Encryption Software Market Size to Reach USD 11420 Million by 2027 at CAGR 9.6% - Valuates Reports

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BANGALORE, India, Oct. 11, 2021 /PRNewswire/ -- The Encryption Software Market is Segmented by Type (On-premises, Cloud), Application (Disk Encryption, File/Folder Encryption, Database Encryption, Communication Encryption, Cloud Encryption). The report covers global opportunity analysis and industry forecasts from 2021 to 2027. It is published in Valuates Reports under Computer Security Category.

The global Encryption Software market size is projected to reach USD 11420 Million by 2027, from USD 5956.6 Million in 2020, at a Compound Annual Growth Rate (CAGR) of 9.6% during the forecast period 2021-2027.

Major Factors Driving The Growth Of The Encryption Software Market

The rise in cyberattacks, data breaches, and corporate theft and losses is fueling the expansion of the encryption software market. Due to the vast amount of data produced by digital channels and the lack of data security solutions, banks, and financial institutions are particularly vulnerable to security breaches.

The Encryption Software Market is growing due to a rise in the use of bring your own device (BYOD) and greater mobility. The surge in demand for cloud-based encryption software is likely to fuel the encryption software market expansion.

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Trends Influencing The Growth Of The Encryption Software Market:

As businesses progressively move to cloud computing, the necessity to protect sensitive data is growing, leading to an increase in encryption software usage. The rise in the use of bring your own device (BYOD) is expected to drive the growth of the encryption software market. The increasing use of mobile devices in businesses has increased the risk of data loss, making the use of encryption software essential for secure data transmission. 

Disk encryption encrypts drives on your PCs using strong encryption techniques, preserving all data stored on the drives. Even if the drive is removed from the present computer and placed in other devices, the data on the disc is still inaccessible if the right key is not used. This feature is in turn expected to increase disk encryption thereby driving the growth of the encryption software market. Furthermore, as a result of fast digitization and increased internet usage, both corporate and individual intellectual property has become vulnerable to theft and violation. Companies are compelled to adopt solutions to protect data as a result of these security issues. This factor is expected to increase the growth of the encryption software market. 

Increased compliance regulations is expected to drive the growth of the encryption software market. Enterprises must tighten their data security procedures as government and state requirements on data privacy and compliance become more stringent. Organizations are using diverse data security technology to ensure that sensitive data of customers and employees are safeguarded at all times as a result of the growing number of severe requirements. Furthermore, while developed geographies such as North America and Europe already have federal regulations requiring mandatory compliance with data privacy laws, developing geographies such as Asia-Pacific and Latin America, and the Caribbean are enacting and implementing more concrete data protection legislation.

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Encryption Software Market Share Analysis

In 2017, the disc encryption application is expected to have the highest market share. The benefit of encrypting a disc is that even if it is lost or stolen, the encrypted state of the drive remains intact, and only an authorized user will be able to access its data. During the forecast period, the cloud encryption application is predicted to increase at the fastest rate.

Encryption software is segmented on the basis of components into solutions and services. . During the forecast period, the services segment is predicted to grow at the fastest Compound Annual Growth Rate (CAGR)), while the solution segment is expected to have the greatest market size in 2017. Professional services, which include expert advising, support, and maintenance, as well as optimization and training for cybersecurity, have been increasingly accepted by enterprises. During the forecast period, however, the managed services category is predicted to grow at the fastest Compound Annual Growth Rate (CAGR)), as managed security suppliers provide broad reporting capabilities for confirming regulatory compliance with internal security policies for users.

Based on region, North America is expected to be one of the most lucrative regions during the forecast period. Major growth factors for the market over the forecast period include the rising requirement to conform to severe regulatory compliances, the expanding presence of encryption software vendors, and increased government backing.

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Major Players in the Encryption Software Market

• Dell
• Eset
• Gemalto
• IBm
• Mcafee
• Microsoft
• Pkware
• Sophos
• Symantec
• Thales E-Security
• Trend Micro
• Cryptomathic
• Stormshield
• Others

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SIMILAR REPORTS 

• The global Data Protection market size is projected to reach USD 113390 Million by 2027, from USD 61330 Million in 2020, at a Compound Annual Growth Rate (CAGR). of 9.1% during the forecast period 2021-2027.
• The global Encryption Key Management market size is projected to reach USD 3334.5 Million by 2027, from USD 1138 Million in 2020, at a Compound Annual Growth Rate (CAGR) of 16.6% during 2021-2027.
• The global Cloud Encryption market size is projected to reach USD 10080 Million by 2027, from USD 631 Million in 2020, at a Compound Annual Growth Rate (CAGR) of 48.6% during 2021-2027.
• The global Database Encryption market size is projected to reach USD 2717.3 Million by 2027, from USD 596.3 Million in 2020, at a Compound Annual Growth Rate (CAGR) of 23.9% during 2021-2027.
• The global Mobile Data Protection market size is projected to reach USD 7696.3 Million by 2027, from USD 3232.7 Million in 2020, at a Compound Annual Growth Rate (CAGR) of 12.7% during 2021-2027.
• The global Data Protection and Recovery Solutions market size is projected to reach USD 10120 Million by 2027, from USD 6352.5 Million in 2020, at a Compound Annual Growth Rate (CAGR) of 6.8% during 2021-2027.
• The global Mobile Encryption market size is projected to reach USD 5379.1 Million by 2027, from USD 1639.4 Million in 2020, at a Compound Annual Growth Rate (CAGR) of 18.5% during 2021-2027.
• In 2020, the global Hardware-based Full Disk Encryption market size was USD 28380 Million and it is expected to reach USD 127390 Million by the end of 2027, with a Compound Annual Growth Rate (CAGR) of 24.0% during 2021-2027.
• In 2020, the global Hardware Encryption Devices market size was USD 29870 Million and it is expected to reach USD 149750 Million by the end of 2027, with a Compound Annual Growth Rate (CAGR) of 25.9% during 2021-2027.
• Commercial Encryption Market contains segmentation By Type (Special Equipment, Network Equipment, Special System), By Application (Financial, Electric Power, Government, IT, Transport, Education, Others) and Regional
• Endpoint Encryption Market contains segmentation By Type (Cloud-based, On-premise), By Application (Large Enterprises, SMEs) and Regional
• E-mail Encryption Market contains segmentation By Type (SMTP STARTTLS, S/MIME, PGP), By Application (Financial Services, Energy, Government, Education, Healthcare) and Regional

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