Encryption Software Market to Reach $42.26 Billion by 2030 at 16.5% CAGR | Innovation and Product Optimization to Boost Growth in Future | Forecast 2021-2030

Surge in data breaches and rise in compliance regulation activities among organizations drive the growth of the encryption software market. On the other hand, lack of awareness about encryption software and limited use of encrypted device in some countries impede the growth to some extent. However, growing demand for cloud-based encryption software is expected to create lucrative opportunities in the industry.

The global encryption software market was valued at $ billion in 2020, and is projected to reach $42.26 billion by 2030, growing at a CAGR of 16.5% from 2021 to 2030.

Download Report Sample (313 Pages PDF with Insights) at:
https://www.alliedmarketresearch.com/request-sample/1100

Covid-19 Scenario

➢ The outbreak of the pandemic gave way to the trend of work-from-home movements, which in turn, led to growing inclination toward the adoption of cloud based software. This factor impacted the global encryption software market positively.

➢ This drift is also most likely to continue post pandemic as well.

On the basis of component, the software segment accounted for the highest market share in 2020, generating more than two-thirds of the global encryption software market. This is because organizations in the BFSI and IT & telecom industry are increasingly adopting this software to enhance their operational efficiency and provide advance security to the organizations assets and data. The service segment, on the other hand, is anticipated to cite the fastest CAGR of 18.9% from 2021 to 2030, due to rise in demand for cloud-based encryption software services.

☛ For Report Customization: https://www.alliedmarketresearch.com/request-for-customization/1100

On the basis of deployment model, the on-premise segment generated the highest share in 2020, holding nearly three-fifths global encryption software market. The on-premise deployment mode is considered widely useful in large enterprises, as it involves a significant investment to implement, and organizations need to purchase interconnected servers as well as software to manage the system. The cloud segment, however, is expected to cite the fastest CAGR of 19.4% from 2021 to 2030. A paradigm shift in the deployment methods from on-premise to cloud-based models has been the major factor driving the adoption of cloud-based encryption software models among SMEs and some large-scale organizations as well.

On the basis of region, North America contributed to the major market share in terms of revenue in 2020, holding more than one-third of the global encryption software industry. This growth is driven by the implementation of several government initiatives, which have helped the region expand its IT security investment. Asia-Pacific, simultaneously, is projected to cite the fastest CAGR of 19.8% from 2021 to 2030. This is attributed to heavy investments made by private and public sectors for securing sensitive data, which is resulting into increased demand for encryption software used to secure and ensure the privacy of data.

☛ Buy Now & Get Exclusive Discount On This Report: https://www.alliedmarketresearch.com/world-encryption-software-market/purchase-options

The communication encryption segment is anticipated to gain a significant market share throughout the forecast period. The heightened security offered by communication encryption ensures that even if devices are lost or stolen, access to their contents remains restricted to authorized users. This factor contributes to the segment's growth. Conversely, the cloud encryption segment is poised to experience the highest growth rate in the forecast period. This surge is attributed to widespread adoption across diverse industries, including banking, financial services, and insurance (BFSI), IT and telecom, and retail. A case in point is Zoom Video Communications, Inc.'s acquisition of Keybase in May 2020, a move aimed at enhancing the security of its video conferencing solutions and improving overall productivity.

The report is centered on exploring the potential for growth, obstacles, and emerging trends within the encryption software industry. To comprehend the market dynamics, the study incorporates Porter's five forces analysis, assessing the impact of factors such as the bargaining power of suppliers, competitive intensity among peers, the threat of new entrants, substitute threats, and the bargaining power of buyers on the encryption software market.

Access Full Report at: https://www.alliedmarketresearch.com/world-encryption-software-market


Prominent market players-

➢ Check Point Software Technologies

➢ Microsoft Corporation

➢ Cisco System, Inc.

➢ Trend Micro Incorporated

➢ Fortinet, Inc.

➢ Amazon Web Services, Inc. (AWS)

➢ IBM Corporation

➢ Oracle Corporation

➢ Palo Alto Networks, Inc.

☛ Inquiry Before Buying: https://www.alliedmarketresearch.com/purchase-enquiry/1100

Thanks for reading this article; you can also get individual chapter-wise sections or region-wise report versions like North America, Europe, or Asia.

If you have any special requirements, please let us know and we will offer you the report as per your requirements.

Lastly, this report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

Contact:

David Correa
1209 Orange Street
Corporation Trust Center
Wilmington
New Castle
Delaware 19801
USA Int'l: +1-503-894-6022
Toll Free: +1-800-792-5285
Fax: +1-800-792-5285
help@alliedmarketresearch.com

About Us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP, based in Portland, Oregon. AMR provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients in making strategic business decisions and achieving sustainable growth in their respective market domains.

AMR launched its user-based online library of reports and company profiles, Avenue. An e-access library is accessible from any device, anywhere, and at any time for entrepreneurs, stakeholders, researchers, and students at universities. With reports on more than 60,000 niche markets with data comprising of 600,000 pages along with company profiles on more than 12,000 firms, Avenue offers access to the entire repository of information through subscriptions. A hassle-free solution to clients' requirements is complemented with analyst support and customization requests.

This release was published on openPR.