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.
 |
| North America encryption software market by application, 2013 - 2024 (USD Million) |
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. 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.
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