Press release
Global Encryption Software Market 2024-2033: Growth Trends & Competitive Landscape
The encryption software market size is expected to see rapid growth in the next few years. It will grow to $25.31 billion in 2028 at a compound annual growth rate (CAGR) of 16.5%. The growth in the forecast period can be attributed to regenerative medicine security, user-friendly encryption interfaces, ransomware mitigation, transparent data encryption, cross-border data transfer.. Major trends in the forecast period include data privacy regulations and compliance, cloud encryption solutions, end-to-end encryption for communication, quantum-safe encryption, integration with key management systems, mobile device encryptioncollaboration with endpoint security solutions..
Market Overview -
The encryption software refers to a type of security program that enables encryption and decryption of the data stream at rest or in transit. It enables the encryption of the content of a data object, file, network packet, or application. This software is secure as it cannot be viewed by unauthorized users. This software is also cheap and trustworthy.
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Rapid Growth In Encryption Software Market Fueled By Surge In Cloud And Virtualization Technology Adoption
The increase in the high adoption of cloud and virtualization technologies is significantly driving the growth of the encryption software market. Cloud technology is the delivery of computing services over the cloud such as data, software, and so on. 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 industry going forward.
Competitive Landscape -
Major companies operating in the encryption software market report are Amazon Web Services Inc, Check Point Software Technologies Ltd., Dell Inc., Cisco System Inc, F-Secure Corporation, Ibm Corporation, Microsoft Corporation Inc., Oracle Corporation, Palo Alto Networks Inc., Trend Micro Inc.,ESET s. r. o,Sophos Group Ltd., Bitdefender Ltd., Pkware Inc.,Thales Group,Gemalto, Jetico Inc. ,Micro Focus,McAfee, Fortinet,Palo Alto Networks,WinMagic,Vormetric, Proofpoint,ESET,Utimaco GmbH,Boxcryptor,Virtru,Zix Corporation,Trustwave,,,,
Encryption Software Enhances Healthcare Data Security
Technological advancement is a key trend gaining popularity in the encryption software market. 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 May 2023 Vaultree an Ireland-based software developer announced the launch of Fully Functional Data-In-Use Encryption (FFDUE) solution to the healthcare industry, which significantly improved safeguarding healthcare data. The FFDUE technology enables processing encrypted data in real-time, at scale, while maintaining operational efficiency and performance.
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Key Segments -
The encryption software market covered in this report is segmented -
1) By Component: Software, Service
2) By Organization Size: Large Enterprises, Small & Medium Enterprises
3) By Application: Disc Encryption, File/Folder Encryption, Database Encryption, Communication Encryption, Cloud Encryption
4) By Industry Vertical: IT and Telecommunications, Banking, Finance, Security, and Insurance (BFSI), Healthcare and Life Sciences, Manufacturing, Government, Energy and Utilities, Other Industry Verticals
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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