According to the latest report by IMARC Group, titled “Encryption Software Market Size: Global Industry Trends, Share, Growth, Opportunity and Forecast 2021-2026”, the global encryption software market exhibited strong growth during 2015-2020. Looking forward, IMARC Group expects the market to grow at a CAGR of around 15% during 2021-2026.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Encryption software is a program that protects sensitive data in transit or at rest using data encryption algorithms. It enables encryption of data objects, files, networks, applications, laptops, tablets, etc. Encryption software aids in providing complete data protection, maintaining integrity, providing security across various devices, ensuring safe data transfer, etc. It also assists in streamlining the operations of an organization’s applications and workflows.
The increasing adoption of the Internet of Things (IoT) and Bring Your Own Device (BYOD) among enterprises is leading to rising data security concerns towards data breaches, theft, cyberattacks, commercial espionage, losses, etc. This represents one of the primary factors driving the encryption software market. Moreover, the growing penetration of cloud computing solutions is also propelling the need to safeguard data. This, along with the increasing usage of high-speed internet and elevating smartphone sales, are augmenting the growth of the market. Besides this, several industry verticals, such as the healthcare and BSFI sectors, are complying with numerous regulations, such as the Health Insurance Portability and Accountability Act (HIPPA) and Payment Card Industry Data Security Standard (PCI DSS). These regulations require the application of a data security solution, which is further contributing to the product demand. Additionally, the continuous advancements in the telecommunication sector and expanding network infrastructures are anticipated to fuel the encryption software market over the forecasted period.
Encryption Software Market 2021-2026 Competitive Analysis and Segmentation:
Competitive Landscape with Key Players:
The competitive landscape of the global encryption software market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
- Amazon Web Services Inc. (Amazon.com Inc)
- Check Point Software Technologies Ltd.
- Cisco System Inc.
- Fortinet Inc.
- International Business Machines Corporation
- Microsoft Corporation
- Oracle Corporation
- Palo Alto Networks Inc.
- Trend Micro Incorporated
Key Market Segmentation:
The report has segmented the global encryption software market on the basis of component, deployment model, organization size, function, industry vertical and region.
Breakup by Component:
Breakup by Deployment Model:
Breakup by Organization Size:
- Large Enterprises
- Small and Medium Enterprises
Breakup by Function:
- Disk Encryption
- Communication Encryption
- File and Folder Encryption
- Cloud Encryption
Breakup by Industry Vertical:
- Aerospace and Defence
- IT and Telecom
- Media and Entertainment
- Government and Public
Breakup by Region:
- North America
- Latin America
- Middle East and Africa
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Key highlights of the report:
- Market Performance (2015-2020)
- Market Outlook (2021-2026)
- Industry Trends
- Market Drivers and Success Factors
- The Impact of COVID-19 on the Global Market
- Value Chain Analysis
- Structure of the Global Market
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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