The report recognizes the following companies as the key players in the Global Encryption Software Market: Check Point Software Technologies Ltd., Cisco Systems Inc., McAfee Inc., Microsoft Corp., Symantec Corp. and Trend Micro Inc.
Other Prominent Vendors in the market are: EMC, Entrust, HP, IBM, ProofPoint, SAS Institute, Sophos, Tumbleweed Communications, Voltage Security, WinMagic and Zix
The report said: “One key trend upcoming in this market is increased adoption of the BYOD policy. Most enterprises in developing countries and SMEs cannot afford expensive on-premises encryption software solutions. Hence, they are adopting BYOD solutions, which can manage their business operations and provide secure access to data from any place with less capital investment.”
According to the report, increase in the number of data breaches is a key driver of the market. Organizations are increasingly focusing on securing critical data and improving customer satisfaction. Encryption software provides organizations with various regulations that help to reduce the number of breaches, driving the demand for encryption software solutions.
Further, the report states that one major challenge in the market is the complexity of encryption. For encryption, algorithms convert data into an encoded format. However, different types of encryption use different amounts of space to store data, and managing with less space in less time can become complex with the increasing demand for encryption solutions. Regulatory restrictions are also hindering the growth of the market.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.