LAMEA optical encryption market is estimated to grow at a CAGR of around 7.4% during the forecast period. The major factors that drive the demand for optical encryption in the region include the increasing number of internet users and rising focus on cyber security. There is a significant rise in the number of internet users across Brazil, Argentina, Mexico, and Colombia. As per the World Bank, in Brazil, 70.4% of the population was using the internet in 2018, which increased from 67.5% in 2017. In Argentina, 74.3% of the population was using the internet in 2017, increased from 71.0% in 2016. While in Mexico and Colombia, internet users increased from 63.9% and 62.3% in 2017 to 65.8% and 64.1% in 2018, respectively. With the increasing penetration of the internet in the region, the risk of cyber attacks increases and hence creates the demand for optical encryption.
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The LAMEA optical encryption market is segmented on the basis of the encryption layer and vertical. Based on the encryption layer, the market is further segmented into Layer 1, Layer 2, and Layer 3. Based on vertical, the market is segmented into military & defense, BFSI, healthcare, retail, transportation, IT & telecom, and others. BFSI sector extensively deploys optical encryption to protect their customers, and to meet government and industry data security compliance standards. Therefore, the BFSI segment has a significant share in the LAMEA optical encryption market. Moreover, the significant number of data centers, increasing data traffic over the telecom & IT sector coupled with the rising cyber threats are augmenting the need for optical encryption solutions in the IT & telecom sector.
The companies which are contributing to the growth of the LAMEA optical encryption market include Ciena Corp., Cisco Systems, Inc., BGN Technologies Ltd., PacketLight Networks Ltd., Huawei Technologies Co., Ltd., and others. The market players are considerably contributing to market growth by adopting various growth strategies to stay competitive in the market.
LAMEA Optical Encryption Market- Segmentation
By Encryption Layer
- Layer 1
- Layer 2
- Layer 3
By Verticals
- Military & Defense
- Banking, Financial Services and Insurance (BFSI)
- Healthcare
- Retail
- Transportation
- Telecom & IT
- Others (Energy & Utilities)
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LAMEA Optical Encryption Market– Segment by Region
- Latin America
- Middle East
- Africa
