iCrowd Newswire – Jul 10, 2020
The Global Encryption Software Market is estimated to grow at a CAGR of 16.3% during the forecast period 2020-2027. As per the detailed market study, the global encryption software industry is anticipated to reach $22.74 billion by the end of the year 2027.
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Encryption software used to encrypt and decrypt data streams and protect the network packet and the content of file; and offer security from unauthorized users. Organizations are largely intent towards adoption of encryption software to protect confidentiality related to digital data that may be transmitted through various networks or stored in the systems of organization. Also, encryption software offers various advantages such as increasing demand of data security due to increasing trend and need of remote working and increase in integrity of data. Furthermore, increasing adoption of encryption software among the SMEs to boost data security propels the market growth.
The global encryption software industry is driven by various growth factors such as increase in trend of bring your own device (BYOD) in organizations, increased compliance regulation, increase in mobility and growth in the number of issues related to data breaches and complexities related to network security. Whereas, limited usage of encrypted device and lack of awareness related benefits and application of encryption software impede the market growth over the forecast period. On contrary, increase in demand for cloud-based encryption software will offer lucrative opportunities for the market players operating in the global encryption software market.
Segmentation Overview of the Global Encryption Software Market
The global encryption software market is categorized on the basis of various market segments such as component, deployment model, organization size, function and industry vertical. These major market segments are further categorized into various sub-segments to study the market in detail.
The Component Segment of the Global Encryption Software Market is Sub-Segmented into:
The Deployment Model Segment of the Global Encryption Software Market is Sub-Segmented into:
The Organization Size Segment of the Global Encryption Software Market is Sub-Segmented into:
- Large Enterprises
- Small & Medium Enterprises
The Function Segment of the Global Encryption Software Market is Sub-Segmented into:
- Cloud Encryption
- File/Folder Encryption
- Communication Encryption
- Disk Encryption
The Industry Vertical Segment of the Global Encryption Software Market is Sub-Segmented into:
- Media & Entertainment
- Aerospace & Defence
- Government & Public
Competitive Landscape of the Global Encryption Software Market
Trend Micro Incorporated, Palo Alto Networks, Inc., Oracle Corporation, Microsoft Corporation, IBM Corporation, Fortinet, Inc., F-Secure, Cisco System, Inc., Check Point Software Technologies and Amazon Web Services, Inc. (AWS) are some major players included in the research study of the global encryption software market. The market players are adopting various competitive strategies to withhold majority of the market share in the global marketplace.
Regional Overview of the Global Encryption Software Market
The North America encryption software market dominated the global marketplace in the year 2019 with ~2/5th of the market share in the global encryption software industry. On the other hand, the Asia-Pacific encryption software market is estimated to grow at the fastest growth rate with a CAGR of 18.2% during the forecast period 2020-2027.
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Keywords: Encryption Software Market