According to the latest report by IMARC Group, titled “Encryption Software Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, the global encryption software market size reached US$ 10.4 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 24.8 Billion by 2027, exhibiting a growth rate (CAGR) of 15.44% during 2022-2027.
Market Outlook:
Encryption software is a program-based application that uses cryptography techniques to protect confidential information by prohibiting unauthorized access. It employs mathematical algorithms to encrypt data files, network packets, or applications into a coded message or cipher text, which can only be decrypted to its original form through a key. Encryption software increases the integrity of crucial data, eliminates fraudulent activities, such as data breaching and hacking, ensures data backup, provides optimal privacy, and mitigates regulatory fines. Consequently, encryption is used for transmitting data, disk, communication, folder, and cloud encryptions.
Market Trends:
Rapid digitalization and the increasing cases of data breaching, especially in the telecommunications sector, have facilitated the widespread adoption of encryption software across various industries to protect the massive volume of data, which is primarily driving the market growth. Additionally, the extensive uptake of bring-your-own-device (BYOD), work-from-home (WFH), and cloud computing models during the COVID-19 pandemic has heightened the risk of data loss and unauthorized access. This, in turn, is supplementing the need for encryption software to prevent commercial espionage.
Moreover, the implementation of government data compliance regulations, including the payment card industry data security standard (PCI-DSS) and health insurance portability and accountability act (HIPAA), are favoring the market growth. Besides this, the rising need for effective cloud data security technologies to strengthen the overall cybersecurity measures of the company and the integration of the internet of everything (IoE) to authenticate and ensure confidentiality of files are supporting the market growth.
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Competitive Analysis and Segmentation:
Competitive Landscape with Key Players:
The competitive landscape of the global encryption software market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
- Amazon Web Services Inc. (Amazon.com Inc)
- Check Point Software Technologies Ltd.
- Cisco System Inc.
- Fortinet Inc.
- F-Secure
- International Business Machines Corporation
- Microsoft Corporation
- Oracle Corporation
- Palo Alto Networks Inc.
- Trend Micro Incorporated
Key Market Segmentation:
The report has segmented the global encryption software market on the basis of component, deployment model, organization size, function, industry vertical and region.
Breakup by Component:
- Software
- Services
Breakup by Deployment Model:
- On-premises
- Cloud-based
Breakup by Organization Size:
- Large Enterprises
- Small and Medium Enterprises
Breakup by Function:
- Disk Encryption
- Communication Encryption
- File and Folder Encryption
- Cloud Encryption
Breakup by Industry Vertical:
- BFSI
- Aerospace and Defence
- IT and Telecom
- Media and Entertainment
- Government and Public
- Retail
- Healthcare
- Others
Breakup by Region:
- North America
- Asia Pacific
- Europe
- Latin America
- Middle East and Africa
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Key Highlights of the Report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Industry Trends
- Market Drivers and Success Factors
- The Impact of COVID-19
- Value Chain Analysis
- Structure of the Global Market
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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