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
Retail sector is adopting Mobile Encryption solutions due to its mobile payment systems and e-commerce platforms. Consequently, Retail sector is expected to generate approximately 1/5th share of the market by 2029.
New York, June 19, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Global Mobile Encryption Market Size, Share & Industry Trends Analysis Report By Application, By Solution, By Deployment, By Enterprise Size, By Vertical, By Regional Outlook and Forecast, 2023 – 2029” – https://www.reportlinker.com/p06469132/?utm_source=GNW
End-to-end encryption of data on mobile devices is made possible by mobile encryption solutions, making it more difficult for unauthorized users to access critical data. Credit card data and customer information fall under this category in the retail sector. Retailers may safeguard the privacy and integrity of their customers’ data by deploying mobile encryption solutions.
The major strategies followed by the market participants are Partnerships as the key developmental strategy to keep pace with the changing demands of end users. For instance, In November, 2022, IBM came into partnership with Vodafone to protect data through more sophisticated, quantum-safe cybersecurity measures. Additionally, In April, 2021, McAfee extended its partnership with Samsung to provide enhanced security solutions for Samsung’s new smartphones, consisting of the Galaxy S23 series and Galaxy Book3 series. The partnership makes sure that Samsung customers have access to McAfee’s antivirus protection with pre-installed software devices.
Based on the Analysis presented in the KBV Cardinal matrix; Microsoft Corporation are the forerunners in the Market. In December, 2020, Microsoft extended its partnership with Deutsche Telekom Group to integrate the strength of Deutsche Telekom’s network and Microsoft’s cloud to deliver customers with more opportunities to be more resilient, boost innovation, and eventually drive success. Companies such as Thales Group S.A., Cisco Systems, Inc. and Broadcom, Inc. are some of the key innovators in Market.
Market Growth Factors
Rising demand for better data security
Mobile encryption protects consumer data by rendering it unreadable to outsiders, ensuring it remains private and safe. It is more difficult to retrieve encrypted data in the current environment. The data may be retrieved even after the user wipes the phone clean to sell it. Once data has been encrypted, there is only one way to unencrypt it: factory reset the phone. More data needs to be protected against cyber risks due to the expansion of digital payments, improved applications, and information interchange via mobile. As a result, data can be secured from these crimes by using mobile encryption software, fueling the market’s expansion.
Incorporation of blockchain in encrypted payments
The rise in the use of smartphones as a payment method has significantly boosted the number of digital payments. Organizations are working to integrate blockchain with mobile payment to enhance the current payment technology. The efficiency of blockchain, which sets a standard for secure and encrypted transactions, is its key characteristic. Blockchain technology provides a very safe environment for transactional activities. There are new options for the customer and the business when using blockchain for payment processing. Nobody can break into the system and change the data because of the cryptographic hash function. Blockchain protects the network in this manner from both internal and external assaults. As a result, businesses anticipate seeing the integration of mobile encryption and blockchain open up new market prospects.
Market Restraining Factors
Requirement of verification solutions & key management for encryption keys
The demand for key management and verification solutions for encrypting keys is one of the main barriers to the growth of the market. Sensitive data, folders, files, and emails are protected using encryption methods. Solutions for encryption key management shield cryptographic keys from theft. These password-like cryptographic keys are a combination of numbers and letters. Hackers can access the present and past text if encryption keys are compromised. As a result, the market may not expand as quickly as it could if encryption keys are constantly being created, provided, and managed.
Solution Outlook
Based on solution, the market is segmented into software, and services. In 2022, the services segment garnered a significant revenue share in the market. The management and security of mobile devices utilized for work-related tasks are handled completely by mobile encryption services. These services are created to give businesses the ability to boost output, improve security, and guarantee compliance while giving workers the freedom and comfort to use their mobile devices for work.
