The Network Encryption Market size is expected to grow from USD 4.56 billion in 2023 to USD 6.94 billion by 2028, at a CAGR of 8.74% during the forecast period (2023-2028).
The growth of network encryption is primarily attributed to the increasing concern for data security and privacy in organizations.
The COVID-19 pandemic had a big effect on the network encryption market. As the trend toward working from home grew, there was more demand for secure remote work solutions. With more people working from home, there was a need for secure and reliable virtual private networks (VPNs) and remote desktop solutions to protect sensitive corporate data. This led to a surge in demand for network encryption products and services, boosting growth in the industry. Additionally, businesses also increased their investment in cybersecurity to address the rise in cyber-attacks and security breaches related to the pandemic.
The global network encryption market is fragmented, with a number of players operating in the space. The major players with a prominent share in the market are focusing on expanding their customer base across foreign countries by leveraging strategic collaborative initiatives to increase their market share and profitability. Thales Trusted Cyber Technologies, Atos SE, Juniper Networks, Inc., Certes Networks, Inc., Senetas Corporation Ltd., Viasat Inc., Raytheon Technologies Corporation, Securosys SA., and Packetlight Networks are some of the major players present in the current market and undergoing strategic initiatives such as mergers, acquisitions, collaboration, product innovation, and others.
In January 2023, Equinix, a company that makes digital infrastructure, worked with Aviatrix, a company that makes cloud services, to make high-performance encryption for enterprise environments.With this partnership, the Aviatrix Edge software will be made available in more than 25 of Equinix's global business exchange data centers.The combined solution, which uses Equinix's Network Edge and Equinix Fabric, gives you the fastest, most secure connection to the cloud so you can see what's going on in multiple clouds.
On the first day of the International Exhibition of National Security and Resilience (ISNR) in October 2022, EDGE entity KATIM unveiled KATIM Gateway 9011. KATIM is one of the leaders in developing new and very secure ways to communicate. It is designed to defend the most sensitive data, networks, and assets; it is built with the UAE national crypto suite application-aware encryption; and it features powerful hardware with full software programmability for future use cases.
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