Information security is one of the most important considerations when working on the Internet, irrespective of the size of the organization. Stable network encryption helps the organization to secure the client data; it also helps the business to reduce the risk of data theft and sabotage. In addition to this, network encryption also helps to protect the workstation from harmful spyware. Also, the network encryption also ensures that the regular share data is kept secure by offering several levels of protection to prevent cyber-attacks. The network encryption secures the data by breaking down the information into multiple parts which will then be encrypted and transmit through various independent paths thus saving the data from eavesdropping.
Numerous factors such as increased demand for the growth of various regulatory compliance, increased focus on the shield organizations from network security breaches, 24*7 data encryption security, safeguards of connected devices and high integrity of data, high demand for deploying network encryption solutions are some of the key factors for the growth of this market. In addition to this, growing demand for the security of sensitive data transmission, rapid digitalization is also the factor that can increase the growth of the network encryption market. Furthermore, the rise in the demand for adoption of cloud technology and technological advancement such as the Internet of Things in multiple software and hardware applications are expected to create significant opportunities for the market.
With the rise of the adoption of cloud technologies and virtualized network, this technology may bring additional security challenges in order to protect the sensitive data which runs across these networks because of the cloud adoption and virtualized architecture.
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Major industry players such as – Cisco Systems Inc., Thales e-security Inc., Juniper Network Inc., Huawei Technologies Inc., Nokia Corp., Colt Technology Services, F5 Networks Inc., Quantum Corp., CA Technologies Inc., IBM Corp.
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Impact of COVID-19 on Network Encryption Market:
- The emergence of COVID-19 pandemic has severely affected almost all industries across the globe. Further, lockdown enforcements and restrictions on movements of non-essential goods as well as resources in various countries has disrupted supply chain of electronic components & networking equipment. This, has led to delay in supply of electronic components required in manufacturing of the network equipment.
- Companies have continued to expand cloud services and application development service during the pandemic. Before the pandemic took hold, various organizations were providing manual release of applications to customers.
- New learnings among companies with respect to work-from-home (WFH) and data accessibility during the lockdown period has resulted in increasing enquiries for space and services at data centers and this trend is expected to create opportunities in for the market during the forecast period.
Key drivers that are propelling the growth of the market included in the report. Additionally, challenges and restraining factors that are likely to curb the growth of the market are put forth by the analysts to prepare the manufacturers for future challenges in advance.
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