The pervasive technological advancements such as mobility and cloud are considerably transforming the work ways in companies. In the past few years, businesses have extensively incorporated diverse technological progressions such as PCs, social media, cloud and mobility which have led to enlargement of data being generated across companies. This is evident from the widespread embracement of mobile devices among businesses to leverage mobility for superior productivity. Thus, the expansive usage of mobile devices such as smartphones, tablets, and removable media for accessing and transmitting business data escalates the propensity of data loss and breach. Thereby, this encourages the adoption of data security solutions across companies.
The encryption software market is fast gaining traction mainly due to the introduction and reception of the Bring Your Own Device (BYOD) trend, the growing demand among organizations for augmenting efficiency through safeguarding data transfer with the help of emails across mobile devices. Additionally, the rising data security apprehensions involved in business information access and transfer across these devices further demands security solutions.
Today, organizations are quickly embracing data security solutions to supplement flexible work culture among workforce in a secure manner as it delivers the employees with flexibility in work patterns, and thereby augments the productivity of the companies. Further, the growing volume and strength of cyber-attacks and commercial espionage along with rising proclivity of mobile devices loss and theft is further empowering the adoption of encryption solutions for enabling secure transmission of data across these devices and abstaining commercial espionage and cyber-attacks.
Furthermore, the adoption of encryption software is fortified due to the evolution of mandate regulatory standards related to data transfer and its security, that needs to be complied with, across diverse industry verticals such as PCI DSS for BFSI and HIPPA for healthcare, as these solutions adhere with certain specific regulatory norms and enable secured access to data and its transmission across diverse devices including PCs, and mobile devices. Hence, the emergence of these solutions is further adding to the demand of encryption software across the world.
Over the years, the data security solution providers were having upper hand in the market as the employee-owned mobile devices were constrained among businesses. However, with the extensive penetration of mobile devices among companies, the advantages have shifted to endpoint protection providers for enabling mobility with data security. In addition, the technological progressions such as advanced encryption and end-to-end encryption to protect businesses from commercial espionage and cyber-attacks, breaches, and data theft have provisioned organizations with advanced and improved data security solutions.
Although the provisions of encryption software have leveraged both the user segments of SMBs and enterprises, there are certain factors confining the growth in the encryption software market. For instance, rise in organizational overhead expenses inhibits its adoption. Additionally, expansive heterogeneity in devices platform adds to the problem of functional interoperability among encryption solutions. Considering this, the report further helps to identify the latest patterns and trends intensifying the progression in the encryption software market across all regions.
There are various assumptions that have been taken into consideration for the market sizing and forecasting exercise. A few of the global assumptions include political, economic, social, technological, and economic factors. The dollar fluctuations are expected to not seriously affect the forecasts in the emerging regions.
The report will help the market leaders/new entrants in this market in the following ways:
- This report segments the encryption software market into applications covering this market comprehensively. The report provides the closest approximations of the revenue numbers for the overall market and its sub-segments. The market numbers are further split across deployment type, user type, and industry vertical across all the major regions.
- This report will help the organizations to better understand the competitors and gain more insights to better position one’s business. There is a separate section on competitive landscape, including end user analysis, mergers and acquisitions, and venture capital funding. Besides this, there are company profiles of ten major players in this market. In this section, market internals are provided that can help place one’s company ahead of the competitors.
- The report helps the organizations to understand the pulse of the market. It provides information on key market drivers, restraints, and opportunities.