Encryption Software Market: Size, Share, Growth, Analysis, Key Players, Revenue, Growth | Valuates Reports

Encryption Software Market Statistics 2027
The global Encryption Software market size is projected to reach US$ 11420 million by 2027, from US$ 5956.6 million in 2020, at a Compound Annual Growth Rate (CAGR) of 9.6% during 2021-2027. The Encryption Software Market is growing due to a rise in the use of bring your own device (BYOD) and greater mobility. The surge in demand for cloud-based encryption software is likely to fuel the encryption software market expansion.

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Encryption software is segmented on the basis of components (solution and services), applications, deployment types, organization sizes, verticals, and regions. The services segment is expected to grow at the highest CAGR during the forecast period and the solution segment is estimated to have the largest market size in 2017 in the market. Professional services have been widely adopted by organizations, as these services involve expert consulting, support and maintenance, and optimization and training for cybersecurity. However, the managed services segment is expected to grow at the highest CAGR during the forecast period, as managed security vendors provide extensive reporting capabilities for validating the regulatory compliance with internal security policies for the users.
Encryption Software Market Segment Review
In 2017, the disc encryption application is expected to have the highest market share. The benefit of encrypting a disc is that even if it is lost or stolen, the encrypted state of the drive remains intact, and only an authorized user will be able to access its data. During the forecast period, the cloud encryption application is predicted to increase at the fastest rate.

Encryption software is segmented on the basis of components into solutions and services. . During the forecast period, the services segment is predicted to grow at the fastest Compound Annual Growth Rate (CAGR)), while the solution segment is expected to have the greatest market size in 2017. Professional services, which include expert advising, support, and maintenance, as well as optimization and training for cybersecurity, have been increasingly accepted by enterprises. During the forecast period, however, the managed services category is predicted to grow at the fastest Compound Annual Growth Rate (CAGR)), as managed security suppliers provide broad reporting capabilities for confirming regulatory compliance with internal security policies for users.

Based on region, North America is expected to be one of the most lucrative regions during the forecast period. Major growth factors for the market over the forecast period include the rising requirement to conform to severe regulatory compliances, the expanding presence of encryption software vendors, and increased government backing.

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Encryption Software Market by Type
• On-premises
• Cloud

Encryption Software Market by Application
• Disk Encryption
• File/Folder Encryption
• Database Encryption
• Communication Encryption
• Cloud Encryption

Major Players in the Encryption Software Market
• Dell
• Eset
• Gemalto
• IBm
• Mcafee
• Microsoft
• Pkware
• Sophos
• Symantec
• Thales E-Security
• Trend Micro
• Cryptomathic
• Stormshield

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