North America Mobile Encryption Market size is anticipated to witness significant growth in the coming years owing to the growing focus of BFSI companies toward the early implementation of innovative & advanced solutions in security technologies. Asia Pacific is expected witness a high growth rate owing to the growing implementation of BYOD and stringent compliance throughout various industry verticals, such as government, retail, BFSI, aerospace & defense, and telecom. Countries, such as Australia, China, India, Japan, and Singapore, are steadily adopting mobile encryption solutions due to the increasing need to safeguard data & information against advanced cyber threats and growing implementation of cloud-based solutions, thereby driving the industry size.
By application type, the mobile encryption market is segmented into disc, file & folder, cloud, and communication encryption. Cloud encryption is anticipated to grow at a high rate owing to the implementation of cloud services among enterprises throughout the world. The rise in the growing number of cyber-attacks is promoting the existing amplified data security & privacy concerns for enterprises, which have implemented cloud data storage services. This has stimulated the implementation of cloud applications to protect the crucial information from various security threats, such as security thefts and security violations, thereby propelling the mobile encryptions market demand.
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By application, the mobile encryption market is categorized into BFSI, healthcare, manufacturing, retail, media & entertainment, telecommunications & information technology, education, government & public sector, and defense & aerospace. The BFSI sector is anticipated to hold a high market share owing to the high implementation of such solutions and growing use of mobile technology in financial institutions.
Growing implementation of cloud-based storage across enterprises to protect valuable electronic data, such as credit card numbers, personal contacts, and bank passwords, is increasing the demand for these solutions. The increase in the adoption of BYOD and the growing usage of mobile technology in various sectors, such as healthcare, BFSI, defense, and IT, are further providing an impetus to the mobile encryption market. Moreover, the growing need for integrated and cloud security solutions is creating several opportunities for the market.
Mobile Encryption Market can be segmented based on deployment type into on-premises and cloud-based models. The cloud-based deployment model is anticipated to have a majority share owing to the growing flexibility, low cost of purchasing & servicing of cloud based models such as Software-as-a-service (SaaS) and Platform-as-a-Service (PaaS), and growing adoption of the cloud models among several companies globally. Furthermore, various features, such as high scalability and availability of subscription-based pricing, are driving the mobile encryptions market. Several companies are positively implementing varied cloud environments ranging from private and hybrid to public for the storage of vast amounts of data.
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