Encryption Software Market Ongoing Trends and Recent Developments | Key Players like Microsoft, IBM, Symantec, Thales E-Security and Trend Micro

According to recent research "Encryption Software Market by Component (Software and Services), Application (Disk Encryption, File/Folder Encryption, Communication Encryption, Cloud Encryption), Deployment Mode, Enterprise Size, Vertical, and Region - Global Forecast to 2024", The global encryption software market size is expected to grow from USD 7.5 billion in 2019 to USD 16.5 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 17.0% during the forecast period.

The major factors fueling the market growth include the rising concerns about loss of critical data, stringent regulatory standards, and data privacy compliances. An increasing demand for integrated data protection solutions and encryption as a service among SMEs could provide growth opportunities for vendors in the encryption software market.

Browse 72 market data Tables and 38 Figures spread through 151 Pages and in-depth TOC on "Encryption Software Market”
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Encryption is a process through which data is encoded so that it is inaccessible to unauthorized users. It helps protect sensitive information and enhances the security of communication between two parties. Encryption can be applied to data at rest as well as to data in transit, with the help of various symmetric and asymmetric algorithms. Cyber threats are growing rapidly with increasing instances of unethical breaking of the barriers established via the conventional security measures, thereby fueling the demand for enhanced security solutions. The global encryption software market is in the established stage and is expected to witness expansive growth prospects owing to an increasing awareness about data security among end users.

The disk encryption application segment to hold the largest market size during the forecast period

The encryption software market is segmented on the basis of applications: disk encryption, file/folder encryption, database encryption, communication encryption, and cloud encryption. The disk encryption segment is expected to hold the largest market size during the forecast period. The importance of encrypting a disk is that even if the encrypted disk is lost or stolen, its encrypted state remains unchanged, and only an authorized user can access its contents. Currently, enormous amounts of data are being generated and stored across organizations. It has increased the cost of protecting critical data against thefts and breaches.

Managed services segment to grow at a higher CAGR during the forecast period

In the encryption software market by services has 2 categories: professional services and managed services. The managed services segment is expected to grow at a faster pace during the forecast period, as managed services provide traders with support, maintenance, and infrastructure management for effectively securing and ensuring privacy of data. The vendors in the market offer services to end users so that they can effectively manage and deploy encryption software solutions.

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North America to hold the largest market size during the forecast period

North America is the largest revenue contributor to the global encryption software market. The region is witnessing major developments in the encryption software market. North American countries have well-established economies, which enable encryption software vendors to invest in innovative technologies. The region is also regarded as the center of innovations, as major North American IT companies roll out new offerings and aggressive collaborations take place in the region. They are also adopting various growth strategies to strengthen their positions in the market.

Major vendors in the global encryption software market include IBM (US), Microsoft (US), Symantec (US), Thales e-Security (France), Trend Micro (Japan), Sophos (UK), Check Point (Israel), Micro Focus (UK), McAfee (US), Dell (US), WinMagic (US), ESET (US), Cryptomathic (Denmark), Bitdefender (Romania), Stormshield (France), and CipherCloud (US).

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