A Billion-Dollar ( $2.5 billion) Boom in Encryption Software Market Motivates the Market Leaders

The World Encryption Software Market is expected to reach $2,894 million by 2022, growing at a CAGR of 15.2% from 2017 to 2022. Encryption ensures the safety and privacy of data by converting a message or plain text into coded message called the Cipher text so that only the authorized parties can read it. The plain text is encrypted/coded using an algorithm and an encryption key which can be encoded or deciphered only by the recipient by using the correct encryption key. Thus, by converting plain text into cipher text, encryption prevents any unintended person from reading the same, and ensures that it can be interpreted only by the authorized person. This ensures safety and privacy of data.

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Software-based encryption is one of the fast-emerging end point data security solutions. An increasing number of organizations worldwide are adopting encryption to address their growing concerns of data safety and data privacy compliance regulations. With data protection and compliance becoming a high priority, organizations have started to view encryption as an enabler to achieve compliance, data security and flexibility. In addition to the complex regulations, increasing adoption of new technologies such as mobility, cloud and virtualization have also fueled the growth of encryption software market.

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Key findings of Encryption Software Market:
- Presently, encryption software for data-at-rest accounts for the major share of the encryption software market as compared to the encryption software - for data-in-transit (email).
- Within the data-at-rest encryption software market, software-based full disk encryption (FDE) would continue to hold the majority of share vis--vis file level encryption (FLE), throughout the forecast period.
- Based on the geographic analysis, North America presently is the highest revenue-generating region and would continue to maintain this trend during 2015-2021
- The use of encryption software is most widespread in the financial sector, which contributed approximately 44.2% share of total encryption software market revenue in 2014
- The adoption of encryption software is higher among large enterprises as compared to the small- and medium-sized businesses

Owing to the rapidly increasing adoption of cloud services across various sectors, organizations are inclined towards adopting encryption solutions to ensure data security and compliance with the data privacy regulations. The key players profiled in this report are Symantec Corporation, Sophos Holdings Ltd., McAfee, Inc., Check Point Software Technologies, Proofpoint, and Trend Micro.

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