- Rising concerns with respect to the data security is growing the global encryption software market.
- The use of encryption software has grown incrementally over the last few years.
- Lack of skilled workforce and complexities involved in the management of encryption keys is expected to restrain growth.
The global encryption software market is expected to witness robust growth, expanding at a CAGR of 15.3% during the forecast period from 2018 to 2026. The projected growth is largely credited to rising concerns with respect to the data security. Encryption is a process used to make data secure so that the probability of it being intercepted by an unauthorized person becomes minimal. In a bid to improve data security and boost business proficiency, encryption solutions are witnessing incremental adoption among business organizations across different industry verticals.
Encryption software also facilitates protection of confidential information stored in a database and data in transit according to the security and compliance requirements of an organization. Large number of business organizations worldwide are embracing encryption solutions for addressing the growing concerns related with the data privacy and to abide data safety compliance regulations.
Encryption software empowers organizations to enhance the security of their archived and backup data that resides on their storage systems. Compliance regulations coupled with proliferation of publicized data loss is driving the need for customers to encrypt their data-at-transit and data-at-rest. Additionally, increasing amount of cyber-attacks and consequent demand for advanced security solutions to safeguard confidential data is other major factor augmenting the growth of encryption software market.
With continual surge in the number of data thefts, breaches, and increased penetration of mobile devices, end-point security has become one of the key considerations for business organizations worldwide. Increasing use of mobile technology has enhanced the adoption of encryption services and solutions for controlling and securing data from risks of thefts. In addition, the on-going trend of bring your device (BYOD) policies at work have elevated the risk of data loss among organizations. This in turn is spurring the implementation of encryption software essential for securing data transmission.
The use of encryption software has grown incrementally over the last few years. This software is deployed for encryption of data in the file systems and databases and for data being transferred over internal and public networks. On the other hand, lack of skilled workforce and complexities involved in the management of encryption keys is expected to somewhat restrain the growth of the encryption software market, especially in the first half of the forecast period.
The global encryption software market is segmented on the following basis:
- By Component
- By Deployment Type
- By End-use Vertical
- Aerospace & Defense
- Banking, Financial Services and Insurance (BFSI)
- Government and Public Utilities
- IT & Telecom
- Others (Education, Manufacturing, Media and Entertainment, etc.)
- By Geography
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Rest of the World
- Middle East & Africa
- Latin America
- North America
Key Players Identified for Encryption Software Market Include but are Not Limited to:
CipherCloud, Cisco Systems, Inc., Dell, Inc., ESET, LLC, Gemalto NV, International Business Machines Corporation, McAfee, LLC, Microsoft Corporation, PKWARE, Inc., SAS Institute Inc., Sophos Ltd., Symantec Corporation, Thales eSecurity, Trend Micro Inc. and WinMagic Inc. among others.