What's Driving the Encryption Software Market Trend? With Key Companies AO Kaspersky Lab, Bitdefender, Check Point Software Technologies Ltd., Cisco, Dell, ESET, spol s.r.o., IBM, F-secure, McAfee, MicroFocus, Microsoft, Panda Security, Proofpoint, Sophos

On a regional front, the Latin America market is expected to offer prominent growth opportunities to the encryption software market. The region is witnessing rising number of cyberattacks on critical business infrastructure.

For instance, in 2019, Mexican institutions including the National Defense Ministry (Sedena), Mexico Central Bank, Mexico Supreme Court, and the House of Representatives recorded over 45 million cyber-attacks that intended to steal information and access databases.

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Rapidly increasing rate of cyber threat has encouraged public & private organizations to adopt digital security to protect sensitive business information. Moreover, supportive government initiatives in countries including Argentina, Brazil and Mexico could fuel encryption software market growth.

Company profiled in encryption software market report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
1. AO Kaspersky Lab
2. Bitdefender
3. Check Point Software Technologies Ltd.
4. Ciphercloud.com
5. Cisco Systems Inc.
6. Dell Technologies Inc.
7. ESET
8. spol s.r.o.
9. IBM Corporation
10. F-secure
11. McAfee LLC (Intel)
12. MicroFocus
13. Microsoft Corporation
14. Panda Security
15. Proofpoint
16. Sophos Ltd
17. Symantec Corporation (Broadcom Inc.)
18. Thales eSecurity
19. Trend Micro Inc.

In today's digital and interconnected world, the need for creating a secure business landscape is of paramount importance. Cyber-attacks have become one of the biggest threats to organizations, individuals, and governments across the world. Surging instances of data breaches worldwide have fueled the deployment of encryption software market.

Industrial verticals including retail, healthcare, and BFSI have deployed data protection solutions to safeguard sensitive as well as non-sensitive data and applications. Meanwhile, cybersecurity vendors today are offering advanced email, disk, and mobile encryption solutions to enhance the security landscape.

As email is one of the most widely used communication channels by enterprises, the need for cyber security across these landscape holds paramount importance. Various aspects of email systems including media attachments, content, or email access require advanced encryption solutions.

Organizations are adopting security software to protect data from identity thefts, malware, and phishing. This software encrypt data in transit and support multi-factor authentication for enhanced security. On account of its growing significance, studies suggest that the email encryption software market could hold a 25% share by 2026.

The retail sector records large volumes of customer data that needs to be protected. The sector is increasingly opting for third-party solutions and services to optimize customer experience and assist online transactions. This has led to an increase in the number of potential data breaches, exploiting sensitive consumer information like bank account details, credit card information, and personal credentials.

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The report published by Thales eSecurity states that around 75% of the United States retailers have experienced a data breach in 2018 as compared to 52% in 2017, surpassing the global average. To safeguard customer information from theft, the demand for cybersecurity solutions like encryption software would rise considerably in the retail sector.

Governments worldwide are putting in their best to tackle cyberthreats. For instance, in November 2019, China's SCA (State Cryptography Administration) published a draft of an encryption law that regulates encryption in public as well as private sectors. The draft gives guidelines on the usage of cryptography to protect national security.

Government authorities in the nations including Brazil, Mexico, and Argentina are also launching cybersecurity strategies to safeguard their security landscape. In November 2017, the government of Mexico presented the National Cyber Security Strategy in cooperation with the CICTE (Inter-American Committee against Terrorism).

The program aims to establish best practices to fight against cybercrimes in Mexico. Favorable government initiatives such as these may fuel the demand for encryption software market.

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