The Global Encryption Software Market Estimated to Acquire $21.11 Billion in Revenue by 2028

As per Triton’s report, in 2019, the global encryption software market gained $6.88 billion, and is set to witness growth at 13.25% of CAGR by 2028.

A recent study by Triton Market Research titled ‘Global Encryption Software Market’ consists of the Global Analysis and Forecasts by Organization Size (Large Enterprises, Small & Medium Enterprises), Deployment (Cloud, On-Premise), End-user (BFSI, Government & Public Sector, Media & Entertainment, Healthcare, Aerospace & Defense, IT & Telecom, Retail, Others), Function (Communication Encryption, Disk Encryption, Cloud Encryption, File/Folder Encryption), Component (Services, Software), and by Geography (Asia-Pacific, Latin America, Middle East and Africa, Europe, North America).

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Triton’s research report on the global encryption software market anticipates the market to display growth at a CAGR of 13.25% during the forecast period. It is further evaluated to attain $21.11 billion by 2028.

Encryption is one of the fastest emerging data security solutions that help protect the private data of the users from being compromised. Its principal function is to safeguard the confidentiality of the stored data in files and disks, along with the protection of data transmitted over the wireless network.

The adoption of cloud computing is proliferating, with several companies shifting to cloud owing to the benefits of flexibility and cost. This increase in cloud adoption is likely to drive the demand for encryption. Moreover, by protecting data, both stored and transmitted over the internet, encryption can help companies ensure privacy while leveraging the benefits of the cloud. Therefore, the growing adoption of cloud and virtualization, paired with a rise in mobility, is contributing to the market’s growth. However, large capital investments and limitations on the use of encryption devices in some countries are hampering the encryption software market’s progression.

The market for encryption software is segregated into organization size, deployment, end-user, function, and component. The organization size consists of large enterprises and small & medium enterprises. In terms of deployment, the market is divided into cloud and on-premise. Based on end-user, it is sectioned into BFSI, government & public sector, media & entertainment, healthcare, aerospace & defense, IT & telecom, retail, and others. The function is branched into communication encryption, disk encryption, cloud encryption, and file or folder encryption. Lastly, the component is bifurcated based on services and software.

The Asia-Pacific is expected to become the fastest-growing region in the global encryption software market over the forecated period. The region's dominance is attributable to the upscale in the cyberattacks in countries such as China and Japan. In China, the increase in the number of cyberattack cases has compelled authorities to understand the significance of cybersecurity. This has resulted in the implementation of several laws to safeguard its critical infrastructure. Additionally, the country is using encryption technologies to safeguard sensitive data as well as supervise the information stored by private enterprises. Therefore, the growth in government compliance regulations is one of the major factors that is directing the encryption software market growth in China and the overall APAC region.

Broadcom Inc, Palo Alto Networks Inc, Fortinet Inc, Microsoft Corporation, Trend Micro Incorporated, Cisco System Inc, Check Point Software Technologies, FireEye Inc, International Business Machines Corporation, Proofpoint, Sophos Holdings Ltd, Oracle Corporation, McAfee LLC, Dell Inc, and Symantec Corporation are the well-known enterprises in this market.

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Question & Answer: Encryption Software Market

Question 1: What factors are contributing to the growth of the encryption software market?
Answer: The adoption of cloud computing is proliferating, with several companies shifting to cloud owing to the benefits of flexibility and cost. This increase in cloud adoption is likely to drive the demand for encryption. Moreover, by protecting data, both stored and transmitted over the internet, encryption can help companies ensure privacy while leveraging the benefits of the cloud. Therefore, the growing adoption of cloud and virtualization, paired with a rise in mobility, is contributing to the market’s growth.

Question 2: What factors are hampering the progression of the encryption software market?
Answer: The large capital investments and limitations on the use of encryption devices in some countries are hampering the encryption software market’s progression.

Question 3: Which is the fastest-growing region in the global encryption software market?
Answer: The Asia-Pacific is expected to become the fastest-growing region in the global encryption software market over the forecated period. The region's dominance is attributable to the upscale in the cyberattacks in countries such as China and Japan. In China, the increase in the number of cyberattack cases has compelled authorities to understand the significance of cybersecurity. This has resulted in the implementation of several laws to safeguard its critical infrastructure. Additionally, the country is using encryption technologies to safeguard sensitive data as well as supervise the information stored by private enterprises. Therefore, the growth in government compliance regulations is one of the major factors that is directing the encryption software market growth in China and the overall APAC region.

Question 4: Which are the well-known enterprises in the encryption software market?
Answer: Broadcom Inc, Palo Alto Networks Inc, Fortinet Inc, Microsoft Corporation, Trend Micro Incorporated, Cisco System Inc, Check Point Software Technologies, FireEye Inc, International Business Machines Corporation, Proofpoint, Sophos Holdings Ltd, Oracle Corporation, McAfee LLC, Dell Inc, and Symantec Corporation are the well-known enterprises in this market.

Related Report:
Global Cyber Security Market

The global cyber security market is probable to showcase growth in its revenue during 2019-2028 at a CAGR of 10.65%. It is further expected to acquire $308.75 billion by 2028.

Cybersecurity solutions help numerous organizations and individuals to inspect, detect, report, and respond to cyber threats to preserve critical information. Cyber threats consist of attempts to damage confidential information using malware and spyware. The cybersecurity solutions are projected to grow as there is a rise in internet penetration in developed and developing countries. Moreover, the expanding wireless network implementation for mobile devices has also surged data vulnerability, making cybersecurity a critical part of enterprises across the globe.

Furthermore, the advancements in IT, communication technologies, and smart energy grids are transforming the critical infrastructure and business networks in all countries. Hence, the rapid increase in changing technology amplifies the incidence of cyber threats, compelling companies to adopt cyber security solutions. This further leads to the development of the cyber security market worldwide. However, the intricate designs of device security solutions, a shortage of cyber security professionals, and limited finances among the SMEs are factors that restrict the studied market’s progress.

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