The global mobile encryption marketrevenue is expected to total US$ 1.14 billion in 2023. Expanding at a prolific 29.4% CAGR over the forecast period, the mobile encryption market size is expected to reach US$ 15 billion by 2033.
With the ever-increasing number of mobile devices being sold and the growing concern about security threats, the market for mobile encryption products will continue to grow. In recent years, regulatory requirements and corporate policies have become more prevalent among organizations, which has resulted in greater encryption deployments.
The market is supported by:
Recommendation for strong passwords
Device monitoring and management
Regular data backups
File-based encryption
Technology continues to advance
Demand for system and app updates
Demand for security management
Increased vulnerability management
Internet usage has grown at an exponential rate
Increasing cybersecurity awareness
The popularity of automated solutions is on the rise
Data Points
Key Statistics
Estimated Base Year Value (2022)
US$ 900 million
Expected Market Value (2023)
US$ 1.14 billion
Anticipated Forecast Value (2033)
US$ 15 billion
Projected Growth Rate (2023 to 2033)
29.4% CAGR
Providing better security for online transactions is becoming increasingly sophisticated as payment providers catch up with technology. Reforms are being implemented in the banking sector in order to deal with the current data breach epidemic. To ensure the security of online transactions, the financial sectors have implemented a three-step authentication process that ensures safe and secure transactions while on the internet.
Since mobile devices are becoming increasingly common in enterprises, data loss is becoming a greater threat, making encryption software a crucial component of data transmission. Due to the proliferation of social media, IoT, and IoE, as well as the use of mobile devices for data generation and retrieval, on-premises deployments are becoming increasingly vital.
RiskBased Security reports that almost 36 billion corporate records were compromised in the first half of 2020. The need for encrypting mobile devices becomes even more imperative as employees gained access to corporate data at their fingertips.
Businesses in North America are increasingly adopting the BYOD trend, creating a strong demand for mobile encryption in the market. Furthermore, the market is experiencing rapid growth due to the increased availability of full disk encryption on mobile devices.
Due to increasing security levels and the growing adoption of advanced and innovative technologies, North America will continue to dominate the market during the forecast period. Asia-Pacific will, however, see the fastest revenue growth in the forecast period. With stringent regulations being imposed, coupled with a rising number of data centers, the market growth opportunities will be lucrative and remunerative. SMEs in Europe are expected to adopt mobile communication technologies at a rapid pace. Hence the market for mobile encryption is expected to grow in the market.
The cybersecurity strategy released by the European Commission in 2017 acknowledged encryption as one of the most important tools for protecting personal information and safeguarding basic rights, such as the right to privacy and freedom of expression.
Encryption technology will enable the government's digital ecosystems to develop, progress, and grow securely. A study conducted by Entrust in 2021 found that over 50% of businesses have implemented high-level encryption across their entire organization, nearly double the percentage in 2011. According to research, 70 percent of global traffic was encrypted in 2016 with more and more traffic being encrypted.
In transferring data from one point to another, organizations used end-to-end encryption to protect their data. Using network encryption, data on the network was protected from unauthorized access. Using VPN encryption to protect data when it is being transferred across public networks, such as the Internet, was a good way to keep data safe in transit. A wireless network was further used to protect against intrusion by using Wi-Fi encryption during network traffic.
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Mobile Encryption Market Overview
The mobile encryption market is expected to reach US$ 8.5 Billion by 2031, at a significant growth rate of 25% during the forecast period 2023 to 2033. Growing concerns regarding data security and privacy issues, and the need for stringent compliance and regulatory requirements, are expected to propel the demand for mobile encryption, over the coming years.
The proliferation of smartphones and tablets across enterprises, increased usage of mobile technology, and rising availability of cost-effective mobile encryption solutions along with technological advancements are factors fueling the solution demand.
What is Driving Demand for Mobile Encryption?
Growth in developments of cloud-based storage across various enterprises to protect valuable electronic data, including personal contacts, credit card numbers, and bank passwords, are such major factors fueling demand for mobile encryption solution across regions. Significant growth in the mobile encryption is expected to lead to greater opportunities for the integration of mobile devices to enhance cloud security solutions.
Growth in digitalization and growing usage of internet, along with rising BYOD trend are some of the major factors fueling demand for mobile encryption among enterprises. The increasing mobile encryption used in aerospace and defense application to enhance the system security is creating new growth opportunities for sales of the mobile encryption solutions.
Thus, to prevent, detect, securing, and responding to crime-prevention activities and managing traffic, an increase in the adoption of mobile encryption solutions has been witnessed by end-users of different verticals across the globe.
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What is the impact of COVID-19 Pandemic Outbreak on Sales of Mobile Encryption?
The COVID-19 pandemic outbreak has disrupted many industries, including the mobile encryption market. As the stage of COVID-19 evolves across the world, technological developments have taken initiatives to stop the spread of COVID-19 disease.
Further, lockdown and restrictions have augmented the usage of mobile technology quite higher than usual. The mobile encryption solution sales is estimated to grow by 1.8X from 2020-2021 and would see a surge in demand amid the COVID-19 outbreak, as the growing need for interoperability between security devices becomes the new norm.
The USA and Canada Mobile Encryption Market Outlook
The USA is one of the largest markets for mobile encryption globally. Demand for mobile encryption in the USA and Canada will be led by the IT and telecom sectors. Furthermore, the growing trend of mobile shopping, e-banking, and online retailing is accelerating the demand for mobiles across North America, which is, in turn, fueling the growth of mobile encryption.
Moreover, the growing emphasis on regulating the USA government regarding data integrity and protection is also estimated to drive the mobile encryption solutions in the USA The mobile encryption solution providers are focused on R&D and product innovation to introduce innovative security solutions to expand their customer base.
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Europe Demand Outlook for Mobile Encryption
The adoption of mobile communication technology is expected to rise significantly across in small and medium size businesses in countries across Europe. Moreover, mobile encryption solution offered in the European market are integrated with AI and cloud computing technology, enabling organizations get actionable insights and thereby focus on reducing organizational BYOD risks.
Some of the key players such as Adeya SA, Sophos Ltd., T-Systems International GmbH, and among others are focused on securing and offering advanced solutions has the potential to enhance customer experience through speed and convenience in European countries. Europe is identified as the second-leading market in mobile encryption, a position it is likely to hold on to, throughout the forecast period.
Who are the Key Providers of Mobile Encryption?
Some of the leading providers of mobile encryption include
Adeya SA
Becrypt, Ltd.
CSG, Inc.
Dell Technologies, Inc.
DataMotion, Inc.
Hewlett Packard Enterprise
IBM Corporation
Huawei Technologies Co. Ltd.
Intel Corporation
MobileIron, Inc.
SecurStar
Others
The introduction of new solutions and strategic partnerships are key strategies followed by top players in the market, to increase their business revenue. Mobile encryption solution providers are focusing on innovation in software/services to improve their market shares.
For instance, in November 2020, Google launched end-to-end encryption for Android users. This end-to-end encryption makes it harder for anyone including law enforcement to read the content of messages, shared over mobile devices.
The report is a compilation of first-hand information, qualitative and quantitative assessments by industry analysts, and inputs from industry experts and industry participants across the value chain. The report provides an in-depth analysis of parent market trends, macroeconomic indicators, and governing factors along with market attractiveness as per segments.
The report also maps the qualitative impact of various market factors on market segments and geographies.
