TLS Line Encryption Market Size to Grow at a CAGR of 31.4% During the Forecast 2021–2026

New York, NY -- (SBWire) -- 10/08/2021 --TLS Line Encryption Market size is analyzed to grow at a CAGR of 31.4% during the forecast 2021-2026 to reach $985.85 million by 2026. Transport Layer Security (TLS) is a widely-deployed security protocol, designed to offer encryption, authentication, and data integrity of all kinds of data transmissions. The increasing volume of cyber-crime resulting from data breach and phishing is the major concern among the business organizations globally, which accelerate the demand of Transport Layer Security Encryption solution. Additionally, the swelling opportunities of digitalization, such as online transaction and ecommerce platforms have elevated the demand for TLS Line Encryption Industry for data protection. Since the inception of ecommerce, owing to Internet penetration, smartphone and other web-based access have successfully contributed to the growth of online business along with the crisis related to cyber-security, digital payment process and communications security. Thus, verification of these sources, such as domains, web pages, data exchanges as well as financial transactions (electronic) is imperative. Fundamentally, these risks are some of the key factors that escalated the growth of TLS Line Encryption Market

TLS Line Encryption Market Segment Analysis - By Organization Size

By Organization Size, the TLS Line Encryption Market is segmented into SME and Large Enterprises. The Large Enterprises segment dominated the TLS Line Encryption Market in 2020 with a share of 60.1%, owing to the high capital investment on hardware encryption solution, and other latest technology associated with Secure Socket Layers applications to seek protection of classified data. On the other hand, Small and Medium sized Enterprises segment is accounted for the fastest growing market, owing to the booming e-commerce and several emergence of SMEs industry, globally. Moreover, significant adoption of various electronic transactions coupled with mobile-based payments like Apple pay, Android pay as well Google wallets to shop online are contributing to the growth rate of the TLS Line Encryption Market. In February 2020, Paytm launched 'all-in-one payment gateway' for small, medium businesses to streamline as well as digitize their transaction and business settlements. The indispensable application of AI, the Chatbot also covers several aspects of services across industry-verticals. In May 2020, National Payments Corporation of India (NPCI) launched PAi, AI based chatbot for product awareness, and also offers authentic information towards various products such as FASTag, RuPay, UPI, AePS on a real-time basis. In the light of such elevated digital challenges, it is imperative for enterprises to integrate enhanced encrypted digital environments such as cryptographic protocol. Hence, these factors are observed to drive the TLS Line Encryption market growth.

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TLS Line Encryption Market Segment Analysis - By Industry Vertical

By Industry Vertical, the TLS Line Encryption Market is segmented into Banking, Financial Services, and Insurance (BFSI), Telecommunications and IT, Healthcare, Retail & E-Commerce, Government, Aerospace and Defense, Logistics & Transportation and Others. The Banking, Financial Services, and Insurance (BFSI) segment is analyzed to hold $35.3 million in 2020, owing to the steep adoption of online and other premium digitalized financial services for Covid-19 pandemic. Furthermore, the constant dealings of sensitive and private data among financial industry, and advancements in software-as-a-services foe denoting communications security are accelerating the market growth. The BFSI sector suffers immensely due to phishing attacks and DDoS attacks that refers to highly confidential financial data theft, thereby denoting the additional pressure to adopt secure encryption solutions. In January 2021, IDBI Intech collaborated with Yotta to offer IDBI Intech's I – Reconciliation (i- Recon) and i- Anti- Money Laundering (i-AML) applications under Compliance as-a-service to offer end to end encryption WhatsApp Banking service. Therefore, the rising need to secure the financial communication system, demand for symmetric cryptography and growing emergence of app-based payment systems are some of the factors that boost the demand of TLS Line Encryption Market.

