Global Network Encryption Market was valued at US$ 2.4Bn in 2017 and is expected to reach US$ 5.2Bn by 2026, at a CAGR of 10.15% during a forecast period.Network encryption is a wide concept which involves many tools, methods and standards. These methods ensure that the messages are unreadable when they're in the transfer between two or more network nodes. Major growth factors for the market include a growing demand to meet different regulatory compliances and a rising focus on shielding organizations from network security breaches. However, frequent changes in government policies for data protection across regions may hamper market growth.
The BFSI vertical to grow at the highest CAGR throughout the forecast period. In the digitally interconnected world, the BFSI vertical segment is vulnerable to data breaches. The BFSI vertical is continually upgrading its processing and transaction technologies and needs end-to-end security solutions to optimize operations against internal and external threats. With services, for example, smart banking, internet banking, and mobile banking, the security of payment data transmitted over the network becomes a priority for organizations in the BFSI vertical.
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