Deployment Outlook
On the basis of deployment, the market is fragmented into cloud, and on-premise. In 2022, the cloud segment generated the largest revenue share in the market. One of its primary advantages is that cloud-based mobile encryption software solutions offer a high level of security for data saved on mobile devices. This is especially crucial for companies and organizations that manage sensitive information like customer information, financial data, and intellectual property.
Application Outlook
By application, the market is bifurcated into disk encryption, file/folder encryption, communication encryption, cloud encryption and others. In 2022, the disk encryption segment dominated the market with the maximum revenue share. Because of the advantages it provides, disk encryption is being employed more and more. One of the main advantages of disk encryption systems is that mobile devices can store sensitive data with a high level of security. Mobile disk encryption programs can protect this data from theft and unwanted access by encrypting it.
Enterprise Size Outlook
Based on enterprise size, the market is classified into small & medium-sized enterprises, and large enterprises. In 2022, the SMEs segment garnered a significant revenue share in the market. SMEs are utilizing mobile encryption solutions more frequently to safeguard sensitive data on the devices used by their staff. SMEs are more susceptible to cyberattacks than larger companies since they sometimes have fewer resources and might not have an equal level of cybersecurity experience. Mobile encryption tools can add another degree of security and assist SMEs in safeguarding their data from unlawful access.
Vertical Outlook
On the basis of vertical, the market is categorized into BFSI, IT & telecom, retail, healthcare, education, transportation & logistics, manufacturing, government, and others. In 2022, the IT & Telecom segment held the highest revenue share in the market. One of the major contributors to in the market is the IT & telecom sector. These solutions are used by the IT and telecom industries to safeguard consumer data, including personal data, credit card information, and transaction data. Furthermore, these solutions aid in safeguarding confidential business data such as trade secrets and intellectual property.
Regional Outlook
Region wise, the market is analysed across North America, Europe, Asia Pacific and LAMEA. In 2022, the North America region led the market by generating the largest revenue share. The need for these solutions in North America has grown due to the rising use of mobile devices for work and the rising worries regarding data privacy and security. In addition, the region is home to a number of sectors that deal with sensitive data, including the government, healthcare, and financial services, all of which were early adopters of mobile encryption technologies.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include 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.)
Recent Strategies Deployed in Mobile Encryption Market
Partnerships, Collaborations & Agreements:
Apr-2023: McAfee came into an expanded partnership with Samsung, a South Korea-based technology company. Through this partnership, both companies aim to provide enhanced security solutions for Samsung’s new smartphones, consisting of the Galaxy S23 series and Galaxy Book3 series. The partnership makes sure that Samsung customers have access to McAfee’s antivirus protection with pre-installed software devices.
Mar-2023: BlackBerry Limited partnered with Adobe, an online and mobile design application, to offer a secure forms solution for mobile. Under this partnership, the software solution that integrates BlackBerry® UEM and Adobe Experience Manager Forms is developed for favored mobile device platforms and meets the precise security standards needed by regulated industries. Additionally, the partnership enables BlackBerry to again commercialize Adobe Experience Manager Forms software.
Nov-2022: IBM came into partnership with Vodafone, a Telecommunications company. Following this partnership, both companies would aim to protect data through more sophisticated, quantum-safe cybersecurity measures.
Sep-2022: McAfee Corp signed an agreement with Telefónica Tech, a company engaged in digital transformation. Through this agreement, companies aim to combine McAfee’s online protection products into its offerings and strengthen its cybersecurity value proposition aimed at the self-employed and consumers in EMEA and Latin America. Moreover, This partnership shows the requirement and value of complete online protection solutions and benefits the large number of consumers seeking better protection on their home or office PC, laptop, or mobile device.
Jul-2022: BlackBerry Limited collaborated with LeapXpert, the enterprise-grade responsible business communication platform. The collaboration would allow the usage of the BlackBerry® Dynamics™ platform together with favored messaging applications to propel greater business communication as well as retain strong security and governance posture.
