NEW YORK, March 3, 2016 /PRNewswire/ --
Increasing demand for cloud-based database by organizations is expected to play a significant role in augmenting the growth prospects in the database encryption market
The database encryption market is expected to grow from USD 261.8 million in 2015 to USD 968.3 million by 2020, at a Compound Annual Growth Rate (CAGR) of 29.9%. The market is being driven by factors such as increasing need for compliance with regulatory mandates by organizations for data protection and the increasing demand for cloud services and cloud-based databases.
BFSI, healthcare, and government & public sector industries are expected to hold the largest market share during the forecast period
Due to increasing Bring Your Own Device (BYOD), mobility, and other digitalization trends among industries such as BFSI, healthcare, IT & telecom, and government & public sector, the volume of business data and personal data of customers in such industries has also increased in these verticals. Thus, since these industries need to manage and secure the huge volumes of data stored in their databases, they are expected to grow at the highest CAGR during the forecast period.
North America is expected to hold the largest market share in the database encryption market
North America is expected to hold the largest market share of the database encryption market during the forecast period, followed by Europe. The adoption of any new or emerging technology is adopted at a higher rate in North America than in any other region. Moreover, the adoption of cloud, mobility, and BYOD is highest in North America, leading to the generation of confidential data. Thus, the need to protect this data is encouraging organizations to adopt database encryption solutions in the region. Asia-Pacific is expected to grow at the highest CAGR in the database encryption market during the forecast period.
In the process of determining and verifying the market size for several segments and sub-segments gathered through secondary research, extensive primary interviews were conducted with key people. Breakdown of profile of primary participants is given below as:
- By Company Type: Tier 1 – 45 %, Tier 2 – 30% and Tier 3 –25%
- By Designation: C level – 40%, Director level – 25%, Others – 35%
- By Region: North America – 10%, Europe – 20%, APAC – 40%, RoW – 30%
With the emergence of cloud database or Database as a Service (DBaaS), the role of cloud-based database encryption market is set to offer tremendous opportunities for growth during the forecast period. The increasing threat of theft of intellectual data and data being by hacked is driving industries to adopt database encryption solutions, thereby boosting the growth of the market during the forecast period.
The various key security analytics vendors and service providers profiled in the report are as follows:
3. Intel Security (McAfee)
4. Microsoft Corporation
5. Oracle Corporation
6. NetApp, Inc.
9. Sophos Ltd.
The report will help the market leaders/new entrants in this market in the following ways:
1. This report segments the security analytics market comprehensively and provides the closest approximations of the revenue numbers for the overall market and the sub segments across the different verticals and regions.
2. The report helps stakeholders to understand the pulse of the market and provides them information on key market drivers, restraints, challenges, and opportunities.
3. This report will help stakeholders to better understand the competitor and gain more insights to better their position in the business. The competitive landscape section includes competitor ecosystem, new product developments, partnerships, mergers, and acquisitions.
Read the full report: http://www.reportlinker.com/p03665904-summary/view-report.html
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