The global encryption software market is projected to register a CAGR of 12.80% during the forecast period, 2019-2028. The estimated factors responsible for driving the market growth are the rising number of data breaches, increasing compliance regulations, rising mobility, and the growing adoption of virtualization and cloud.
Encryption protects confidential data from being accessed by unintended users. It is one of the fastest emerging data solutions. Digitization has led to a growing number of data breaches and brute force attacks. There is an urgent need for encrypted devices due to the rising frequency of brute force attacks. This is one of the crucial factors driving the market growth. Many companies have started developing encrypted keys/chips with the algorithm of a 128-bit symmetric key, 256- bit keys. Higher algorithm keys are set to come in, thereby generating a higher demand in applications like BFSI, healthcare, aerospace, etc. Moreover, hardware-encrypted devices offer protection against security threats.
Further, there is an exponential growth of the cloud. Data security thus becomes a huge concern for enterprises adopting the cloud. The public clouds have bigger concerns, since resources are shared between different users. It majorly relies on virtualization, thereby creating security concerns. Such factors are projected to propel the demand for encryption. At the same time, the lack of awareness and high capital investment is estimated to hamper the growth of the market.
The geographical assessment of the global encryption software market covers the analysis of Europe, Asia Pacific, North America, and the rest of the world. North America harbored the major market share in 2019. The rising demand for consumer electronic products like PCs, smartphones, and laptops, along with the launch of cloud services, are contributing to the market prospects of the region.
Intense rivalry among competitors is evaluated in the market for acquiring major market share. This is due to the presence of numerous players. Some of the renowned players in the market include, Sophos Holdings Ltd, Check Point Software Technologies, Cisco System Inc, Symantec Corporation, etc.
Our report offerings include:
- Explore key findings of the overall market
- Strategic breakdown of market dynamics (Drivers, Restraints, Opportunities, Challenges)
- Market forecasts for a minimum of 9 years, along with 3 years of historical data for all segments, sub-segments, and regions
- Market Segmentation cater to a thorough assessment of key segments with their market estimations
- Geographical Analysis: Assessments of the mentioned regions and country-level segments with their market share
- Key analytics: Porter’s Five Forces Analysis, Vendor Landscape, Opportunity Matrix, Key Buying Criteria, etc.
- Competitive landscape is the theoretical explanation of the key companies based on factors, market share, etc.
- Company profiling: A detailed company overview, product/services offered, SCOT analysis, and recent strategic developments