Encryption Software Market is Projected to Grow at a CAGR of 15.5% over the forecast period (2019 - 2027), With Software based Encryption Being One of the Fastest Emerging End-Point Data Security Solution Across Industries, says Absolute Markets Insights
As per new research report: Encryption Software Market is booming worldwide with an impressive CAGR of 15.5% by forecast period 2019 to 2027
PUNE, India, March 19, 2019 /PRNewswire/ -- Encryption software provides security to emails, files stored on hard drives as well as on cloud. Hence, this software plays an important role in protection of digital information against cybercrime for both enterprises and individuals. Enterprises are prioritizing the protection of critical and confidential data in the wake of increased frequency of cyber-attacks which is driving the adoption of this software. Another driving factor is the trend of bring your own device (BYOD). The rising adoption of BYOD aims at boosting employee efficiency, however it has further increased the issue of data loss and the possibility of unauthorized access to critical data. Other factors that are positively affecting the encryption software market are growing penetration of mobile devices and adoption of cloud technology among enterprises. These factors are expanding the surface area for data violation, theft & loss and cyber-attacks across industries. Companies around the world have been rapidly adopting encryption software to achieve compliance, improve data security, and offer better flexibility in operations.
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The global encryption software market is growing through collaborations and partnerships among the solution vendors. For instance, IBM Cloud Data Shield is using Fortanix's Runtime Encryption Platform. Without requiring any modifications to applications, this platform brings deterministic security with runtime memory encryption to applications that protects data in use. Fortanix brings Intel Software Guard Extensions (Intel SGX) technology into the mix to further protect application data. This solution increases security even on compromised platforms by allowing developers to partition their application into protected areas of execution in memory.
Few of the major drivers of global encryption software market are rising demand for workforce mobility, increasing number of cyber-attacks and stringency of government compliances. Additionally, with enterprises becoming more dynamic, the volume of data generated across industries is increasing exponentially. This calls for protection of critical data that is susceptible to loss and theft by leveraging software-based encryption. Owing to these factors, enterprises are increasing their spending on data security. This is expected to boost the encryption software market.
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In terms of revenue, the encryption software market stood at US$ 2,850.21 Mn in 2018 and is anticipated to reach US$ 10,407.79 Mn by 2027, expanding at a CAGR of 15.5% from 2019 – 2027.The detailed research study provides qualitative and quantitative analysis of encryption software market. The market has been analyzed from demand as well as supply side. The demand side analysis covers market revenue across regions and further across all the major countries. The supply side analysis covers the major market players and their regional and global presence and strategies. The geographical analysis done emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East, Africa and Latin America.
Key Findings of the Report:
- In terms of revenue, the North American region accounted for the highest market share in 2018 and is anticipated to witness a sustainable CAGR over the forecast period.
- Among the types, full disk encryption segment accounted for a significant market share in 2018, growing at a CAGR of 16.5% over the forecast years (2019 – 2027).
- The usage of encryption software is highest among large enterprises as compared to SMEs. This is driven by larger amount of data generated by larger enterprises that requires encryption and the availability of resources for implementation of encryption software.
- Few prominent players operating in the encryption software market are IBM Corporation, Check Point Software Technologies Ltd., DESlock Limited, McAfee, LLC, Micro Focus, Symantec Corporation, and Trend Micro Incorporated amongst others.
- As enterprises and consumers are generating large amount of data and using a variety of devices, the complexity of protecting confidential data, meeting compliance mandates, and preventing costly data breaches has increased, which is driving the encryption software market.
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Encryption Software Market:
- By Deployment
o On-premise
o Cloud-based
- By Organization Size
o Small and Medium Enterprises
o Large Enterprises
- By Type
o Full Disk Encryption
o Folder/File Encryption
o Database Encryption
o Network Traffic Encryption
o Others (Virtual Disk Encryption, Application Encryption, etc.)
- By Vertical
o Banking, Financial Services and Insurance (BFSI)
o Education
o Media and Telecom
o Aerospace and Defense
o Healthcare
o Others (Legal, Retail, etc.)
- By Geography
o North America
- U.S.
- Canada
- Mexico
- Rest of North America
o Europe
- France
- The UK
- Spain
- Germany
- Italy
- Nordic Countries
o Denmark
o Finland
o Iceland
o Sweden
o Norway
- Benelux Union
o Belgium
o The Netherlands
o Luxembourg
- Rest of Europe
o Asia Pacific
- China
- Japan
- India
- New Zealand
- Australia
- South Korea
- Southeast Asia
o Indonesia
o Thailand
o Malaysia
o Singapore
o Rest of Southeast Asia
- Rest of Asia Pacific
o Middle East and Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of Middle East & Africa
o Latin America
- Brazil
- Argentina
- Rest of Latin America
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Absolute Markets Insights assists in providing accurate and latest trends related to consumer demand, consumer behavior, sales, and growth opportunities, for the better understanding of the market, thus helping in product designing, featuring, and demanding forecasts. Our experts provide you the end-products that can provide transparency, actionable data, cross-channel deployment program, performance, accurate testing capabilities and the ability to promote ongoing optimization.
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