Encryption Software Market is expected to reach US$ 9.23 Bn by 2026
Global Encryption Software Market was valued US$ 3.45 Bn in 2017 and is expected to reach US$ 9.23 Bn by 2026, at a CAGR of 14% during a forecast period.
The global encryption software market based on component, application, deployment type, organization size, vertical, and region. In terms of component, the encryption software market is classified into solution and services. Based on application, the encryption software market is categorized into disk encryption, file/folder encryption, communication encryption, and cloud encryption. On the basis of deployment type, the encryption software market is segregated into on-premises and cloud. In terms of organization size, the encryption software market is classified into large enterprises, small and medium-sized enterprises (SMEs). Based on vertical, the encryption software market is divided into Banking, Financial Services, and Insurance (BFSI), healthcare, government, and public utilities, telecom and IT, retail, aerospace and defense, and others. Region wise into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America.
The growing concerns of data breaches and privacy compliance regulations are making companies keener to adopt software-based encryption solutions to achieve compliance, improved data security, and better flexibility in operations. Encryption software allows the organizations to safeguard their intellectual property and other sensitive data, thus escalating the market growth over the forecast period. Although this encryption software offer significant benefits, their adoption may experience challenges terms of budget. The deployment options for these solutions are complex and time-consuming, however, the benefits offered by them often overshadow the challenges pertaining to the complexity and the time associated with their deployment.
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Global Encryption Software Market
In terms of deployment type, the on-premise segment emerged as a dominant deployment segment. However, the cloud-based segment is anticipated to grow considerably over the forecast period. The establishment of new businesses in the developing economies is further expected to propel the demand for cloud-based solutions.
Based on application, the cloud solutions segment is anticipated to witness growth. Data storage is one of the major resources for several industries including banking & financial, retail, and others to move to the cloud. The growing mobile theft and cyber-attacks have led to mandated regulatory standards related to data transfer and its security.
In terms of region, North America leading the global encryption software market, followed by Europe. Owing to rising adoption of technologies and strict data privacy regulatory compliance, North America is anticipated to retain its leadership in the global encryption software market during the forecast period.
Some of the key players in the global encryption software market are Symantec, Microsoft Corporation, Bloombase, Cisco Systems, EMC Corporation, Check Point Software Technologies, IBM Corporation, Intel Security, Trend Micro, and Sophos.
Scope of the Global Encryption Software Market
Global Encryption Software Market by Component
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Global Encryption Software Market by Application
• Disk Encryption
• File/Folder Encryption
• Communication Encryption
• Cloud Encryption
Global Encryption Software Market by Deployment Type
Global Encryption Software Market by Organization Size
• Large Enterprises
• Small and Medium-sized Enterprises (SMEs)
Global Encryption Software Market by Vertical
• Banking, Financial Services, and Insurance (BFSI)
• Government and public utilities
• Telecom and IT
• Aerospace and defense
Global Encryption Software Market by Geography
• North America
• Middle East & Africa
• Latin America
Key Players operating in the Global Encryption Software Market
• Microsoft Corporation
• Cisco Systems
• EMC Corporation
• Check Point Software Technologies
• IBM Corporation
• Intel Security
• Trend Micro
• SAS Institute Inc.
• WinMagic Inc.
Report Description: https://www.trendsmarketresearch.com/report/analysis/MMR/global-encryption-software-market
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