The market for encryption software will grow rapidly; Growth

Pune, India, December 10, 2021 (GLOBE NEWSWIRE) – Global Encryption Software Market Size Expected To Reach 24.94 billion USD by 2027, presenting a 14.1% CAGR during the forecast period. The growing number of data breaches, data security threats, and cyber attacks in organizations will enable rapid market expansion, says Fortune Business Insights, in a report titled “Encryption Software Market Size, Share and Analysis. ‘Covid-19 impact, by component (Software, services), by application (disk encryption, database encryption, cloud encryption, folder encryption and others), by business size (large companies, small and medium-sized enterprises (SMEs)), by deployment model (on-premise, Cloud), by vertical sector (IT and telecommunications, banking, finance, security and insurance (BFSI), healthcare and life sciences, manufacturing, retail, government, energy and utilities, and others) and regional forecast, 2020-2027. The market size was 8.82 billion USD in 2019.

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Report Lists Key Companies in Encryption Software Market

  • IBM Corporation (New York, United States)
  • Symantec Corporation (Arizona, United States)
  • Thales Group (La Défense, France)
  • Microsoft Corporation (Washington, United States)
  • Trend Micro Incorporated (Tokyo, Japan)
  • Dell Technologies, Inc. (Texas, United States)
  • Sophos Ltd. (Abingdon, United Kingdom)
  • Check Point Software Technologies (Tel Aviv-Yafo, Israel)
  • McAfee, Inc. (California, United States)
  • WinMagic (Ontario, Canada)
  • Bitdefender (Bucharest, Romania)
  • CipherCloud (California, United States)
  • ESET (Bratislava, Slovakia)
  • Zettaset, Inc. (California, United States)

Scope and segmentation of the report

Cover of the report Details
Forecast period 2020 to 2027
Forecast period 2020 to 2027 CAGR 14.1%
2027 value projection $ 24.94 billion
Year of reference 2019
Market size in 2019 $ 8.82 billion
Historical data for 2016 to 2018
Number of pages 120
Covered segments Size, Part, Component, Geography
Growth drivers Growing Demand for Encryption Solutions to Accelerate Growth Amid COVID-19 Pandemic
Growing trend of encryption software for data security and privacy to spur development
Growing Incidence of Data Breaches to Drive Profitable Business Opportunities
Pitfalls and challenges Using hacked and open source encryption solutions to hamper market growth

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The report on the encryption software market includes:

  • Outstanding Market Insights
  • Careful examination of segments
  • Recent developments and drivers
  • Vital information on key players
  • Dominant regions
  • Impact of COVID-19

Market engine:

Increase in data and security breaches to boost business opportunities

The increasing number of data and security breaches is expected to enhance the healthy growth of the market. For example, in June 2020, Chartered Professional Accountants of Canada (CPA) witnessed a cyberattack that resulted in the loss of the personal information of more than 329,000 stakeholders and members. The need for data protection policies and technologies to secure critical data and support smooth data processing will drive market growth. The growing inclination towards encryption software as a key defensive measure against data and security breaches can have a great impact on the market. Cryptographic security control systems protect databases and reduce cyber threats. In addition, data generated by digital channels, cloud technology and the Internet of Things (IoT) will subsequently drive the need for data privacy solutions in the years to come.

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Applying data solutions to development assistance amid the coronavirus

The increasing use of remote access technologies has increased the risks of cybersecurity breaches and computer outages, which in turn will enable market growth during the coronavirus. The rise of IT activities and digitization have therefore increased the risks of cyber-hacking. The growing incidence of malware attacks, phishing attacks, and ransomware attacks due to cultivation work will further boost opportunities for the market amid the coronavirus. In addition, the growing knowledge about securing the database and private networks will fuel the demand for encryption solutions in the near future.

Regional analysis:

Increase Internet Penetration to Increase Growth in North America

The North American market is expected to hold the largest share of the global market due to the increasing adoption of encryption solutions. Internet penetration is expected to further contribute to the rapid expansion of the market in North America. The importance of data protection due to the expansion of mobile wireless networks will further drive the market growth in the region. According to the Interstate Technology & Regulatory Council (ITRC), the estimated number of witness data breaches by companies in the United States has increased from 1,473 breaches in 2019 to 614 breaches in 2013. Additionally, the stringent regulations associated with corporate Existing software is expected to contribute to the growth of the market in North America.

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Key development:

July 2020: Thales Group, a leading provider of security solutions, has introduced a centralized key management platform CipherTrust Manager. CipherTrust Manager enables organizations to manage the encryption lifecycle and policies independent of data repositories.

Main Table of Contents:

  • introduction
    • Definition, by segment
    • Research methodology / approach
    • Information source
  • Key points to remember
  • Market dynamics
    • Macro and micro economic indicators
    • Drivers, constraints, opportunities and trends
    • Impact of COVID-19
      • Short term impact
      • Long term impact
  • Competition landscape
    • Business strategies adopted by key players
    • Consolidated SWOT analysis of the main players
    • PESTLE analysis
    • Porter’s Five Forces Analysis
    • Supply chain analysis
  • Global Key Players in Encryption Software Market Share Overview and Analysis, 2019
  • Key market insights and strategic recommendations
  • Main responses of the interviewee
  • Profiled companies (covered for the 10 key players only)
    • Overview
      • Key management
      • Headquarters etc
    • Offers / business segments
    • Key details (key details are subject to data availability in the public domain and / or on chargeable databases)
      • Employee size
      • Key financial data
        • Past and current income
        • Gross margin
        • Geographic share
        • Share of business segment
    • Recent developments

COT continues…!

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