The global encryption software market is likely to reach USD 8.74 billion by 2025, according to a new report by Grand View Research, Inc., progressing at a CAGR of 16.8% during the forecast period. Software enterprises around the world are rapidly adopting encryption solutions to enhance business proficiency and improve data security. Rising concerns over data breaches and privacy compliance regulations, coupled with increasing adoption of modern technologies, including cloud, Internet of Things (IoT), virtualization, and mobility are expected to fuel product demand over the next few years.
These
solutions safeguard privacy of the information stored in database and data in
transit as per security requirements and compliance of any business
organization. This renders information unreadable even to authorized person,
thus improving the security of intimate data.
Presently,
encryption has become a legal requirement for several businesses in different
industries to comply with international and domestic laws. For instance, in the
U.S., the Gramm-Leach-Bliley Act of 1999 (GLBA) makes it mandatory for
organizations to safeguard consumer confidentiality or non-public personal
data, which calls for securing data and is estimated to catapult the growth of
the encryption software market over the forecast period.
Additionally,
an organization’s reputation or brand image is a critical part of its marketing
mix and hence requires strong protection. Data security is critical as a lot of
confidential customer records are at risk of being leaked in seconds. It is
imperative in maintaining customer loyalty and protecting enterprises’ brand
reputation. Hence, the adoption of security solutions is on a rise to prevent
any incidence of data loss, theft, or leak.
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Encryption
Software Market Report Highlights
- The BFSI
segment is anticipated to witness healthy growth during the forecast
period owing to aggressive adoption of encryption software in order to
safeguard sensitive and confidential data
- In 2018, the
on-premise segment held over 65.0% of the overall value. It is projected
to experience substantial growth during the forecast period due to soaring
need to improve security postures
- With rising
adoption of disk coding software to secure laptops and desktop by
encrypting all the data at rest on a hard drive, the disk encryption
segment is poised to dominate the market through 2025
- The growth of
the market in Europe can be attributed to recovering economic conditions,
resulting in rapid growth of various end-use industries such as telecom,
BFSI, retail, healthcare, and manufacturing
- The global
encryption software market is fragmented with presence of several new and
well-established players. Companies are emphasizing on product development
in compliance with regulatory standards and evolving end-use requirements
to stay competitive in the market
- A few key
players in the market are Microsoft Corporation, Sophos, Bloombase, Intel
Security (McAfee), Cisco Systems, EMC Corporations, Check Point Software
Technologies, and Symantec Corporation.
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Encryption
Software Market Segmentation
Grand View Research has
segmented the global encryption software market on the basis of deployment,
application, end use, and region:
Encryption
Software Deployment Outlook (Revenue, USD Million, 2014 - 2025)
- On-Premise
- Cloud
Encryption
Software Application Outlook (Revenue, USD Million, 2014 - 2025)
- Disk Encryption
- File/Folder Encryption
- Database Encryption
- Web Communication Encryption
- Network Traffic Encryption
- Cloud Encryption
- Others
Encryption
Software End-Use Outlook (Revenue, USD Million, 2014 - 2025)
- BFSI
- Healthcare
- Retail
- Government & Public Administration
- Telecom
- Defense & Aerospace
- Education
- Manufacturing
Encryption
Software Regional Outlook (Revenue, USD Million, 2014 - 2025)
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Asia Pacific
- China
- India
- Japan
- Latin America
- Brazil
- Mexico
- Middle East & Africa
About Grand View Research
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.
For more info visit @ https://www.grandviewresearch.com
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