The Mobile Encryption market is anticipated to grow at a high speed in the years to come. The market value was USD 0.70 Billion in the year 2023. The smartphone encryption market value is anticipated to reach up to USD 11.56 billion over the forecast period (2022-2030), with a CAGR of about 29.40%.
Figure1: Mobile Encryption Market, 2018 - 2030 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Mobile Encryption helps protect information stored in smartphones by making them inaccessible to unauthorized users. The number of internet users and the adoption of smart devices have grown across the globe. Hence, the risk of data fraudulence has also increased. So business firms, organizations, and individuals need to secure their confidential data on their devices.
The above factors have led to the sudden upsurge of the need for mobile encryption. The process refers to encoding the data on a device (mobile phone) with the help of encryption keys. Encryption for your smartphone will aid in safeguarding your data, if you miss your device or if it gets stolen. The large span of smartphone users around the world is adding to the growth of the market.
The impact of Covid-19 has led to the downfall of most small and large business institutions. But population across the globe has resorted to more smartphone users than usual. This is because of the lockdown and physical distancing measures. However, increased mobile phone usage also means a higher risk of data insecurity and fraudulence.
Usage of appropriate mobile encryption is mandatory to protect your confidential data such as pictures and chats on your mobile phone. The Covid-19 situation has led to a sudden upsurge in the number of internet users. This has also increased the risk of cyber-attacks. Hence, the need for robust encryption is rising, fueling the growth of the global Mobile Encryption market in the coming years.
Many factors are driving the Mobile Encryption market growth. Government and private sector business institutions have enforced strict regulations against the misuse of the internet and to avoid cyber-attacks and threats. Moreover, the more number of internet and smartphone users also leads to the demand for smartphone encryption solutions.
The Mobile Encryption market was evaluated at USD 705.2 million in the year 2017. But it is expected to reach up to more than 3.01 billion by 2023. Due to the increase in the number of internet and smartphone users, the risk of threats and cyber-attacks has also grown. Hence, the Mobile Encryption business is anticipated to boom in the forecast years, especially post-Covid-19.
Mobile Encryption works by making the user’s data unreadable to anyone else who tries to access it. It is highly beneficial for various digital transactions using the mobile phone too, such as payments, advanced applications usage, data storage, and information exchange such as chatting. The latest blockchain integration technology helps in making secure and encrypted payments from your mobile.
The mobile encryption software also helps prevent data leaks and breaches. Hence, if you encrypt your mobile, your data will become inaccessible to anyone, in case your phone is lost or stolen. The encryption also helps protect against cyber threats and malware, inhibiting the entrance of data from foreign or unknown sources.
The mobile phone encryption market is classified into many segments such as by deployment type, organization size, component, application, and vertical. Listed below are The Mobile Encryption market segments:
The regional analysis of the RTP market is divided into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa over the forecast period from 2022 to 2027. The North American region is the most anticipated to dominate the encryption market in the years to come. This is because the density of internet usage, smartphone adoption, and advanced IT provision are very high in the countries of this region.
Moreover, there are many developed countries like the US and Canada, which aim at researching and innovating in encryption solutions. Hence, the demand for smartphone encryption is increasing by the day in this region. Europe generates the second-highest Mobile Encryption market profit. However, the Asia Pacific region is anticipated to grow at the most CAGR during the forecast period.
The smartphone encryption industry is dominated by a few companies that play an important role in the growth of the market. These mobile encryption market companies are called key companies. They are responsible for the largest portion of the market profit. Apple Inc. is one of the topmost mobile OS providers. This company offers superior smartphone encryption solutions such as Full Disk Encryption (FDE).
Below are the key companies in the global market with the location of their headquarters:
Apr-2023: In April 2023, Samsung, which is situated in South Korea, entered into a wider partnership with McAfee. The objective of this partnership is to develop advanced security solutions for Samsung's new line of smartphones, including the Galaxy S23 collection and the Galaxy Book3 series. This partnership ensures that all Samsung clients have access to McAfee’s antivirus protection pre-installed software devices.
