Global Encryption Software Market is valued approximately USD 3.48 Billion in 2019 and is anticipated to grow with a healthy growth rate of more than 16.80% over the forecast period 2020-2027. Encryption software assist in defending the confidentiality of the information stored in folders and files and data travelling over networks or data in-transit as per the compliance and security requirements of an organization. The demand for encryption software is expected to grow in global pandemic of COVID-19 as many organizations initiated for work from home and communicate through online medium. Therefore, need for high encryption is emerged in most organizations to provide safety and security to the data from data theft and breach. The rapid growth in cases of data theft and breach is anticipated towards the higher growth in encryption software over the forecast years. For instance: As per study by Accenture 2019, over 130 average number of security breach registered in 2017 and increased with 11% that leads to 145 average number of security breach in 2018. In addition, exponential increase in the adoption of cloud and virtualization technologies will propel the growth of market over the forecast years. However, the availability of free, open source, and pirated encryption software and budgetary constraints associated with encryption software hampers the market growth.
The regional analysis of global Encryption Software Market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America is the leading/significant region across the world in terms of market share owing to the increasing demand to adhere to stringent regulatory compliances, increasing presence of encryption software vendors, and growing government support. Whereas, Asia-Pacific is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2020-2027. Factors such as heavy investments made by private and public sectors for securing sensitive data would create lucrative growth prospects for the Encryption Software Market across Asia-Pacific region.
Major market player included in this report are:
Cisco Systems, Inc.
Check Point Software Technologies Ltd.
Sophos Group PLC
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and Deployment offerings of key players. The detailed segments and sub-segment of the market are explained below:
Data base Encryption
Web communication Encryption
IT & Telecom
Government & Public administration
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2017, 2018
Base year – 2019
Forecast period – 2020 to 2027
Target Audience of the Global Encryption Software Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers