According to a report published by Grand View Research, Inc.; the global encryption software market is anticipated to reach a valuation of around USD 8.40 billion by 2024. Rising need for protecting sensitive information of organizations from cyber-attacks can impel market over the forecast period (2013 to 2024). Strict government policies and compliances that mandate the use of encryption methods across the organizations can further propel the market expansion.
Increasing adoption of smartphones, development in mobile technology in terms of hardware and software, and their distribution among businesses can boost the advanced encryption software market. Rising implementation of cloud platforms is another key driving factor for the market. Strong penetration of cloud computing coupled with high data volumes has led to the rise in cases of commercial espionage, data breaches, and cyber-attacks. This factor is anticipated to increase the deployment for effective encryption tools.
Additionally, growing use of internet and rapid digitization makes intellectual property of organizations and individual users venerable towards infringement and theft. The encryption techniques allow protection of intellectual property and other sensitive information. This is expected to boost the market for encryption software during the forecast period. However, the high cost associated with these solutions can restrain the growth. Deployment of these solutions is complex, time consuming and it requires many software licenses and additional storage space. All these factors may further hinder expansion of the market.
Full Research Report On Encryption Software Market Analysis: https://www.grandviewresearch.com/industry-analysis/encryption-software-market
The worldwide encryption software market can be segmented on the basis of deployment type, application, end-use, and regions. Based on type, the market can be classified into cloud-based and on-premise. The on-premise segment held over 60% market share in terms of revenue in 2015. As per application, the market can be categorized into file/folder encryption, disk encryption, database encryption, network traffic encryption, web communication encryption, cloud encryption, and others.
Based on end-use, the market can be segmented into banking, financial services and insurance (BFSI), manufacturing, retail, government and public administration, education, healthcare, telecom, and defense and aerospace. In 2015, the BFSI segment accounted for around 25% of total revenue share. The segment likely to growth at a CAGR exceeding 16% from 2016 to 2024.
Geographically, the market for encryption software can be divided into Europe, North America, Latin America, Asia Pacific, and Middle East & Africa. North America has been dominating the market due to the presence of established IT and telecom companies and huge data generation in the region. Increasing security concerns owing to high use of internet and personal computers in private organizations can further boost the regional market over the forecast period.
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In 2015, Asia Pacific was estimated to be worth around USD 500.0 million and is expected to continue growing at an impressive pace over the forecast period. Lack of data storage infrastructure is driving the demand for cloud platforms to store enterprise data. This is the primary driver for the regional encryption software market. Growing government funding in healthcare sector, adoption of internet of things (IoT) and bring your own device (BYOD), and implementation of cloud services can further boost the market expansion. Fast developments in the manufacturing, retail, and IT and telecom sectors can also drive the market growth. Growth in the number of small and medium-sized enterprises (SMEs) in India, China, and Japan is anticipated to propel the demand for encryption software.
The Europe market for encryption software is anticipated to showcase considerable growth over the forecast period. Increasing demand from various end-use industries including BFSI, retail, healthcare, telecom, and manufacturing can be attributed to this expansion. Additionally, IT upgrades in the existing infrastructures are also expected to boost the demand during the forecast period. Growing use of advanced technologies is also likely to uplift the adoption of advanced encryption tools in the region.
Some of the leading players operating in the market include Microsoft Corporation, IBM Corporation, Symantec Corporation, Check Point Software Technologies, and Cisco Systems. The market is fragmented in nature due to the presence of numerous international and regional companies. These market players offer data protection services to SMEs as well as individual users. Most companies are focusing on development of innovative encryption solutions based on advanced cryptography to provide additional data security.
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Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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