Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Encryption Software Market (By Deployment: On-Premise, Cloud; By Application: Disk Encryption, File/Folder Encryption, Database Encryption, Web Communication Encryption, Network Traffic Encryption, Cloud Encryption, Others; By End Use Industry: BFSI, Healthcare, Retail, Government & Public Administration, Telecom, Defense & Aerospace, Education, Manufacturing) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2018 - 2026”.
LOS ANGELES, April 10, 2019 (GLOBE NEWSWIRE) -- The global encryption software market is forecasted to grow at a stable CAGR around 17% during the forecast period and reach around US$ 8.7 billion by 2026.
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According to the report named “Encryption software Market - Global Industry Analysis, Growth, Share, Size, Trends and Forecast, 2018-2026”, increasing technological advancements, rising concerns about data security, increasing trend of Bring Your Own Device (BYOD) and Internet of Things (IoT) among organizations, advancements in mobile technology and growing penetration of smartphones are some of the key factors that are fueling the encryption software market growth across the globe. Software organizations around the globe have been quickly adopting encryption software in order to improve business capability and enhance data security. Encryption software supports to protect the privacy of the information stored in files as well as and data transferring over networks. Hence, encryption software helps to boost the security of private information by rendering the data unreadable. Therefore, the adoption of encryption software is projected to increase due to the rise in increasing incidence of cyber attacks. Asia Pacific is projected to experience the speedy growth over the forecast period owing to the lack of storage infrastructure which has forced enterprises to store data on cloud.
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Rising Incidences of Cyber Attacks and Advancements in Mobile Technology to Drive the Global Encryption software Market Growth
Advancements in mobile technology and growing penetration of smartphones are some of the fundamental factors driving the growth of the global encryption software market. Increasing usage of mobile devices across various enterprises has amplified the risk of data loss which made encryption software essential for safe data transmission. Moreover, the need to protect sensitive data is growing as organizations are rapidly shifting towards cloud computing, resulting in an improved deployment for the encryption software. Additionally, organizations have become more susceptible to data loss, cyber-attacks, theft, data breach and commercial surveillance. Hence, companies are mainly focusing on implementing the encryption software. A number of industry verticals such as healthcare and BFSI have to meet the terms of stringent regulations such as HIPPA and PCI DSS, which needs an execution of data security solution. This is boosting the overall demand for encryption software across the world. In addition, growing internet usage and rapid digitization are some of the major factors that positively affecting the growth of the overall market. Companies are required to execute encryption software solutions in order to safeguard the data owing to various security risks. Moreover, increasing reliance on online transactions is also boosting the growth of the global encryption software market and expected to create huge opportunities in near future.
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Asia Pacific to Grow at Highest Rate in Encryption Software Market
Geographically, the global encryption software market has been divided into North America, Europe, Asia Pacific, Latin America and Middle East and Africa. Asia Pacific is expected to hold the significant market share and grow at highest growth rate during the forecast period owing to the lack of storage infrastructure which has forced enterprises to store data on cloud. Furthermore, growing penetration of IoT, BYOD and cloud services are boosting the growth of the regional encryption software market. Rapid technological advancements in the manufacturing industry in nations such as India and China and blooming retail and IT & telecom sector are supplementing the growth of the regional market. North America is also expected to witness significant growth during the forecast time frame due to the growing technological advancements and early adoption of BYOD services. The U.S. is projected to show highest growth throughout the forecast period owing to the presence of large number of IT and telecom companies in the country.
Market Players
The encryption software market is consolidated with large number of manufacturers. The company profiling of key players in the market includes major business strategies, company overview and revenues. The key players of the market are Microsoft Corporation, Cisco Systems, Thales e-Security, Symantec, EMC Corporation, Sophos, IBM Corporation, Intel Security, Bloombase, Trend Micro, and Check Point Software Technologies.
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