Apr-2022: THALES joined hands with thegreenbow, a third-party VPN client application. This collaboration would provide a high-security encryption solution for network communications. Furthermore, The launched solution consists of TheGreenBow’s Windows Enterprise VPN client and Thales’s Gateways IPsec Mistral encryption technology.
Jan-2021: Broadcom formed a collaboration with IBM, an American multinational technology company. Under this collaboration, the companies aim to provide new levels of Cyber-Resilient Storage, where Broadcom’s Brocade storage networking material integrates with IBM’s smart storage applied sciences, which delivers a rock-solid basis for transferring data all across a company.
Product Launches and Product Expansions:
Apr-2023: BlackBerry Limited upgraded its Cylance® cybersecurity offering including CylanceENDPOINT, CylanceINTELLIGENCE, CylanceGUARD and BlackBerry® UEM. The updated suite provides a faster incident response, broadens cloud defense coverage, and makes enterprises’ zero trust network access adoption easier with turn-key support for the used software as a service (SaaS) application.
Apr-2023: Thales announced the launch of the SafeNet eToken Fusion series, a new set of USB tokens combining Fast IDentity Online 2.0 (FIDO2) with PKI/CBA in a single authenticator. The launched products are developed to protect Microsoft Azure Active Directory (Azure AD) users against account compromise and deliver stronger security for access to cloud and web applications. The SafeNet eToken Fusion Series allows enterprises to use phishing-resistant passwordless authentication ways, enhancing security for business resources accessed from any device.
Apr-2021: Sophos launched the latest XGS Series firewall appliances with excellent performance and improved protection against cyberattacks. These appliances feature industry-best Transport Layer Security (TLS) inspection that includes native support for TLS 1.3, which is up to five times quicker than other models accessible in the market.
Acquisitions and Mergers:
Oct-2021: Cellebrite took over Digital Clues, a provider of omnichannel intelligence tools and Digital Detective services. The acquisition reinforced the company’s leading Digital Intelligence platform and strengthened its position as the end-to-end technology partner that can digitize the complete investigative workflow. In addition, this acquisition would aid the company’s foothold law enforcement investigation unit and intelligence throughout the world.
Jul-2021: Sophos completed the acquisition of Braintrace, a cybersecurity startup. This acquisition aimed to enable Sophos to combine Braintrace’s NDR technology into its adaptive cybersecurity ecosystem that would include all of its security products & services.
Jun-2021: Amazon Web Services took over Wickr, an American software company. This acquisition would assist the company in making more relationships with the military and Washington. Additionally, Wickr’s capabilities would also assist security-sensitive companies and government agencies comply to meet the needs of the customers.
Jun-2021: Microsoft acquired ReFirm Labs, the developer of security software. With this acquisition, ReFirm strengthens its firmware analysis and security abilities across devices that form the intelligent edge from IoT to servers.
Feb-2021: Cisco completed the acquisition of IMImobile, a provider of cloud communications software and services. This acquisition provides the promise of delightful and engaging user experiences to Cisco.
Scope of the Study
Market Segments covered in the Report:
By Application
• Disk Encryption
• File/Folder Encryption
• Communication Encryption
• Cloud Encryption
• Others
By Solution
• Software
• Service
By Deployment
• Cloud
• On-premise
By Enterprise Size
• Large Enterprises
• Small & medium-sized Enterprises
By Vertical
• IT & Telecom
• BFSI
• Transportation & Logistics
• Educational Purpose
• Healthcare & Dental
• Retail
• Manufacturing
• Government
• Others
By Geography
• North America
o US
o Canada
o Mexico
o Rest of North America
• Europe
o Germany
o UK
o France
o Russia
o Spain
o Italy
o Rest of Europe
• Asia Pacific
o China
o Japan
o India
o South Korea
o Singapore
o Malaysia
o Rest of Asia Pacific
• LAMEA
o Brazil
o Argentina
o UAE
o Saudi Arabia
o South Africa
o Nigeria
o Rest of LAMEA
Companies Profiled
• 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.
• Amazon Web Services, Inc. (Amazon.com, Inc.)
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