The global encryption software market size is anticipated to reach USD 20.44 billion by 2026 according to a new research published by Polaris Market Research. The report “Encryption Software Market Share, Size, Trends, Industry Analysis Report By Deployment Model (On-Premise, Cloud-Based); By Application (File Encryption, Disk Encryption, Database Encryption, Cloud Encryption, Communication Encryption, Others); By Organization Size (Large Enterprises, Small and Medium Businesses); By End-User (BFSI, Healthcare, Aerospace and Defense, Government and Public Utilities, Retail, Others); By Regions, Segments & Forecast, 2019 – 2026” provides strong market indices and taps on future growth parameters.
In 2018, the
BFSI segment dominated the global market in terms of revenue. North America was
the leading contributor to global revenue in 2018. An urgency to protect
critical data and growing number of data lapses has boosted the adoption of
encryption software. The widespread growth of mobile devices and increasing
trend of BYOD further support the growth of this market. The rising spread of
virtualization, cloud and big data analytics has supported market growth over
the years. Growing investments in technological advancements by vendors,
coupled with growing demand for cloud-based encryption software would
accelerate the growth of encryption software market during forecast period.
However high costs related to advanced encryption solutions and an awareness
shortage among small and medium enterprises hinder growth. Growing demand from
developing economies and technological advancements are expected to provide
several growth opportunities in the future.
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North America
generated highest revenue for market in 2018 and is expected to lead the global
market throughout forecast period. The increase in number of cyber-attacks and
growing number of data breaches drive the market growth. A growing trend of
BYOD, IoT, big data analytics and virtualization evinces the need of encryption
software for data protection and data loss. A rising penetration of mobile
devices and technological advancements bolster growth in the region. A greater
spending on data protection in BFSI and defense sectors in the region promotes
growth in the region.
A rushing
request from emerging economies, expanding adoption of the software by BFSI
sector and flooding demand for cloud-based encryption solutions are factors
boosting growth of product during forecast period.
Enormous
walks in strong innovation, data loss among enterprises has made encryption
software very crucial for safe data transmissions. Furthermore, as undertakings
are pushing forward with distributed computing, the product has become all the
more important to prevent data slips by safeguarding touchy information.
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Asia Pacific
is expected to display highest CAGR during forecast period owing to urging need
for data integrity at all levels in the industries in developing countries of
the region.
The companies
include Microsoft Corporation, Symantec Corporation, IBM Corporation, EMC
Corporation, CISCO Systems Inc., Intel Security, Check Point Software
Technologies Ltd., Oracle Corporation, Trend Micro, Inc., and Sophos Group Plc.
among others.
