Dublin, Oct. 19, 2020 (GLOBE NEWSWIRE) -- The "Global Encryption Software Market 2019-2028" report has been added to ResearchAndMarkets.com's offering.
As per this report, the global encryption software market is expected to showcase revenue growth at a CAGR of 13.25% during the forecast period of 2019-2028.
The surge in the number of data breaches and force attacks, rise in compliance regulations, growing adoption of virtualization & cloud, and increased mobility are major drivers augmenting the growth of the market. Further, widespread adoption of IoT and cloud services, paired with ongoing technological advancements in the encryption chips, is generating numerous opportunities for the studied market's expansion.
However, high capital investments, along with limitations on the use of encrypted devices in some countries, are obstructing the progress of the market. In addition, the increase in costs and complexity of encryption keys, lack of education on encryption, and regulatory restrictions on crypto-software are some of the challenging factors affecting the market's evolution during the estimated period.
REGIONAL OUTLOOK
The global encryption software market covers the Asia-Pacific, North America, Latin America, Europe, and the Middle East and Africa regions.
The Asia-Pacific encryption market is anticipated to become the fastest-growing market for encryption software during the projected duration 2019-2028. In Japan, the surge in cyberattacks on organizations has prompted the government to authenticate new legislation, strategies, and facilities. Additionally, the government is planning to fast-track its research and development of quantum cryptography technology with a target to position it into practical use in 2025. This next-generation technology will permit higher encryption security for diplomatic and business correspondence, opening up growth prospects for the studied market.
Likewise, the increase in cyberattacks has influenced the Chinese government to fully recognize the importance of cybersecurity, resulting in the implementation of new cyber laws to strengthen critical infrastructure protection. A recently implemented cyber law governing cryptographic password management focuses on setting standards for the application of cryptography and management of passwords, thereby reducing China's cyber risks on a large scale. Further, the continual use of encryption technologies to hide sensitive data and supervise the information by private entities is expected to offer growth prospects for the encryption software market in China.
COMPETITIVE OUTLOOK
The major enterprises involved in the market include Trend Micro Incorporated, Proofpoint, McAfee LLC, Check Point Software Technologies, International Business Machines Corporation, Palo Alto Networks Inc, Oracle Corporation, Broadcom Inc, Sophos Holdings Ltd, Symantec Corporation, Microsoft Corporation, Dell Inc, Fortinet Inc, FireEye Inc, and Cisco System Inc.
Microsoft Corporation is known to develop, license, and support software products and services. The company's product portfolio includes operating systems, cross-device productivity applications, server applications, business solution applications, and others. It further provides cloud-based solutions, support, and consulting services. The corporation has its headquarters in Washington, the United States, and its operations are spread worldwide.
Key Topics Covered:
1. Global Encryption Software Market - Summary
2. Industry Outlook
2.1. Market Definition
2.2. Key Insights
2.2.1. Wide Adoption of Encryption Strategy in Enterprises
2.2.2. Increase in Demand for Cloud Data Encryption
2.2.3. Snowden Revelations
2.3. Impact of COVID-19 on Encryption Software Market
2.4. Porter's Five Forces Analysis
2.4.1. Threat of New Entrants
2.4.2. Threat of Substitute
2.4.3. Bargaining Power of Buyers
2.4.4. Bargaining Power of Suppliers
2.4.5. Threat of Competitive Rivalry
2.5. Market Attractiveness Index
2.6. Vendor Scorecard
2.7. Market Drivers
2.7.1. Increase in Number of Data Breaches and Force Attacks
2.7.2. Increase in Compliance Regulations
2.7.3. Growth in Adoption of Virtualization and Cloud
2.7.4. Increase in Mobility
2.8. Market Restraints
2.8.1. High Capital Investment
2.8.2. Limitations on Use of Encrypted Devices in Some Countries
2.9. Market Opportunities
2.9.1. Widespread Adoption of IoT and Cloud Services
2.9.2. Ongoing Technological Advancements in Encryption Chips
2.10. Market Challenges
2.10.1. Increase in Costs and Complexity of Encryption Keys
2.10.2. Lack of Education on Encryption
2.10.3. Regulatory Restrictions on Crypto-Software
3. Global Encryption Software Market Outlook - by Component
3.1. Software
3.2. Services
4. Global Encryption Software Market Outlook - by Deployment
4.1. On-Premise
4.2. Cloud
5. Global Encryption Software Market Outlook - by Organization Size
5.1. Large Enterprises
5.2. Small & Medium Enterprises
6. Global Encryption Software Market Outlook - by Function
6.1. Disk Encryption
6.2. Communication Encryption
6.3. File/Folder Encryption
6.4. Cloud Encryption
7. Global Encryption Software Market Outlook - by End-User
7.1. BFSI
7.2. IT & Telecom
7.3. Government & Public Sector
7.4. Retail
7.5. Healthcare
7.6. Aerospace & Defense
7.7. Media & Entertainment
7.8. Others
8. Global Encryption Software Market - Regional Outlook
8.1. North America
8.2. Europe
8.3. Asia-Pacific
8.4. Latin America
8.5. Middle East and Africa
9. Competitive Landscape
9.1. Check Point Software Technologies
9.2. Cisco System Inc
9.3. Symantec Corporation
9.4. Sophos Holdings Ltd
9.5. Trend Micro Incorporated
9.6. Broadcom Inc
9.7. Dell Inc
9.8. Fireeye Inc
9.9. Fortinet Inc
9.10. International Business Machines Corporation
9.11. Mcafee LLC
9.12. Microsoft Corporation
9.13. Oracle Corporation
9.14. Palo Alto Networks Inc
9.15. Proofpoint
10. Methodology & Scope
10.1. Research Scope & Deliverables
10.2. Sources of Data
10.3. Research Methodology
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