Mar-2023: BlackBerry Limited has joined forces with Adobe (a popular online and mobile design application) to deliver secure forms solutions for mobile. The tool also supports leading platforms like Blackberry UEM and Adobe Experience Manager Forms with a dedicated software solution for regulated industries that require specific security standards. Furthermore, the agreement allows Blackberry to re-market Adobe Experience Manager Forms software.
Apr-2023: BlackBerry Limited has upgraded its Cylance® cybersecurity offering, which now includes CylanceENDPOINT, CylanceINTELLIGENCE, CylanceGUARD, and BlackBerry® UEM. There is also a new suite that offers faster incident response time and broad coverage within cloud defense while providing turn-key support for SaaS applications used during zero-trust network access adoption by businesses.
Apr-2023: Recently, Thales introduced SafeNet eToken Fusion series USB tokens combining Fast IDentity Online 2.0 (FIDO2) with PKI/CBA in one authenticator; these products are designed specifically against account compromise on Microsoft Azure Active Directory (Azure AD) or any cloud access point and provide better security for accessing web/cloud-based apps. Using passwordless authentication techniques that are resistant to phishing attacks and can be used anywhere by companies enables the SafeNet eToken Fusion Series to enhance their business resource security when accessed from any device.
Sep-2022: A deal was made between McAfee Corp and Telefónica Tech; this company is known as an enabler of digital transformation. By doing so, McAfee seeks to combine its online protection products into the offerings of Telefónica Tech as part of the company’s efforts to enhance online security for freelancers and consumers within EMEA and Latin America. In addition, The partnership reveals the need and value for comprehensive online protection solutions and provides a good opportunity for many end-users who are interested in better protection on their home or office PC, laptop, or mobile.
Jul-2022: BlackBerry Limited has partnered with LeapXpert, an enterprise-grade responsible business communication platform. The solution combines the BlackBerry Dynamics™ platform with popular messaging applications to foster improved business communications while maintaining a strong security and governance posture.
| Report | Â Attribute/Metric Details |
| Â Â Market Size | Â Â USD 11.56 Billion By 2030 |
| Â Â CAGR | Â Â 29.40% From 2022 to 2030 |
| Â Â Base Year | Â Â 2020 |
| Â Â Forecast Period | Â Â 2022-2030 |
| Â Â Historical Data | Â Â 2019 |
| Â Â Forecast Units | Â Â Value (USD Billion) |
| Â Â Report Coverage | Â Â Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Â Â Segments Covered | Â Â Component, Application |
| Â Â Geographies Covered | Â Â North America, Europe, Asia-Pacific |
| Â Â Key Vendors | Â Â IBM (US) Apple Inc. (US) Intel Corporation (US) Dell Technologies Inc. (US) Blackberry Ltd (Canada) Certes Networks Inc. (US) Mobileiron Inc. (US) Symantec Corporation (US) Sophos Ltd. (UK) Communication Security Group (US) |
| Â Â Key Market Opportunities | Â Â Opportunities for Mobile Encryption market sales are growing among the adoption of cloud-based work environments. |
| Â Â Key Market Drivers | Â Â Many factors are driving the Mobile Encryption market growth. |
Mobile Encryption Market Highlights:
Frequently Asked Questions (FAQ) :
The global mobile encryption market is expected to record a substantial market valuation of 11.56 billion by 2030.
The global mobile encryption market is projected to register a moderate 29.40% CAGR in the forecast period.
The on-cloud segment is slated to develop as the fastest-growing segment.
The BFSI segment is slated to expand as the fastest-growing segment.
A few major market players operating in the global mobile encryption market Blackberry Limited (Canada), Dell Technologies, Inc. (US), IBM (US), Intel Corporation (US), Symantec Corporation (US), among others.
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Team Lead - Research she holds an experience of about 6+ years in market research and business consulting, working under the spectrum of information communication technology, telecommunications and semiconductor domains. aarti conceptualizes and implements a scalable business strategy and provides strategic leadership to the clients. her expertise lies in market estimation, competitive intelligence, pipeline analysis, customer assessment, etc.
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