Major players in the optical encryption market include Ciena (US), ADVA (Germany), Nokia (Finland), ECI Telecom (Israel), Cisco (US), Huawei Technologies (China), Microsemi (US), Infinera (US), Arista Networks (US), and Acacia Communications (US).
The optical encryption market is expected to grow from USD 2.77 billion in 2018 to USD 4.24 billion by 2023, at a CAGR of 8.9% between 2018 and 2023. optical encryption market include emerging requirement of regulatory compliances, growing concern over data security and privacy due to cyber attacks, and rising data center deployments.
The major restraint for this market is the increasing network complexity.
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Key Target Audience:
- Raw material and manufacturing equipment suppliers
- Original design manufacturers (ODMs)
- Electronic design automation (EDA) and design tool vendors
- Original equipment manufacturers (OEMs)
- ODM and OEM technology solution providers
- Assembly, testing, and packaging vendors
- Technology, service, and solution providers
- Intellectual property (IP) core and licensing providers
- Suppliers and distributors
- Integrated device manufacturers (IDMs)
- Government and other regulatory bodies
- Technology investors
- Research institutes and organizations
- Market research and consulting firms
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“Optical encryption market for Layer 1 to grow at highest CAGR during forecast period”
The market for Layer 1 is expected to grow at the highest CAGR during the forecast period. The reason for this growth is the advantages such as reduced cost, lower latency, high bandwidth efficiency, improved performance, and high availability, offered by Layer 1 encryption.
Also, Layer 1 encryption supports a variety of client and transport interfaces for both current and future services.
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“The banking, financial services, and insurance (BFSI) vertical to hold largest share of optical encryption market during forecast period”
The market for BFSI vertical is expected to lead the market between 2018 and 2023. The optical encryption is being increasingly deployed by the BFSI sector to protect their customers, meet government and industry data security compliance standards, facilitate security auditing, and avoid reputation damage caused by data breaches.
“Optical encryption market in APAC to grow at highest CAGR during forecast period”
The market in APAC is expected to grow at the highest CAGR between 2018 and 2023. The growth of the market in APAC is due to the extension of the network in China, Thailand, Malaysia, South Korea, India, and other developing countries in APAC.
APAC is the largest producer as well as consumer of smart phones, laptops, televisions (TVs), and various other data-generating devices across the world.
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Breakdown of the profile of primary participants:
- By Company Type: Tier 1 = 30 %, Tier 2 = 45%, and Tier 3 = 25%
- By Designation: C-Level Executives = 67%, Directors= 33%
- By Region: Americas = 50%, Europe = 25%, APAC = 20%, and RoW= 5%
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