Encryption Software Market Overview:
The World Encryption Software Market is expected to reach $2,894 million by 2022, growing at a CAGR of 15.2% from 2017 to 2022. Encryption ensures the safety and privacy of data by converting a message or plain text into coded message called the Cipher text so that only the authorized parties can read it. The plain text is encrypted/coded using an algorithm and an encryption key which can be encoded or deciphered only by the recipient by using the correct encryption key. Thus, by converting plain text into cipher text, encryption prevents any unintended person from reading the same, and ensures that it can be interpreted only by the authorized person. This ensures safety and privacy of data.
Software-based encryption is one of the fast-emerging end point data security solutions. An increasing number of organizations worldwide are adopting encryption to address their growing concerns of data safety and data privacy compliance regulations. With data protection and compliance becoming a high priority, organizations have started to view encryption as an enabler to achieve compliance, data security and flexibility. In addition to the complex regulations, increasing adoption of new technologies such as mobility, cloud and virtualization have also fueled the growth of encryption software market.
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Traditionally, end point security has been associated with antivirus/antimalware. However, with increasing complexity of cybercrimes and demanding compliance requirements for the protection and privacy of personally identifiable information, enterprises are increasingly deploying a layered defense. The portfolio of end point security solutions being adopted by enterprises comprises of a bundle of different solutions such as antimalware, device and media control, data leak protection, with encryption being one of the key solutions.
The main purpose of an encryption software is to protect the confidentiality of the data stored in files/folders and disks or data-at-rest; and the data travelling over wireless network or data-in-transit, depending upon the security and compliance requirements of an organization. This is achieved by converting a message or plain text into coded message called the Cipher text so that only the authorized parties can read it. Software-based encryption uses software to encrypt and decrypt data at-rest as well as data-in-transit. Thus, by rendering the data unreadable by unauthorized persons, encryption software ensures the safety and security of the confidential data. Additionally, several data privacy legislations necessitate the use of encryption or cite encryption as one most appropriate measures of data protection. Thus, the adoption of encryption would continue to grow in response to data protection compliance regulations and the on-going cyber-attacks.
The encryption software market report covers full disk encryption, and file level encryption which are prominent technologies used for data protection. Full disk and file-level encryption are covered under encryption software for data-at-rest. This report, on a whole, only features information on various types of encryption software along with their adoption in different industry verticals.
The encryption software market is segmented by usage, industry verticals, and geography. Based on usage, it is sub-segmented into data-at-rest and data-in-transit. In 2016, data-at-rest generated the highest revenue in the global encryption software market. However, data-in-transit sub-segment is anticipated to exhibit the highest growth during the forecast period.
Based on industry verticals, the encryption software market is segmented into financial sector, government, healthcare, and others. In 2016, financial sector dominated the encryption software industry, in terms of revenue, and is projected to continue its dominance throughout the forecast period.
The geographical regions considered in the encryption software market report are North America, Europe, Asia-Pacific, and LAMEA. Presently, North America dominates the world encryption software market, followed by Europe. It is expected that the North America would continue to dominate the world encryption software market during, 2014-2022 owing to the burgeoning number of high profile data breaches, stringent data privacy compliance regulations and the increasing adoption of technologies specifically cloud and mobility.
- The study provides an in-depth analysis of the encryption software market with current and future trends to elucidate the imminent investment pockets
- Current and future trends are outlined to determine the overall attractiveness and to single out profitable trends to gain a stronger foothold in the encryption software market
- The report provides information regarding key drivers, restraints, opportunities, and impact analysis
- Quantitative analysis of the current market and estimations through 20172022 are provided to highlight the financial caliber of the encryption software market and is also impacting the encryption software growth
- Porters Five Forces model and SWOT analysis of the industry illustrates the potency of the buyers & suppliers participating in the market
- Value chain analysis in the report provides a clear understanding of the roles of stakeholders involved in the value chain
Encryption Software Market Key Segments:
- Encryption for Data-at-rest
- Full Disc Encryption (FDE)
- File Level Encryption (FLE)
- Encryption for Data-in-transit
- Financial Sector
- Public Sector
- Others (Majorly Retail)
- North America
Key Market Players Profiled
- Symantec Corporation
- Sophos Holdings Ltd.
- Check Point Software Technologies
- Trend Micro
Other Companies Mentioned in the Report
Other companies mentioned in the report include Google, Facebook, Microsoft, Apple, Verizon, Yahoo, Silent Circle, Per Damballa, Amazon, SurfRight, JPMorgan, Jafco Ventures, CipherCloud, PerspecSys and San Jose, WhatsApp, Open Whisper Systems, Geeksphone, WhisperSystems, Cyberoam Technologies, ForeScout Technologies, Stonesoft Oyj, KoolSpan and LiveOffice.