As indicated by Acumen Research and Consulting, the global encryption software market size is evaluated to reach around US$ 8.7 billion with a CAGR over 17% over the estimate time frame. Increasing technological advancements, rising concerns about data security, increasing trend of Bring Your Own Device (BYOD) and Internet of Things (IoT) among organizations, advancements in mobile technology and growing penetration of smartphones are some of the key factors that are fueling the encryption software market growth across the globe Encryption software supports to protect the privacy of the information stored in files as well as and data transferring over networks. It encrypts and decrypts data at-rest and data-in-transit using software. The Asia Pacific market is likely to grow at highest CAGR owing to the increasing penetration of mobiles and lack of storage infrastructure which has forced enterprises to store data on cloud. Moreover, rapid growth of the IT and telecom industries is also helping the growth of the regional market.
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BFSI Segment is Also Anticipated to Witness a Noticeable Demand over the Forecast Period
On the basis of end use industry, the encryption software market is segmented into BFSI, healthcare, retail, government & public administration, telecom, defense & aerospace, education and manufacturing. BFSI segment is anticipated to grow at high growth rate over the forecast period owing to the increasing adoption of encryption software and rising incidences of cyber attacks and data theft. Growing number of cyber attacks and dynamic nature of the security industry are resulting in augmented need to safeguard confidential financial data from breaches. BFSI segment is expected to witness a higher potential for execution of encryption software security as banking companies are rapidly adopting cloud solutions. Banks usually follow traditional methods including DVDs and email in order to transfer the data and this technique possesses a high threat of data theft, thereby boosting growth of the overall market in the banking and financial sector. Moreover, increasing reliance on online transactions and need to protect these transactions from data thefts are anticipated to create an immense opportunities for the global encryption software market throughout the forecast period. On the other hand, government and healthcare segments are also anticipated to grow at substantial growth rate during the forecast period owing to the growing need to protect data from data breaches as these sectors deal with of large amount of confidential data.
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North America to Dominate the Overall Market during the Forecast Period
Geographically, the global encryption software market has been divided into North America, Europe, Asia Pacific, Latin America and Middle East and Africa. Asia Pacific is anticipated to contribute uppermost market share in the global encryption software market. Asia Pacific is expected to grow at highest growth rate during the forecast period owing to the growing penetration of IoT and increasing popularity of smartphones. Increasing dependency on the online transactions and adoption of various mobile banking services among people are helping the regional encryption software market to grow at maximum rate during the forecast period. North America is also expected to dominate the global market during the forecast time frame due to the growing technological advancements and early adoption of BYOD services. A number of other technology providers from the region are focusing on developing innovative techniques associated to advanced encryption that can provide robust data security. Additionally, presence of large number of market players and continuous technological advancements in the U.S. are supplementing the growth of the regional encryption software market and create huge opportunities for the market in coming years.
Cisco Systems, Thales e-Security and Check Point Software Technologies are Likely to Continue to Lead the Global Encryption Software Market
The encryption software market is consolidated with limited number of manufacturers. The company profiling of key players in the market includes company overview, major business strategies and revenues. The key players of the market are Microsoft Corporation, Cisco Systems, Thales e-Security, Symantec, EMC Corporation, Sophos, IBM Corporation, Intel Security, Bloombase, Trend Micro, and Check Point Software Technologies.
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