The global encryption software market is growing at a
rapid pace. Rising demand for preventing unauthorized access to data and
unreadable codes for data protection boosts the market growth. According to
Market Research Future (MRFR), the global encryption
software market is poised to garner massive traction by 2027, growing
at a massive CAGR during the review period (2020-2027).
Rising
Demand for Latest Security & Authentication Technologies Boost the Market
Growth
Growing needs for
advanced security & authentication technologies in various
information-sensitive industries push the market growth. Industries such as
BFSI, healthcare, and manufacturing sectors are rapidly shifting their
traditional data storage methods to cloud-based data storage, thereby requiring
high-security solutions. Besides, the rising IT, BSFI, and telecom sectors
create substantial market demand.
The high adoption
of cloud-based technologies by organizations and government agencies escalates
market growth. Also, the increasing rate of digital data
transmissions via smartphones and evolving network security create substantial
market demand. In addition, growing integration to enhance multi-factor
authentication and access management & SSO services in eCommerce sectors
are major trends accelerating the market's growth.
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Technical
Complexity & Lack of Expertise Hinder the Market Growth
The encrypted data
requires passwords at the time of every transaction, which alongside
complexities in procedures, hinder the market growth. Nevertheless, the high
demand for encryption software services by the BFSI sector would support the
market growth throughout the assessment period. Also, increased digitization
that increases vulnerabilities to data loss or cyber-attacks in
telecommunications would boost the market growth.
COVID-19
Upend the E-Discovery Market Size
The COVID-19
outbreak significantly impacted the encryption software industry. The world
made a massive shift to remote working, and encryption software became
imperative during the pandemic.
Advances in remote
collection tools are enabling encryption solutions to perform efficiently,
reducing operational costs significantly. Resultantly, the encryption software
market is reinventing itself, and the demand for best practices is ramping up,
becoming a data collection standard.
Global
Encryption Software Market – Segments
The report is
segmented into encryption type, deployment, modern vertical, and regions. The
encryption type segment is sub-segmented into basic & transparent,
column-level, advanced file-system, and others.
The deployment
segment is sub-segmented into the latest on-cloud and advanced on-premise. The
vertical segment is sub-segmented into IT & telecom, manufacturing sector,
BFSI, retail sector, government, healthcare sector, aerospace & defense
industry, and others.
Global
Encryption Software Market – Regional Analysis
North America
leads the global encryption software market. The largest market share
attributes rapid deployments of encryption solutions and services across
industry verticals for securing IoT devices and sensors. Besides, the presence
of several industry players and efficient agencies working against cybercrimes
drives the market growth.
Rapid adoption of
mobile applications in IT & telecom, banking, government, energy &
utility services boosts market demand. Moreover, large technological advancements
and investments made in securing IoT environments foster market growth. In
addition, the vast adoption of advanced analytics by small & large
organizations to protect IoT data pushes the market growth.
Also, increased
data security issues due to the rising adoption of BYOD policies and malicious
software propel the market growth. With its vast technological advances and
large-scale implementations of IoT solutions, the US dominates the regional
market, followed by Canada and Mexico, respectively.
Encryption
software Market – Competitive Analysis
Highly
competitive, the encryption software market appears fragmented, with several
well-established players forming a competitive landscape. These players
incorporate strategic approaches to gain a larger competitive share. The market
would witness intensified competition with increased R&D innovations and
M&A.
Major
Players
Players leading
the global encryption software market include CheckPoint Software Technologies
Ltd. (Israel), Microsoft Corporation (US), Sophos Ltd. (US), EMC Corporation
(US), Trend Micro Inc. (Japan), Intel Security Group (McAfee) (US), Symantec
Corporation (US), SAS Institute Inc. (US), and IBM Corporation (US).
Industry/
Innovation/ Related News:
June
21, 2021 --- Cyphertop
launched the newest encryption software in the market, providing the safest
digital conversation for its users. It is the most secure encryption software,
providing fast and efficient quantum encryption. The new encryption software
can be easily operated on mobile phones, laptops, tablets, and servers, and It
is currently available under Windows, Linux, Androids, iOs, and Mac.
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Encryption Software Market Research Report:
Information by Technology (Hall Effect, Magneto Resistive, Variable
Reluctance), By Application (Automotive, Industrial, Aerospace & Defense,
Consumer Electronics) and Region (North America, Europe, Asia-Pacific, Middle
East & Africa, and South America)—Forecast till 2030
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