ccording to a new market research report “Encryption Software Market by Component (Solution and Services), Application (Disk Encryption, File/Folder Encryption, Communication Encryption, and Cloud Encryption), Deployment Type, Organization Size, Vertical, and Region – Global Forecast to 2022”, published by MarketsandMarkets™, the market size is expected to grow from USD 3.87 Billion in 2017 to USD 12.96 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 27.4%.
Browse 69 Market Data Tables and 34 Figures spread through 151 Pages and in-depth TOC on “Encryption Software Market“
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The demand for encryption software is majorly driven by stringent government regulations and the need to protect critical organizational. With the increasing demand for cloud and virtualization across different verticals, the adoption rate of encryption software among enterprises is expected to gain a major traction during the forecast period.
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The disk encryption application is expected to hold the largest market share during the forecast period
Disk encryption, also known as hard drive encryption, full disk encryption, and whole disk encryption, refers to the encryption of the entire disk. The importance of encrypting a disk is that, if the encrypted disk is lost or stolen, the encrypted state of the drive remains unchanged, and only an authorized user will be able to access its contents. With the increase in the Bring Your Own Device (BYOD) trend, employees have the freedom to carry their own devices, and the exchange of critical data is made possible on their devices. Therefore, the adoption of strong encryption can protect the confidential data, even if the device is lost or stolen.
The telecom and IT vertical is expected to grow at the fastest rate during the forecast period
The telecom and IT vertical is a key target for hackers, due to the vast and increasing amount of personal data being managed on cell phones, satellites, and the internet. Companies in this vertical are adopting encryption software, so as to provide risk-free services to their customers. The usage of encryption software has allowed users to save the important information on their mobile devices and use that information on the cloud without any risk. Therefore, encryption software is helping the telecom and IT companies in enhancing their services and providing secure information to customers, while also complying with regulations.
North America is expected to hold the largest market share, whereas Asia Pacific (APAC) is expected to grow at the fastest rate during the forecast period
North America is believed to be the foremost potential market, due to the presence of a large number of players offering encryption software in this region. This region is expected to hold the largest market size during the forecast period, as organizations in this region are more focused on securing the data at rest, data in transit, as well as data in use. Furthermore, the organizations have made huge investments in advanced technologies to gain a competitive advantage and improve the business operations. The APAC region is in its initial growth phase; however, it is believed to be the fastest growing region in the global Encryption Software Market. The increasing adoption of encryption software in this region is due to the wide-spread presence of Small and Medium-sized Enterprises (SMEs) that are implementing enhanced encryption solutions to prevent the unauthorized access to critical business data residing on the enterprise networks and databases, and the unethical use of such information.
The major vendors providing encryption software solution and services are Thales e-Security (La Defense, France), Gemalto (Amsterdam, Netherlands), Symantec (California, US), Dell (Texas, US), Sophos (Abingdon, UK), McAfee (California, US), Trend Micro (Tokyo, Japan), IBM (New York, US), Microsoft (Washington, US), PKWARE (Wisconsin, US), CipherCloud (California, US), ESET (Bratislava, Slovakia).
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