkets.com's offering.
The global market for Database Encryption was estimated at US$3.6 Billion in 2023 and is projected to reach US$21.9 Billion by 2030, growing at a CAGR of 29.5% from 2023 to 2030.
Database encryption involves encoding data using a cryptographic key before it is written to disk. Only those with access to the decryption key can read the data, providing a strong layer of security against data breaches. The effectiveness of encryption largely depends on the algorithms and key management practices in place. Common encryption algorithms include AES (Advanced Encryption Standard) and RSA, which are known for their robustness and difficulty to crack. Key management is equally important; secure key storage and access controls are critical to prevent unauthorized access to encryption keys. Best practices also recommend the use of dynamic data masking and tokenization in conjunction with encryption to enhance data security further, especially in complex databases with multiple user requirements.
What Challenges and Considerations Impact Database Encryption Implementation?
Implementing database encryption presents several challenges that organizations must carefully consider. One of the primary concerns is performance degradation. Encryption can slow down the process of data retrieval and storage because it requires additional processing. This impact needs to be balanced against the security benefits, especially for high-transaction databases. Another challenge is the complexity of managing encryption keys. Poor key management practices can lead to data loss if keys are lost or compromised.
Additionally, integrating encryption into existing databases may require significant changes to database architecture and applications, potentially leading to downtime and increased costs. Compliance and regulatory requirements also guide how encryption should be implemented, making it imperative for organizations to stay informed about changes in data protection laws and standards.
What Drives the Growth in the Database Encryption Market?
The growth in the database encryption market is driven by several factors, beginning with the increasing volume of data generated by businesses and the rising prevalence of cyber threats. As organizations accumulate vast amounts of sensitive data, the need to protect this data from breaches and comply with tightening regulations has never been more critical. The expansion of cloud computing has also contributed to the growth of the market, as more data is stored off-premises and the need for robust encryption solutions becomes essential to secure data in transit and at rest. Moreover, consumer awareness and concern over personal data privacy have pressured companies to adopt stronger data protection measures, including encryption.
Additionally, advancements in technology that mitigate the performance impacts of encryption and improve ease of implementation are making database encryption more accessible and appealing to a broader range of industries and enterprises. These technological, regulatory, and market dynamics ensure continued investment and innovation in the field of database encryption, highlighting its crucial role in comprehensive data security strategies.
Key Insights:
- Market Growth: Understand the significant growth trajectory of the BFSI Vertical segment, which is expected to reach US$8.3 Billion by 2030 with a CAGR of a 33.3%. The IT & Telecom Vertical segment is also set to grow at 30.8% CAGR over the analysis period.
- Regional Analysis: Gain insights into the U.S. market, which was estimated at $1.1 Billion in 2023, and China, forecasted to grow at an impressive 28.1% CAGR to reach $3.2 Billion by 2030. Discover growth trends in other key regions, including Japan, Canada, Germany, and the Asia-Pacific.
Key Questions Answered:
- How is the Global Database Encryption Market expected to evolve by 2030?
- What are the main drivers and restraints affecting the market?
- Which market segments will grow the most over the forecast period?
- How will market shares for different regions and segments change by 2030?
- Who are the leading players in the market, and what are their prospects?
Report Features:
- Comprehensive Market Data: Independent analysis of annual sales and market forecasts in US$ Million from 2023 to 2030.
- In-Depth Regional Analysis: Detailed insights into key markets, including the U.S., China, Japan, Canada, Europe, Asia-Pacific, Latin America, Middle East, and Africa.
- Company Profiles: Coverage of major players such as Gemalto NV, Intel Security Group - McAfee, Inc., Microsoft Corporation, and more.
- Complimentary Updates: Receive free report updates for one year to keep you informed of the latest market developments.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 194 |
| Forecast Period | 2023 - 2030 |
| Estimated Market Value (USD) in 2023 | $3.6 Billion |
| Forecasted Market Value (USD) by 2030 | $21.9 Billion |
| Compound Annual Growth Rate | 29.5% |
| Regions Covered | Global |
Key Topics Covered:
MARKET OVERVIEW
- World Market Trajectories
- Database Encryption - Global Key Competitors Percentage Market Share in 2024 (E)
- Global Economic Update
- Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2024 (E)
MARKET TRENDS & DRIVERS
- Growing Threats of Cyberattacks and Data Breaches Enhance Need for Encryption
- Expansion of Cloud Computing Spurs Adoption of Encryption in Cloud-Based Databases
- Integration of Advanced Cryptography Techniques Propels Database Encryption Technologies
- Rising Importance of Data Privacy in Consumer-Facing Industries Strengthens Market for Database Encryption
- Technological Innovations in Encryption Key Management Enhance Security Measures
- Adoption of Database Encryption in Financial Services to Secure Transaction Data
- Increasing Use of Mobile and IoT Devices Spurs Need for Comprehensive Database Security
- Expansion of Digital Healthcare Drives Adoption of Encryption for Patient Data Protection
- Surge in E-commerce and Online Transactions Enhances Need for Database Encryption
FOCUS ON SELECT PLAYERS
- Gemalto
- Intel Security Group - McAfee, Inc.
- Microsoft Corporation
- NetApp, Inc.
- Oracle Corporation
- Sophos Ltd.
- Symantec Corporation
For more information about this report visit https://www.researchandmarkets.com/r/9txtvr
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