According to the report ‘Global Network Encryption Market’, published by KBV Research, the network encryption market size is expected to reach $4.7 billion over the next 5 years, rising at a rate of 11.4% CAGR during this forecast period.
North America holds the biggest share as per the regions segment of the network encryption market. This is because, in terms of government regulations and compliance, the North American market offers suitable platforms for companies and SMEs. Enterprises are thus growing at a rapid pace and large demand network encryption.
The Europe market is expected to witness a CAGR of 14.8% during (2018 – 2024). Additionally, The Asia Pacific market is expected to witness a CAGR of 17.8% during (2018 – 2024).
The report further states that the hardware market would be the dominant product category by component by 2024. The platform component market is expected to witness a CAGR of 11% during (2018 – 2024). Additionally, the services market is expected to witness the highest CAGR of 14.1% during (2018 – 2024). Major growth factors for the market include an increasing demand to meet different regulatory compliances and a growing focus on securing organizations from network security breaches.
The Network Encryption Market Analysis report covers the analysis of key stakeholders of the market. Key companies profiled in the report are IBM Corporation, Cisco Systems, Juniper Networks, BMC Software, CA Technologies, Riverbed Technology, SolarWinds Inc., Nokia Corporation, Micro Focus, and Kentik.