Encryption involves coding of information which can only be read by the one possessing encryption key. The key helps in converting information to a readable text format. Many organizations are investing in training key employees in data encryption to protect key intellectual and personal databases. Also, investing in for the right system encryption software process is among the growing priorities of organizations. Both private and public organizations are identifying sensitive data and securing them. Sensitive data encrypted involves, employee human resource data, payment related data, intellectual property, health related information, customer information, and financial databases.
The global encryption software market is estimated to touch $8,402million growing at CAGR of 24.0% between periods 2016 and 2022. Availability of pliable encryption software, to protect company’s intellectual property, protection towards customer’s personal information, protection towards customer’s personal information, protection against specific, perceived & identified threats, increasing cloud storage users and regulations around data privacy are some of the factors driving the global encryption software market for the forecasted period. Opportunity for encryption software market lies in demand for integrated data protection systems and encryption software being used as service based system solution.
Difficulty in managing data and inefficiency in managing and using encryption key are some of the challenges in global encryption market. New innovation in hardware centred disk encryption, and rising operation cost are the restraints hampering the growth of global encryption software market for the forecasted period.
The research report is segmented on the basis of implementation, application, user category, assistance service, and end user. Implementation market is further sub segmented into cloud and on premise respectively. Application market is divided into data at rest and data in transit. Data in transit is further sub segmented into cloud computing and communication. Data at rest is classified into files/folders, HDDS, USB drives and database. Cipher Cloud, pCloud, Symantec Corporation, and Hewlett Packard are some of the leading institutions offering encrypted cloud services in the world. User category market is sub segmented into small & medium enterprises and large enterprises. Assistance service market is further classified into professional assistance service, and managed assistance service. End user is further sub segmented into healthcare, government & public sector, telecommunication, retail, aerospace & defence, banking & other financials, and other encryption services.
Some of the leading companies in encryption software are Checkpoint Software Technologies, CISCO Systems Inc, Cypherix Encryption Software, EMC Corporation, Entrust Tech, IBM Corporation, Intel Corporation, Kaspersky Labs, Microsoft Corporation, SAS Institute Inc, Sophos Ltd, Symantec Corporation, Trend Micro Inc, Vormetric Technologies, and Winmagic Technologies. The report provides comprehensive information like company profile, sales, revenue, market share and contact information.
Joint ventures, agreements, partnerships, collaborations, and expansion in different countries, are some of the strategies taken by pioneers in encryption software market, to increase their global presence. On 10th August 2016, CISCO Systems Inc, acquired security technology vendor Imperva for an undisclosed amount. Acquiring Imperva would strengthen CISCO Systems Inc’s security everywhere strategy.
Research & development investments are high with the urge to develop quality and more secure products. IBM Corporation, on 16th February 2016, unveiled new mainframe system called IBM z13s which can provide data security without slowing down systems performance. The new system is optimized for hybrid cloud environment and can help secure critical data in transit information and other transactions. Small & Medium IT firms with unique and differentiated assets are driving innovation in encryption software market.
The research report analysed encryption software market geographically. Region wise the report is segmented as North America, Europe, Asia Pacific, and Rest of the World.
North America is the leading market for encryption software followed by Europe. Growing number of small and medium encryption software companies, growing concern over data securities and investments from end user business are the driving factors fuelling North America and Europe encryption software market for the forecasted period. New innovations in encryption data software like U.S. based Boxcryptor’s Google Chrome plugin that supports Dropbox, Google Drive, and Microsoft SkyDrive, wherein without installing the software one can encrypt and decrypt data within the browser itself, are propelling the encryption software market in the region.
Asia Pacific is the fastest growing market for encryption software for the forecasted period. New IT based start-ups across the region, rising number of cloud users, e-governance at both state level and national level, and increasing number outsourced IT software projects, and outsourcing of BPO & KPO operations are the factors driving the encryption software market in the region. Emerging economies like China and India are leading the encryption software market in Asia Pacific.