Selbyville, Delaware, Jan. 08, 2020 (GLOBE NEWSWIRE) --
Global Market Insights, Inc. has recently added a new report on encryption software market which estimates the global market valuation for encryption software will cross US$ 20 billion by 2026. The industry growth is attributed to supportive government initiatives to combat cybercrimes and the rising instances of data breaches globally. The growing implementation of disk, email, and mobile encryption capabilities in security suites provided by the cybersecurity vendors to address the evolving threats will augment market growth.
The email encryption software market is expected to hold a share of over 25% in 2026 due to the rising uptake of security software to protect data from malware, identity thefts, and phishing. As email is one of the widely used communication methods used by enterprises, the demand for email data protection software to secure various aspects of email systems including content, media attachments or email access increases. The software encrypts data in transit and at rest and also supports multi-factor authentication for additional security, ensuring that sensitive information is always protected in line with regulatory compliance.
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The on-premise deployment model segment held over 70% of the market share in 2019 and is projected to maintain a dominant position over the forecast timeline. The enterprises prefer an on-premise deployment model approach due to the high security associated with managing sensitive data in-house and gain access to cryptography keys for enhanced security. However, with the growing popularity of cloud platforms to store enterprise data due to high scalability and cost benefits, the demand for cloud-based encryption software is expected to accelerate over the forecast timeline.
The retail sector will also observe the heavy uptake of encryption over the projected timeframe owing to the need to protect customer data throughout a retailer’s operations. The sector is witnessing a huge usage of third-party services to support online transactions, optimizing customer experience on their websites. This has led to a rise in the number of data breaches, exploiting sensitive customer information such as credit card & bank account details and personal credentials. According to a report published by Thales eSecurity, a cybersecurity provider, around 75% of the U.S. retailers have experienced a breach in 2018 as compared to 52% in 2017, exceeding the global average. The demand for cybersecurity solutions will rise significantly from 2020 to 2026, preventing theft & customer information compromise.
Browse key industry insights spread across 260 pages with 269 market data tables and 26 figures & charts from the report, “Encryption Software Market Size, By Component (Software [Endpoint Encryption, Email Encryption, Cloud Encryption], Service [Training & Consulting, Integration & Maintenance, Managed Service]), By Deployment Model (On-Premise, Cloud), By Application (IT & Telecom, BFSI, Healthcare, Retail, Government & Public Sector, Manufacturing), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/encryption-software-market
Latin America encryption software market is expected to grow at a CAGR of over 18% from 2020 to 2026 due to the rising number of cyberattacks on the business-critical infrastructure, growing usage of digital platforms among enterprises to conduct business transactions, and supportive government initiatives to promote cybersecurity. The rapidly evolving threat landscape has compelled public & private enterprises to promote digital security to safeguard sensitive business information. The government agencies in the countries including Mexico, Brazil, and Argentina are introducing cybersecurity strategies to respond to a wide array of cyberattacks.
Some major findings of the encryption software market report include:
- The industrial verticals including healthcare, retail, and BFSI witnessed the heavy adoption of data protection solutions to protect sensitive/non-sensitive data and applications.
- According to the HIPPA Journal, globally, the healthcare sector witnessed the highest breach costs, accounting for an average mitigation cost of USD 6.45 million.
- The cloud-based encryption software is gaining immense popularity as enterprises are migrating toward cloud platforms to store massively growing enterprise data and to leverage benefits in the form of on-demand scalability and reduced operational expenses.
- Various small cybersecurity vendors and emerging startups are emerging in the market, offering a wide range of solutions to cater to the security needs of enterprises, expanding their customer base.
- The emerging startups, including Enveil (U.S.), Cosmian (Paris), Duality (U.S.), PreVeil LLC (U.S.) are focusing on fund-raising activities to develop new offerings and support business expansion.
The competition in the encryption software market is characterized by strategic partnerships, new product launches, and geographic expansion. For instance, in November 2019, Sophos partnered with Telefonica UK (O2) to provide its products & services to Telefonica’s customers in the UK. The partnership enables the customers to gain access to Sophos Central cloud-based security platform to secure their organizations. The company’s products & services also enable customers to minimize cybersecurity risks by using behavioral analytics and machine learning to identify known & unknown threats. In August 2018, Kapalya, a Hawaii-based cybersecurity startup, introduced a data protection solution to secure data at rest and data in transit on private & public clouds and mobiles. The platform allows users to work on any device, ensuring end-to-end encrypted file sharing.
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Partial chapters of report table of contents (TOC):
Chapter 3. Encryption Software Industry Insights
3.1. Introduction
3.2. Industry segmentation
3.3. Industry landscape, 2015 – 2026
3.4. Evolution of encryption software
3.5. Encryption software industry architecture
3.6. Encryption software industry ecosystem analysis
3.7. Technology & innovation landscape
3.7.1. Quantum cryptography
3.7.2. Honey encryption
3.7.3. Lattice based cryptography
3.8. Regulatory landscape
3.8.1. North America
3.8.1.1. ENCRYPT Act of 2019 (U.S.)
3.8.1.2. Gramm-Leach-Bliley Act of 1999 (U.S.)
3.8.1.3. Personal Information Protection and Electronic Documents Act [(PIPEDA) Canada]
3.8.2. Europe
3.8.2.1. General Data Protection Regulation (EU)
3.8.2.2. Data Protection Authority (DPA) regulations on the transmission of personal data by e-mail (Denmark)
3.8.3. APAC
3.8.3.1. National Law on Cryptography (China)
3.8.3.2. Guide to securing personal data in electronic medium (Singapore)
3.8.4. Latin America
3.8.4.1. Law No. 9,296 of July 24, 1996 (Government Access to Encrypted Communications, Brazil)
3.8.4.2. National Directorate of Personal Data Protection (Argentina)
3.8.5. MEA
3.8.5.1. Policy of Control and Licensing of Commercial Encryption Items (Israel)
3.8.5.2. Regulation of Interception of Communications and Provision of Communication-related Information Act, 2002 (RICA- South Africa)
3.9. Industry impact forces
3.9.1. Growth drivers
3.9.1.1. Stringent regulations on cybersecurity and data privacy compliances
3.9.1.2. Rising concerns over securing enterprise Intellectual Property (IP) assets
3.9.1.3. Increasing proliferation of cloud and virtualization technologies
3.9.1.4. Growing trend of Bring Your Own Devices (BYOD) among enterprises
3.9.2. Industry pitfalls & challenges
3.9.2.1. Complexities in encryption key management
3.9.2.2. Easy availability of pirated and free-to-use encryption software
3.9.2.3. Regulatory restrictions on cryptography and encryption
3.10. Growth potential analysis
3.11. Porter’s analysis
3.12. PESTEL analysis
Browse complete report table of contents @ https://www.gminsights.com/toc/detail/encryption-software-market
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.