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).
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.
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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.
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.
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.
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.
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 RD innovations and MA.
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).
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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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