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Encryption Software Market Report 2023-2032: Global Trends, New Technologies, Future Outlook And Major Players | Amazon Web Services, Inc., Check Point Software Technologies, Dell, Cisco System, Inc., F Secure
Encryption Software Market
The Business Research Company's Template Global Market Report 2023 identifies increase in the high adoption of cloud and virtualization technologies as the major driver for the Encryption Software Market's growth in the forecast period. This data when transferred needs security and protection that is given by the encryption software. It helps in protecting the data when transferred from one source to another or the cloud. According to TechJury, a publishing website for testing and reviewing software companies, 81% of all enterprises have a multi-cloud strategy already laid out or in the works, and 67% of the enterprise infrastructure is cloud-based. Additionally, 82% of the workload will reside on the cloud. Nearly 50% of organizations in Europe are utilized cloud storage in 2022. Hence the increase in the adoption of cloud and virtualization technologies by companies is expected to propel the growth of encryption software going forward.
The global encryption software market size grew from $10.69 billion in 2022 to $12.34 billion in 2023 at a compound annual growth rate (CAGR) of 15.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The encryption software market size is expected to grow to $22.43 billion in 2027 at a CAGR of 16.1%.
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Major competitors in the encryption software market are Amazon Web Services, Inc., Check Point Software Technologies, Dell, Cisco System, Inc., F Secure, IBM Corporation, Microsoft Corporation, Oracle Corporation, Palo Alto Networks, Inc., Trend Micro Incorporated, Eset, Microsoft, Sophos Ltd., Bitdefender, and Pkware.
A key trend in the Encryption Software Market includes technological advancement. Major companies operating in the encryption software sector are focused on developing new technological solutions to strengthen their position and provide an enhanced product to their users. For instance, in December 2020, IBM Security, a US-based company launched a new service that permits companies to test with fully homomorphic encryption (FHE), the technology designed to authorize data to remain encrypted even while being processed or interpreted in the cloud or third-party environments. Fully homomorphic encryption could allow sensitive data to remain encrypted, even while being analyzed in the cloud or third-party environments.
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The Encryption Software Market is segmented -
By Component: Software, Service
By Organization Size: Large Enterprises, Small & Medium Enterprises
By Application: Disc Encryption, File/Folder Encryption, Database Encryption, Communication Encryption, Cloud Encryption
By Industry Vertical: IT and Telecommunications, Banking, Finance, Security, and Insurance (BFSI), Healthcare and Life Sciences, Manufacturing, Government, Energy and Utilities, Other Industry Verticals
By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. North America was the largest region in the Encryption Software Market.
The Business Research Company's "Global Encryption Software Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Encryption Software Market Include:
1. Executive Summary
2. Encryption Software Market Characteristics
3. Encryption Software Market Trends And Strategies
4. Encryption Software Market - Macro Economic Scenario
5. Encryption Software Market Size And Growth
……
26. Africa Encryption Software Market
27. Encryption Software Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Encryption Software Market
29. Encryption Software Market Future Outlook and Potential Analysis
30. Appendix
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