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.
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.
View summary of this report @ http://www.grandviewresearch.com/industry-analysis/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.
Browse
more reports of this category by Grand View Research: http://www.grandviewresearch.com/industry/network-security-software-and-services
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
For press release of this report - http://www.grandviewresearch.com/press-release/global-encryption-software-market
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