Encryption Software Market Share, Size, Trends, Industry Analysis Report By Deployment Model (On-Premise, Cloud-Based); By Application (File Encryption, Disk Encryption, Database Encryption, Cloud Encryption, Communication Encryption, Others); By Organization Size (Large Enterprises, Small and Medium Businesses); By End-User (BFSI, Healthcare, Aerospace and Defense, Government and Public Utilities, Retail, Others); By Regions, Segments & Forecast, 2019 – 2026
The Global Encryption Software Market is expected to grow at a CAGR of 15.9% during the forecast period 2018-2026. As per the analysis, the global market was valued $6.26 billion in the year 2018 and anticipated to reach $20.44 billion by the end of the year 2026.
Encryption Software is a type of security program that is used to maintain data confidentiality while at rest and during transit. The major functions offer by the software include encrypting application, network packet, file and data object to safeguard these from unauthorized access by users.
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The Global Encryption Software Market is driven by various factors such as increasing demand for data privacy and increasing concerns related to vital data loss. Also, increasing trend of Internet of Things (IoT) and Bring Your Own device (BYOD) is highly witnessed by the global encryption software market. Moreover, increasing adoption of virtualization, big data and cloud boost the demand for encryption of ensure data safety critically. Additionally, increasing mobility and regulatory support to ensure software safety boost the market growth during the forecast period. Some other factors driving the market growth are increasing demand to protect Intellectual Property, growth in number of data lapses and continuous technological advancements. Increasing adoption of software-based services by the BFSI sector and increasing demand of cloud-based encryption solutions are also influencing the market growth in positive manner for the forecast period. However, complexities and high cost of related product and lack of awareness among small and medium enterprises will hamper the market growth for the long-term.
Segmentation Overview of the Global Encryption Software Market
The Global Encryption Software Market is segmented on the basis of Deployment Model, Application, End-User and Organization Size. These market segments are further categorized into various sub-segments to study the market in detail.
The Deployment Model of the Global Encryption Software Market is Sub-Segmented into:
The Application Segment of the Global Encryption Software Market is Sub-Segmented into:
- File Encryption
- Communication Encryption
- Cloud Encryption
- Database Encryption
- Disk Encryption
The Organization Size Segment of the Global Encryption Software Market is Sub-Segmented into:
- Large Enterprises
- Small Business
- Medium Business
The End-User Segment of the Global Encryption Software Market is Sub-Segmented into:
- Government and Public Utilities
- Aerospace and Defense
Geographical Overview of the Global Encryption Software Market
On the basis of geographical segmentation, the global encryption software market was studied across North America (U.S., Canada); Europe (Germany, UK, France); Asia Pacific (China, India, Japan); Latin America (Brazil, Mexico); Middle East & Africa. As per the analysis, the North America accounted to dominate the global market in the year 2018. The regional dominance is due to well-established IT and Telecom sector of the region and huge data generation in the region through various means.
Key Players Insights
Sophos Group Plc, Trend Micro, Inc., Oracle Corporation, Check Point Software Technologies Ltd., Intel Security, CISCO Systems Inc., EMC Corporation, IBM Corporation, Symantec Corporation and Microsoft Corporation are some major players included in the research study of the global encryption software market.
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