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Encryption Software Market Forecast 2024-2033 - Major Trends, Segments And Fastest Growing Regions | Amazon Web Services Inc, Check Point Software Technologies Ltd., Dell Inc., Cisco System Inc
Encryption Software Global Market Report 2024
As per the report, the encryption software market size has grown rapidly in recent years. It will grow from $11.96 billion in 2023 to $13.74 billion in 2024 at a compound annual growth rate (CAGR) of 14.9%. 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%.
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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.
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.
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
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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,,,,
Contents of the report:
1. Executive Summary
2. Encryption Software Market Report Structure
3. Encryption Software Market Trends And Strategies
4. Encryption Software Market - Macro Economic Scenario
5. Encryption Software Market Size And Growth
…..
27. Encryption Software Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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