TLS Line Encryption Market Segment Analysis - By Geography

North America dominated the TLS Line Encryption market in 2020, and is estimated to reach $259.12 million by 2026, owing to the major developments of the BFSI industry and growing enforcement law for adopting regulatory security compliances among the market players to prevent external frauds, online theft and many more. In North America, the increasing demand of TLS Line Encryption solutions is due to the constant threat of data compromise, Website impersonation and other digital attacks that led to collateral damage for the company through falling revenue. In July 2020, Google Cloud launched super-secure confidential VMs for greater security and privacy. This new Google Cloud platform is a breakthrough in encryption technology to secure business data in the cloud. Moreover, specifically in the U.S., the BFSI and health care industry have to follow designated laws and regulations, like HIPAA, GDPR, and PCI-DSS to protect data loss. In order to streamline and manage their security, TLS Line Encryption solution offers complete endpoint security and also, simplifies compliance requirements. In December 2020, IBM launched an experimental homomorphic data encryption environment for data privacy, which further enables enterprises to implement enhanced privacy solutions. Presently, every business, irrespective of service or products now mandates that technology-led connections are TLS enabled for absolute security, as top browsers don't allow any online users without a TLS connection validation to access websites. Thus, these factors are estimated to drive the TLS Line Encryption market positively.

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TLS Line Encryption Market Drivers

Rising developments in digital payment applications

The technological advancements in mobile commerce have enabled most of the enterprises, along with consumers to conduct e-commerce purchase and other digital transactions. Hence, sales via online platforms are increasing, owing to growing smartphone proliferation, internet penetration and advanced digital payment applications that further drive the market to issue optimum secured encryption. In August 2019, Mastercard launched a next-generation, mobile-first authentication solution, known as Identity check express to simplify online shopping experience and secure online transactions. In the light of COVID-19 pandemic, more retailers are investing on e-commerce platforms, which have led to a rise of online transactions worldwide. Therefore, awareness regarding Protects transmissions and other standard protocol for data security such as Hypertext Transfer Protocol Secure solution among industry verticals compelled them to adopt robust encrypted measures to ensure their website and other transaction processes, which drive the growth of TLS Line Encryption Market.

Growing emergence of online shopping platforms

Due to high scalability of ecommerce platforms for faster buying process, flexible service offering, product price comparison and much more, eCommerce selling has emerged as a popular platform for the consumers. Thus, the ecommerce and retail sector embrace encryption software to protect customer data and provide a secure shopping experience. In June 2020, WhatsApp launched a Digital payment solution in Brazil that offers a free option to all WhatsApp users to send money and make purchases. Thus, the advancement of Omni channel retail approach to offer seamless customer experience and substantial growth of eCommerce sectors are estimated to accelerate the growth of TLS Line Encryption market. In May 2020, the leading digital commerce platform, Shopify launched an advanced omnichannel retail solution to offer enhanced online store, buy now, pay later" option and flexible local delivery to all the consumers. Hence, the demonstrative need to deliver optimum online shopping solutions through advanced message authentication code and communications security solution for driving competitive E-commerce sector are estimated to drive the demand of TLS Line Encryption Industry.

TLS Line Encryption Market Challenges

Growing Security threats

As there are several solutions to manage security issues, it sometimes leads to a lack of visibility for the user to locate the appropriate solution. Coupled with the shortage of expert professionals for security, add more complexity to aim sensitive data management. Most of the connected devices are exposed to various cyber vulnerabilities through network or other applications. Therefore, the growing security concerns in Payment security platforms are observed to hamper the growth of the TLS Line Encryption Industry outlook.

Market Landscape

Technology launches, acquisitions, Partnerships and R&D activities are key strategies adopted by players in the TLS Line Encryption Market. In 2020, the market of TLS Line Encryption Market outlook has been fragmented by several companies. TLS Line Encryption Market top 10 companies include International Business Machines Corporation, Google LLC, Cisco Systems, Inc., Microsoft Corporation, Gemalto, Let's Encrypt, COMODO, DigiCert, GoDaddy, GlobalSign and among others.

Partnerships/Product Launches/Contracts

In January 2021, CPaaS provider Tanla Platforms collaborated with Microsoft and launched Wisely, an edge-to-edge global blockchain network for sending encrypted SMSes, emails and every kind of business communications directly from enterprises to telecom operators.

Key Takeaways

North America dominated the TLS Line Encryption market in 2020, and is estimated to reach $259.12 million by 2026, owing to the major developments of the BFSI industry and growing enforcement law for adopting regulatory security compliances among the market players to prevent external frauds.

The Large Enterprises segment dominated the TLS Line Encryption Market in 2020 with a share of 60.1%, owing to the high capital investment on hardware encryption solution, and other latest technology associated with Secure Socket Layers applications to seek protection of classified data.

The growing smartphone proliferation, internet penetration and advanced digital payment applications that drive the market to issue optimum secured encryption solutions.

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