IMARC Group, a leading market research company, has recently releases report titled “Encryption Software Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027.” The study provides a detailed analysis of the industry, including the global encryption software market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How big is the encryption software market?
The global encryption software market size reached US$ 10.4 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 24.8 Billion by 2027, exhibiting a growth rate (CAGR) of 15.44% during 2022-2027.
Encryption Software: Application and Uses
Encryption software is a program-based application that uses cryptography techniques to protect confidential information by prohibiting unauthorized access. It employs mathematical algorithms to encrypt data files, network packets, or applications into a coded message or cipher text, which can only be decrypted to its original form through a key. Encryption software increases the integrity of crucial data, eliminates fraudulent activities, such as data breaching and hacking, ensures data backup, provides optimal privacy, and mitigates regulatory fines. Consequently, encryption is used for transmitting data, disk, communication, folder, and cloud encryptions.
What are the growth prospects and trends in the encryption software industry?
Rapid digitalization and the increasing cases of data breaching, especially in the telecommunications sector, have facilitated the widespread adoption of encryption software across various industries to protect the massive volume of data, which is primarily driving the market growth. Additionally, the extensive uptake of bring-your-own-device (BYOD), work-from-home (WFH), and cloud computing models during the COVID-19 pandemic has heightened the risk of data loss and unauthorized access. This, in turn, is supplementing the need for encryption software to prevent commercial espionage.
Moreover, the implementation of government data compliance regulations, including the payment card industry data security standard (PCI-DSS) and health insurance portability and accountability act (HIPAA), are favoring the market growth. Besides this, the rising need for effective cloud data security technologies to strengthen the overall cybersecurity measures of the company and the integration of the internet of everything (IoE) to authenticate and ensure confidentiality of files are supporting the market growth.
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Encryption Software Market 2022-2027 Competitive Analysis and Segmentation:
Competitive Landscape with Key Players:
The competitive landscape of the global encryption software market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
- Amazon Web Services Inc. (Amazon.com Inc)
- Check Point Software Technologies Ltd.
- Cisco System Inc.
- Fortinet Inc.
- F-Secure
- International Business Machines Corporation
- Microsoft Corporation
- Oracle Corporation
- Palo Alto Networks Inc.
- Trend Micro Incorporated
Market Segmentation:
Breakup by Component:
- Software
- Services
Deployment Model:
- On-premises
- Cloud-based
Organization Size:
- Large Enterprises
- Small and Medium Enterprises
Function:
- Disk Encryption
- Communication Encryption
- File and Folder Encryption
- Cloud Encryption
Industry Vertical:
- BFSI
- Aerospace and Defence
- IT and Telecom
- Media and Entertainment
- Government and Public
- Retail
- Healthcare
- Others
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
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