New York, US, March 09, 2023 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Encryption Software Market By Deployment, By Service, By Organization Size, By Application - Forecast Till 2030. The global encryption software market will touch USD 13 billion at a 16.40% CAGR by 2030, according to the present Market Research Future report.
Encryption Software Market Competitive Analysis
Eminent players profiled in the global encryption software market report include:
- Check Point Software Technologies Ltd. (Israel)
- Microsoft Corporation (U.S.)
- Sophos Ltd. (U.S.)
- EMC Corporation (U.S.)
- Trend Micro Inc. (Japan)
- Intel Security Group (McAfee) (U.S.)
- Symantec Corporation (U.S.)
- SAS Institute Inc. (U.S.)
- IBM Corporation (U.S.).
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Rise in Data Breaches and Complexity to Boost Market Growth
Data breaches are happening more frequently on a recurring basis. Both the quantity and complexity of breaches have increased. There is not a sector or nation that has not seen an increase in data breaches year after year. The market for encryption software is expanding due to both the number of users and the increasingly complex threats that force businesses to adopt more thorough, secure, and dependable security measures.
In order to protect sensitive data against assaults that are becoming more sophisticated and complicated, enterprises are increasingly using encryption software.
Growing Adoption of BYOD to offer Robust Opportunities
One of the key developments in the market for encryption software is the growing acceptance of the BYOD policy. Due to the high cost of on-premises encryption software solutions, small and medium sized businesses (SMEs) use BYOD solutions to manage their business operations and enable safe access to data from anywhere.
Encryption Software Market Report Scope:
|Market Size by 2030||USD 13 Billion|
|CAGR during 2020-2030||16.40 %|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Key Market Drivers||The encryption software market is skyrocketing all across the globe with a swift speed and is expected to progress towards optimum levels in the coming years.|
Restraints and Challenges
Lack of Awareness to act as Market Restraint
The lack of awareness regarding encryption software, limited usage of such software in few countries, and accessibility of open-source encryption software may act as market restraints over the forecast period.
The global encryption software market is bifurcated based on deployment, organization size, application, services, and verticals.
By deployment, on-premise will lead the market over the forecast period.
By organization size, large enterprises will domineer the market over the forecast period.
By application, communication encryption will spearhead the market over the forecast period.
By services, the market is segmented into professional service and managed service.
By verticals, BFSI will have the lions share in the market over the forecast period.
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Global economic and health crises were greatly exacerbated by the abrupt COVID19 pandemic outbreak. It will take several more years for the economic growth rate to recover its previous velocity. During the lockdown, all operations in businesses and production facilities stopped for an indeterminate amount of time, disrupting the supply chain. Numerous industries struggled to carry out daily operations and suffered significant financial losses. Yet, the market for encryption software survived throughout these trying times and managed to maintain a steady growth rate.
Companies started allowing employees to work remotely during the epidemic, which increased data usage. A number of large businesses observed a sharp increase in data flow, which increased the demand for encryption software. The pandemic's massive data consumption and growth in data traffic caused the encryption software market's revenue to increase. The number of cyberattacks increased significantly during the epidemic, which raised the need for stronger encryption software. The use of encryption software rose and boosted the growth of the encryption software business for protection from illegal access & prevention of confidential information.
North America to Head Encryption Software Market
With the greatest market share within the world, North America is predicted to rule the encryption software industry. Canada and the US are the top countries in the region. This is a result of the infrastructure's quick expansion and the presence of major corporations like Microsoft Corporation & IBM Corporation within the area, which are anticipated to boost the industry.
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The region's supremacy is a result of the presence of a well-established IT and telecom sector and the generation of enormous amounts of data that must be protected.
During the forecast period, the sudden increase in encrypted internet traffic brought on by key organizations adopting HTTPS, such as Facebook, Twitter, & Netflix, will benefit the industry. Major market players like Microsoft, IBM Corporation, & Cisco Systems, Inc., amid others, are predicted to drive market revenue growth in the area, contributing to the market's rapid growth pace. Also, expanding IT businesses in nations like the U.S. and Canada have increased the use of the encryption software to enhance data security, which is anticipated to fuel market revenue development in the area.
APAC to Have Admirable Growth in Encryption Software Market
Over the projection period, the Asia Pacific area is anticipated to have significant expansion. A large part of China, India, and Japan's prominence as leaders in the APAC region can be ascribed to the expansion of new, small businesses using encryption software. The absence of storage infrastructure in the region has forced businesses to store their data in the cloud, making it the most attractive location for market players in the forecast period.
The risk of thefts and data losses is rising as a result, which is fueling the need for encryption software. Also, the regional market has expanded as a result of increased IoT, cloud, and BYOD penetration. During the coming years, the demand for the software is expected to be boosted by quick improvements in the manufacturing industry in nations like China and India as well as thriving retail and IT & telecom industries.
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The encryption software market is fragmented and competitive as a result of the presence of numerous national and international industry players. These players have used a range of innovative strategies, including agreements, partnerships, joint ventures, collaborations, the launch of new products, geographic expansions, and more, in order to accommodate the growing client need while still being on the cutting edge. They also support numerous research and development initiatives.
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