Jul 30, 2021 (AB Digital via COMTEX) -- The Optical Encryption Market is forecast to reach $5.6 billion by 2026, growing at a CAGR of 12.2% from 2021 to 2026. The Optical Encryption Market is estimated to witness a sustainable growth over the forecast period majorly because of the rising security concerns by leading governmental organizations as well as privately held industries. After a series of high-profile breaches and data leaks, cybersecurity is now a boardroom-level concern.
Currently, there is a lot more to data security than the hype. Addition of on-cloud data storage and rising adoption of Internet of Things (IoT), the rapid increase of diverse cloud data centres resulting in breaches and data leaks, especially in mobile devices is driving the need for improved encryption. As a result, organizations are revisiting their security strategies to ensure they are doing everything that can protect their data. These threats tend to uplift the demand of Optical Encryption systems in global level. Optical Encryption solutions have been adopted widely in different sectors which includes Federal Government, State and Local Government, Education and Healthcare.
Optical Encryption Market Segment Analysis - By Encryption Type
Asymmetric Encryption has dominated the Optical Encryption Market in 2020 with a share of 63.5% as compared to Symmetric Encryption as it offers different advantages to the Optical Encryption for data security in mobile devices. Asymmetric encryption uses a pair of related keys which are a public and a private key. The public key, which is accessible to everyone is used to encrypt a plaintext message before sending it. To decrypt and read this message, the user need to hold the private key. The public and the private keys are mathematically related, but the private key cannot be derived from it. On the other hand, symmetric encryption uses only one key which encrypts and decrypts the message. Moreover, the bandwidth of key is larger in asymmetric encryption than symmetric encryption. Asymmetric encryption offers bandwidth of 2048 bits or higher whereas, symmetric encryption offers bandwidth typically from 128 to 256 bits.
Optical Encryption Market Segment Analysis - By End Use Industry
Optical Encryption is widely used in telecommunication sector which is set to grow at 10.1% through 2026. One of the major reasons for boost in market of Optical Encryption in Telecommunication sector is ongoing demands by telecom industries to offer high security end-to-end encryption to reduce data leaks. Cyber data security has been always in demand in majority of Governmental premises as well as Private enterprises. Optical Encryption offers high security networks that can’t afford to sacrifice speed which requires full line rate performance at all frame sizes and protocols with minimal latency impact. Optical Encryption systems simplifies service provisioning, high security standards, supports a wide range of new and high-bandwidth applications across mobile devices, improves manageability, scalability, and efficiency in IoT sector. This enhances the market growth at Optical Encryption Market in Telecom Industries widely. These various applications in Telecommunication sectors tend to propel the adoption of Optical encryption solutions which is expected to enhance its market growth in the forecast period.
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Optical Encryption Market Segment Analysis - By Geography
Asia-Pacific accounts for being the highest market share in 2020 at 33.1%. The market growth in this region is predominantly rising due to leading economies such as China, India, Japan and Others. According to Indian Brand Equity Foundation (IBEF), India is the world’s second-largest telecommunications market with a subscriber base of 1.16 billion and has registered strong growth in the last decade. Fulfilling the demands of users such as a high adoption rate of wireless communication and advancements in the IoT (Internet of Things) field are resulting in the rising demand for high data security measure on the internet. This uplift the demand of end-to-end encryption systems which offers security to confidential data by blocking data breaches. With the increasing Governmental regulations for data security in these economies propel the demand of Optical Encryption systems leading the growth of Optical Encryption Market. Owing to the extent of networks, such as 5G, telecom, consumer electronics, data centres, and smart city initiatives in China, India, Japan and other developing countries in this region brings a major boost in Optical Encryption Market growth.
Optical Encryption Market Drivers
Rise in Cyber Data security solutions drives market growth
With the rising technology upgrades in Optical Networking technology to provide large quantities of data transmission, high bandwidth with quick transmission, the threat of data leaks and breaches has also been a major issue. To offer better security, end-to-end encryption feature has been adopted by different Optical Networking providers. This rising demand of cybersecurity is expected to drive the Optical Encryption Market in global level. Optical Encryption uses revolutionary technology to offer Federal Information Processing Standards (FIPS)-certified encryption of user’s in-flight data from one end-point to another end-point. This solution can be easily implemented to offer maximum protection and throughput and reduces latency by encrypting all of user’s in-flight data at the optical level. These technology advancements tend to drive the market growth.
Smart City Developments
The rising Government initiatives to build Smart Cities in major parts of the countries tends to promote the Optical Encryption Market in IoT and Mobile Devices. The goal to provide large quantities of data transmission, high bandwidth, quick transmission, the threat of data leaks and breaches has also been a major issue. With advanced smart cities developments, Ciena Corporation, a leading American Telecommunication networking equipment and software services introduced WaveLogic Encryption, a programmable 100G/200G optical encryption solution. It builds on years of experience in coherent optics as well as in transport-layer encryption to deliver a simple to implement solution. Now it is easier than ever for customers to deploy 10G, 100G, or 200G encrypted services across their entire infrastructure, eliminating costly separate encryption boxes per application, which are cumbersome to deploy and impossible to manage with the increasing number of end-users running their own applications over the network. These developments tend to drive the Optical Encryption Market growth.
Optical Encryption Market Challenges
Lack of network stability
One of the major challenges faced by Optical Encryption Market globally is the lack of network stability. Despite the advancement of in-flight data encryption solutions, there is a possibility of unstable network infrastructure and limited network-oriented approach. With the increasing networking policies, it is getting very complex for the users in managing the network. This has brought a major challenge in adoption of Optical encryption solutions which is expected to hinder the growth of Optical Encryption Market in the forecast period. Moreover, change in government policies for data protection across different regions restricts its usage and tend to bring major challenges for the Optical Encryption Market growth.