According to a new report, published by KBV research, The Global Mobile Encryption Market size is expected to reach $11.1 billion by 2029, rising at a market growth of 23.3% CAGR during the forecast period.
The File/Folder Encryption segment is showcasing a CAGR of 23.6% during (2023 - 2029). Several variables, such as the development of remote work, the rise in the number of mobile devices used for work, and the rise in high-profile data breaches, have contributed to the growing popularity of file/folder mobile encryption solutions. As a result, the adoption of file/folder mobile encryption solutions is expected to increase over the next years as organizations and people want to safeguard their important data from theft and unlawful access.
The Software segment acquired maximum revenue share in the Global Mobile Encryption Market by Solution in 2022 thereby, achieving a market value of $8.1 billion by 2029. Sensitive data saved on mobile devices can be safeguarded using various security features offered by mobile encryption software, including data encryption, anti-phishing protection, remote wiping, password protection, secure storage, and two-factor authentication. Maintaining the security of sensitive data, such as medical records, financial information, and Personal Identification Numbers (PINs), is critical as mobile devices are increasingly used for personal and professional functions.
The On-premise segment is showcasing a CAGR of 21.1% during (2023 - 2029). In contrast to cloud-based platforms, on-premise mobile encryption solutions are applications installed on local servers or gadgets. These systems are intended to offer comparable levels of security to cloud-based ones but with the advantage of total control over the encryption procedure. Compared to cloud-based solutions, they can also provide businesses with greater flexibility and scalability.
The Large Enterprises segment is leading the Global Mobile Encryption Market by Enterprise Size in 2022 thereby, achieving a market value of $7.2 billion by 2029. To protect sensitive data held on their employees' mobile devices, several multinational corporations are employing mobile encryption solutions. These solutions are especially crucial for businesses handling a lot of sensitive data, like healthcare providers, financial institutions, and government entities. As the use of mobile devices in the workplace increases, more businesses are expected to implement mobile encryption solutions to protect their sensitive data.
The BFSI segment has shown the growth rate of 22% during (2023 - 2029). When discussing security measures financial institutions use to safeguard clients' funds, the term "bank-level encryption" is sometimes used. Banks and other financial organizations are widely implementing mobile encryption to safeguard customers' private information, such as credit scores, social security numbers, names, and addresses, from cyber-attacks.
The North America market dominated the Global Mobile Encryption Market by Region in 2022 and would continue to be a dominant market till 2029; thereby, achieving a market value of $4 billion by 2029. The Europe market is exhibiting a CAGR of 22.6% during (2023 - 2029). Additionally, The Asia Pacific market would showcase a CAGR of 24.2% during (2023 - 2029).
Full Report: https://www.kbvresearch.com/mobile-encryption-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of BlackBerry Limited, Broadcom, Inc., McAfee Corp., IBM Corporation, Thales Group S.A., Cisco Systems, Inc., Microsoft Corporation, Sophos Group PLC (Thoma Bravo), Cellebrite DI Ltd., and Amazon Web Services, Inc. (Amazon.com, Inc.)
By Application
By Solution
By Deployment
By Enterprise Size
By Vertical
By Geography
Companies Profiled
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