Global Encryption Software Market was valued at US$ 9.2 Bn. in 2020. Global Encryption Software Market size is estimated to grow at a CAGR of 14.27 % during the forecast period. The market is expected to reach at value of US $ 23.4 Bn. in 2027.
Encryption Software Market Overview:
The Global Encryption Software Market Software encryption is one of the most rapidly evolving end-point data security technologies. Encryption software uses the notion of cryptography to safeguard digital data. This software helps to protect digital data from unauthorised access. Encryption software allows the content of a file, data object, network, or programme to be encrypted, as well as the content of tablets, laptops, and removable media.
IBM, Thales e-Security, and Microsoft are among the many software firms throughout the world that have quickly adopted encryption software to increase data security and business proficiency. Increasing usage of new technologies such as cloud, mobility, and virtualization is expected to increase the encryption software market size between 2021 and 2022. According to the ITAA (Information Technology Association of America), cloud computing will account for around 83 percent of enterprise workloads in 2020. The global need for encryption software is likely to increase as these technologies become more widely adopted and used.
Microsoft, IBM, Symantec, Thales e-Security, Trend Micro, and others are major players in the software encryption business. Thales e-Security is a leading provider of encryption systems and services in France and around the world. Vormetric application crypto-suite, data encryption, and key management are among Thales' encryption products. Thales e-Security offers best-in-class encryption solutions to help customers stay compliant. In 2018, the company spent roughly 6% of its yearly revenue on research and development to create new products with enhanced capabilities and gain a competitive advantage.
Historical Forecast Period:
Maximize Market Research report presents the analysis of each segment from 2021 to 2027 considering 2020 as the base year for the research. Compounded Annual Growth Rate (CAGR) for each respective segment calculated for the forecast period from 2020to 2027.
Encryption Software Market Overview and Dynamics:
The report covers comprehensive data on market drivers, restraints, emerging trends, and growth opportunities that can change the market dynamics of the end use industry. It provides an in-depth analysis of the Encryption Software Market segments which include products, applications, and competitor analysis.
Digitalization and Internet penetration are on the rise all around the world: Small and large businesses alike are heavily investing in digital solutions in order to expand their distribution channels and increase productivity while reorganising the various procedures involved. The demand for encryption software is predicted to rise as internet penetration and digitalization expand, along with increased usage of IoT across various industries.
The risk of data theft and leakage has increased as the trend of remote working facilities has grown, as has the widespread usage of workplace mobility solutions such as tablets and smartphones. As a result, firms, particularly in cloud-based operations, are investing in high-quality software and encryption technologies to reduce the danger of data theft. Furthermore, as the public becomes more aware of encryption technology, its popularity in the encryption software market grows. During the period 2021-2027, these variables are expected to have a positive impact on global market growth.
Business Opportunities from Data and Security Breach: The market is predicted to develop due to an increase in the use of encryption software for securing company IP and limiting financial risks associated with the theft or loss of valuable data. Encryption software was created as a realistic alternative for ensuring that data privacy rules were followed. According to the Thales e-Security study from 2019, a leading cybersecurity business, encryption software adoption increased by 7% Y-o-Y in FY-2018, with around 41% of all global enterprises utilising standalone encryption products to save their data.
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Segmentation:
IT Telecommunications, BFSI, Healthcare, Entertainment and Media, Retail, Education, and Other Industry Verticals are the sub-segments of the market. The BFSI sector would have a leading share of over 32.60 percent in 2020. As more banking firms go to the cloud, there is a greater likelihood of this encryption software being deployed.
In general, banks transfer data through traditional methods such as DVDs and email, which represent a high risk of data breach. According to a report released by the Financial Conduct Authority (FCA) in 2018, the number of data breaches disclosed by UK financial services organisations jumped to 48% in 2018, up from 25% in 2017. Instead, due to technical advancements in several major economies, online transactions are rapidly increasing. In India, for example, online transactions reached US$ 1.2 billion in 2018-19, with a 51 percent rise in registrations over the previous year. Because these transactions are a primary target for hackers, cryptography is a must-have process for maintaining transaction integrity.
During the forecast period, the cloud encryption segment is predicted to increase at the fastest rate of roughly 24.10 percent. The increased demand for securing sensitive data around the world is to blame for this increase. Companies are rapidly adopting cloud computing and are enthusiastically embracing a variety of cloud systems, ranging from hybrid to private to public, to store their massive data. To make significant profits and ensure data privacy, the majority of encryption software companies offer cloud-based encryption software.
Key Players:
• IBM
• Microsoft
• Symantec
• Thales e-Security
• Trend Micro
• Sophos
• Check Point
• Micro Focus
• McAfee
• Dell
• ORACLE CORPORATION
• WinMagic
• ESET
• Cryptomathic
• Bitdefender
• Stormshield
• CipherCloud
• AMAZON WEB SERVICES, INC (AWS)
Regional Analysis:
Regional analysis is another highly comprehensive part of the research and analysis study of the Encryption Software Market presented in the MMR report. Local development plans are often affected by the performance of Encryption Software market. Our report briefly explains all the factors, market size, growth rate, import and export in regions covering North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. This research has provided market trends, key opportunities, factors affecting of particular regions, to examine the global and domestic Encryption Software market and these findings have been strategically presented in the report.
Competition Landscape:
Most of the key players present in the Encryption Software Market are focusing on mergers and acquisitions to expand their geographic presence and gain a competitive edge. Meanwhile, some of the other players are updating their existing product portfolios and adding innovative screens to keep up with the high consumer demand and generate more sales.
Key questions answered in Encryption Software Market report
- What was the market size of Encryption Software Market in 2020 and forecast up to 2027?
- Which is the largest regional Encryption Software Market?
- What are the major trends followed in Encryption Software Market across different regions?
- Who is the key Encryption Software Market companies leading the market?
- What are the key strategies adopted by the leading Encryption Software Market companies in market?
- Unique data points of this report
- Statistics on Encryption Software Market penetration and spending worldwide
- Recent trends across different regions in terms of adoption of Encryption Software Market for various end-use.
- Notable developments going on in Encryption Software Market
- Attractive investment proposition for segments as well as geography
- Comparative scenario for all the segments for years 2020 (actual) and 2027 (forecast)
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