The global encryption software market is expected to reach USD 8.402.9
million by 2024, according to a new study by Grand View Research, Inc.
Organization vulnerabilities are on a rise with enterprises working through the
disaggregated point solutions and a multitude of management platforms, which is
anticipated to drive the encryption software market over the forecast period.
Encryption software enables the protection of confidentiality of the
information stored in the database and data in transit as per the compliance
and security requirements of any organization.
 |
| North America encryption software market by application, 2013 - 2024 (USD Million) |
This renders the data unreadable
even to the authorized person, thereby enhancing the security of confidential
data. Publicized data loss together with new governance and compliance
regulations is expected to drive the need for customers to encrypt data.
Organizational best practices point towards data encryption as a key solution
for data privacy. However, the lack of budget is the key reason cited by
organizations for being unable to make extensive investments in encryption
solutions and this is presumed to challenge the industry demand.
In depth research report on Encryption Software Market
Further key findings from the study suggest:
·
The BFSI segment is anticipated to witness a healthy
demand and penetration as these institutions are aggressively and proactively
adopting these software solutions to secure confidential and sensitive
information. The segment captured over 25% of the overall revenue share in 2015
and is anticipated to witness growth at a CAGR exceeding 16% from 2016 to 2024.
·
In 2015, the on-premise deployment segment accounted for
over 60% of the market share. The segment is expected to witness a substantial
growth over the forecast period. This is ascribed to the growing need to
minimize the scope of compliance audits along with avoiding public disclosures
after a data breach.
·
The disk encryption segment is anticipated to experience a
growth at a CAGR exceeding over 15% from 2016 to 2024. This healthy growth is
accredited to the increasing adoption of the disk coding software to secure
desktop and laptops by encrypting all the data at rest on a hard drive.
·
Europe is estimated to witness a modest growth over the
forecast period, which is primarily attributed to the recovering economy
resulting in demand across several end-use industries including retail, BFSI,
manufacturing, healthcare, and telecom. The IT upgrades in the existing
infrastructure are anticipated to spur the product demand over the next eight
years.
·
The industry is fragmented in nature with the presence
several new and well-established players. A few notable players in the market
include Bloombase, Microsoft Corporation, Symantec Corporation, Intel Security
(McAfee), Sophos, Check Point Software Technologies, EMC Corporations, and
Cisco Systems, among others. Since the industry is dynamic in nature with
enterprises having to deal with several data security issues, companies focus
on continuous product development in compliance with regulatory standards and
evolving end-use requirements.
Grand View Research has segmented the global encryption software market
on the basis of deployment, application, end-use, and region:
Deployment Outlook
(Revenue, USD Million, 2013 - 2024
·
On-premise
·
Cloud-based
Application Outlook
(Revenue, USD Million, 2013 - 2024)
·
Disk Encryption
·
File/Folder Encryption
·
Database Encryption
·
Web Communication Encryption
·
Network Traffic Encryption
·
Cloud Encryption
·
Others
End-Use Outlook (Revenue,
USD Million, 2013 - 2024)
·
BFSI
·
Healthcare
·
Retail
·
Government & Public Administration
·
Telecom
·
Defense & Aerospace
·
Education
·
Manufacturing
Regional Outlook (Revenue,
USD Million, 2013 - 2024)
·
North America
o
U.S.
o
Canada
·
Europe
o
Germany
o
UK
o
France
·
Asia Pacific
o
China
o
India
o
Japan
·
Latin America
o
Brazil
o
Mexico
·
Middle East & Africa
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting
company, registered in the State of California and headquartered in San Francisco.
The company provides syndicated research reports, customized research reports,
and consulting services. To help clients make informed business decisions, the
company offers market intelligence studies ensuring relevant and fact-based
research across a range of industries including technology, chemicals,
materials, healthcare and energy.
For more market analysis
reports, please visit: http://www.grandviewresearch.com/
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