Mobile Encryption Market Size, Share, and COVID Impact Analysis, By Component (Solutions and Services), By Application (Disk Encryption, File/Folder Encryption, Communication Encryption, and Cloud Encryption), By Deployment (On-Premise and Cloud), By Enterprise Type (Small & Medium Enterprises and Large Enterprises), By End User (BFSI, Aerospace & Defense, Healthcare, Government and Public Sector, IT & Telecommunications, Retail, and Others) and Regional Forecast, 2024-2032

Mobile encryption is a method of encrypting all individual data on mobile devices adopting symmetric encryption keys. When a device is encrypted, all data from an individual is impulsively encrypted before transferred to disk, and entire read operations automatically decrypt data before recurring it to the calling process. Encryption ensures that unauthorized people cannot read the data, even if someone tries to access it. 

On the other hand, when it comes to encrypting data within the app. Every year, millions of people accidentally install shady apps and notice the warning signs, especially if the app is related to personal information. Installing unwanted third-party apps encourages individuals to check reviews before installing. For instance,

• WhatsApp and Telegram are the two apps that offer encrypted messaging, i.e. hackers cannot read the messages sent between mobile phones.

However, using mobile devices as part of this effort has raised some important privacy and security concerns. To overcome these, many organizations use encryption to prevent data leaks, etc., to maintain an adequate level of security by an untrusted third party.

Moreover, the increasing use of mobile devices and rising concerns about data confidentiality emerge as major growth drivers for the mobile encryption market. Rising demand for Internet of Things technologies coupled with increased adoption of advanced technologies such as artificial intelligence will further boost the demand for mobile cryptography. The need for demanding compliance and regulatory requirements is another factor driving the growth of the mobile encryption market.

Impact of COVID-19 on the Mobile Encryption Market

The COVID-19 outbreak has interrupted many industries, including the mobile crypto market. As the stages of COVID-19 evolve around the world, technological advancements have taken several initiatives to halt the spread of COVID-19. Additionally, mobile phone and internet usage expanded significantly around the world during the pandemic. The ubiquity of mobile devices has allowed users to access emails and other data on their devices from anywhere. Also, the increase in the number of cyberattacks is accelerating as IT companies offer several services through mobile and web applications. Online transactions have grown significantly in this area and are lucrative targets for cybercriminals. Therefore, in order to provide risk-free services to their customers, companies in this sector are implementing encryption solutions.

Key Insights

The report will cover the following key insights:

• Micro Macro Economic Indicators


• Drivers, Restraints, Trends, and Opportunities


• Business Strategies Adopted by the Players


• Impact of COVID-19 on the Mobile Encryption Market


• Consolidated SWOT Analysis of Key Players

Analysis by End User

Based on end user, the market is segmented into BFSI, aerospace & defense, healthcare, government and public sector, IT & Telecommunications, retail, and others. The BFSI sector had the highest global market share. The growth of this sector has made online transactions increasingly complex, enabling payment providers to keep up with new technologies and offer better security.

Additionally, one of the current trends impacting this market segment is the use of encrypted OTP, SMS and PIN to avoid man-in-the-middle, phishing, malware Trojan, and other attacks. With more and more customers' bank account information and passwords stored on mobile devices, even personal photos have become a major security concern. SSL/TLS let users securely transmit personal data such as passwords, credit card details, and sensitive personal information over the Internet.

As a result, banks and financial institutions use TLS/SSL to encrypt traffic and address multiple issues, such as confidentiality, access control, and vulnerability to protocol-specific attacks.

Regional Analysis

The global mobile encryption market has been studied across North America, Europe, Asia Pacific, Middle East & Africa, and South America.

In North America, the U.S. corporate sector increasingly relies on computer networks and electronic data to conduct day-to-day operations, and pools of personal and financial information are also transmitted and stored in the cloud using the phone.

Additionally, the vastly increasing BYOD trend favours advanced authentication methods such as physical tokens, smart cards, and KPIs for accessing sensitive information and logging into client servers. However, as the adoption of disk encryption grows, nearly all of these devices are likely to become inaccessible to law enforcement, and as a result, governments are regulating the encryption market. Thus, Google and other tech giant companies face limitations and obstacles.

The distribution of mobile encryption market by region is as follows:

• Asia Pacific – 26%


• North America – 49%


• Europe – 16%


• The Middle East and Africa – 6%


• South America – 3%

Key Players Covered

The key players in the market include Check Point Software Technologies, Ltd., Hewlett Packard Enterprise, IBM Corporation, KoolSpan, Inc., MobileIron, Inc., Blackberry, T-Systems International, ESET, Sophos, Symantec Corp., and others.

Segmentation

Key Industry Developments

• February 2023: Members of IBM, Vodafone and the GSMA outline key ways to protect operators from quantum-era cyberthreats. Adoption of standards over the next few years is essential to protect data and infrastructure from cyberattacks.


• September 2021: Blackberry Limited has announced SecuSuite for Government to provide government agencies and businesses with authenticated end-to-end encryption of all group instant calls and messages. The launch of this platform will help protect individuals from metadata collection, spoofing and wiretapping that compromise sensitive discussions and critical operations.