The global encryption software market size is expected to reach USD 24.94 billion by 2027, exhibiting a CAGR of 14.1% during the forecast period. The increasing number of data breaches, data security threats, and cyberattacks in organizations will enable speedy expansion of the market, states Fortune Business Insights, in a report, titled “Encryption Software Market Size, Share & Industry Analysis, By Component (Software, Services), By Application (Disk Encryption, Database Encryption, Cloud Encryption, Folder Encryption, and Others), By Enterprise Size (Large Enterprises, Small and Medium-Sized Enterprises (SMEs)), By Deployment Model (On-Premises, Cloud), By Industry Vertical (IT and Telecommunications, Banking, Finance, Security and Insurance (BFSI), Healthcare and Life Sciences, Manufacturing, Retail, Government, Energy and Utilities, and Others), and Regional Forecast, 2020-2027.” The market size stood at USD 8.82 billion in 2019.
The Report Lists the Key
Companies in the Encryption Software Market
- IBM Corporation (New York, United States)
- Symantec Corporation (Arizona, United States)
- Thales Group (La Défense, France)
- Microsoft Corporation (Washington, United States)
- Trend Micro Incorporated (Tokyo, Japan)
- Dell Technologies, Inc. (Texas, United States)
- Sophos Ltd. (Abingdon, United Kingdom)
- Check Point Software Technologies (Tel Aviv-Yafo, Israel)
- McAfee, Inc. (California, United States)
- WinMagic (Ontario, Canada)
- Bitdefender (Bucharest, Romania)
- CipherCloud (California, United States)
- ESET (Bratislava, Slovakia)
- Zettaset, Inc. (California, United States)
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The report on the encryption software market includes:
- Exceptional insights into the market
- Meticulous scrutiny of the segments
- Recent developments and drivers
- Vital information about key players
- Dominant regions
- COVID-19 impact
DRIVERS & RESTRAINTS-
Surging Data and Security Breaches to Spur
Business Opportunities
The growing
number of data and security breaches is expected to bolster the healthy growth
of the market. For instance, in June 2020, Chartered Professional Accountants
of Canada (CPA) witnessed a cyber-attack that resulted in a loss of personal
information of over 329,000 stakeholders and members. The need for data
protection policies and technologies to secure critical data and support smooth
data processing will promote the growth of the market. The increasing
inclination towards encryption software as a key defensive measure against data
and security breaches can have an excellent impact on the market. Cryptographic
security controls systems, safeguards databases and reduces cyber threats.
Also, data generated by digital channels, cloud technology, and the internet of
things (IoT) will subsequently spur the need for data privacy solutions in the
forthcoming years.
Read a Detailed Summary of This Report:
https://www.fortunebusinessinsights.com/industry-reports/encryption-software-market-101058
COVID-19 IMPACT-
Application of Data Solutions to Aid
Development amid Coronavirus
The
increasing use of remote access technologies has augmented the chances for cyber-security breaches and IT outages, which, in turn, will enable the growth
of the market during coronavirus. The surging IT activities and digitization have consequently increased risks for cyber hacks. The growing incidence of
malware attacks, phishing attacks, and ransomware attacks owing to work from
culture will further spur opportunities for the market amid coronavirus.
Besides, the increasing knowledge about securing the database and private
networks will fuel demand for encryption solutions in the near future.
REGIONAL INSIGHTS-
Increasing Internet Penetration to Augment
Growth in North America
The market
in North America is expected to hold the largest share in the global market
owing to the increasing adoption of encryption solutions. The penetration of
the internet is expected to further aid the speedy expansion of the market in
North America. The importance of data protection owing to the expanding mobile
wireless networks will further boost the growth of the market in the region.
According to Interstate Technology & Regulatory Council (ITRC), the
estimated number of data breaches witnesses by enterprises in the United States
has grown from 1473 breaches in 2019 to 614 breaches in 2013. Also, the
stringent regulations coupled with existing software companies are expected to
contribute to the growth of the market in North America.
INDUSTRY DEVELOPMENT-
- July 2020:
Thales Group, a leading security solution provider introduced a centralized key
management platform CipherTrust Manager. CipherTrust Manager enables
enterprises to manage encryption lifecycle and policies independent of data
repositories.
Read Press Release:
https://www.fortunebusinessinsights.com/press-release/global-encryption-software-market-10401
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