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Global $16.45 Bn Encryption Software Market Forecast to 2024

Dublin, June 12, 2019 (GLOBE NEWSWIRE) -- The "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" report has been added to ResearchAndMarkets.com's offering.

The global encryption software market size is estimated to grow from USD 7,500 million in 2019 to USD 16,455 million by 2024, at a Compound Annual Growth Rate (CAGR) of 17.0% from 2019 to 2024.

Large-scale digital transformation has increased the demand for data security and confidentiality in organizations. Encryption software provides a comprehensive way to mitigate the risks of accidental and intentional data breaches. 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 2 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 increasing awareness regarding data security among end users.

Encryption software helps enterprises maintain data integrity and privacy, secure data transmissions, ensure compliance, and protect their critical data and infrastructure from unauthorized access. Additionally, need for compliance toward stringent regulators such as Health Insurance Portability and Accountability Act (HIPAA), Federal Information Processing Standards (FIPS), and Payment Card Industry Data Security Standard (PCI DSS) has forced enterprises to adopt encryption software to achieve complete data security. Furthermore, enterprise mobility and increasing adoption of cloud computing have made data susceptible to attacks, as employees are able to access their data from remote locations and on multiple devices.

Encryption software helps enterprises by securing the data on various endpoints and the data stored on the cloud. Due to these benefits, established players in the developed nations are seeking expansion opportunities in the developing regions by spreading awareness about encryption software.

The global encryption software market size and Year-over-Year (Y-O-Y) growth rate from 2019 to 2024 is highlighted in the report. Such growth in the market can be primarily attributed to the increasing instances of cyberattacks and frauds, and the need for compliance to various existing and upcoming regulations.

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights
4.1 Attractive Market Opportunities in the Encryption Software Market
4.2 Market Share of Top 3 Verticals and Regions, 2019
4.3 Market Top 3 Applications, 2019-2024
4.4 Encryption Software Market Investment Scenario

5 Encryption Software Market Overview and Industry Trends
5.1 Introduction
5.2 Encryption Software Market Dynamics
5.2.1 Drivers Stringent Regulatory Standards and Data Privacy Compliances Rising Concerns Pertaining to Loss of Critical Data Exponential Increase in the Adoption of Cloud and Virtualization Technologies
5.2.2 Restraints Budgetary Constraints Availability of Free, Open Source, and Pirated Encryption Software
5.2.3 Opportunities Rise in Demand for Integrated Data Protection Solutions and Eaas Among SMES Increased Adoption of Encryption Software Across Verticals
5.2.4 Challenges Difficulties in Effective Management and Usage of the Encryption Key Lack of Skilled Workforce Among Enterprises
5.3 Regulatory Compliances
5.3.1 General Data Protection Regulation
5.3.2 Health Insurance Portability and Accountability Act
5.3.3 Federal Information Security Management Act
5.3.4 Sarbanes-Oxley Act
5.3.5 Gramm-Leach-Bliley Act
5.3.6 Payment Card Industry Data Security Standard
5.3.7 Federal Information Processing Standards
5.4 Use Cases

6 Encryption Software Market By Component
6.1 Introduction
6.2 Software
6.2.1 Increasing Demand for Ensuring Privacy of Sensitive Data to Fuel the Demand for Encryption Software in the Market
6.3 Services
6.3.1 Professional Services Support and Maintenance Services Growing Demand to Streamline the Deployment Process to Fuel the Demand for Support and Maintenance Services Training and Education Services Increasing Demand for Facilitating the Needs of End Users to Drive the Growth of Training and Education Services Consulting Services Technologies Involved in Implementing Encryption Software Solutions to Boost the Growth of Consulting Services
6.3.2 Managed Services Increasing Need to Reduce Data Breaches and Protect Intellectual Property to Fuel the Demand for Managed Services

7 Encryption Software Market By Application
7.1 Introduction
7.2 Disk Encryption
7.2.1 Growing Demand to Effectively Encrypt the Entire Data of the Disk to Fuel the Growth of the Disk Encryption Application
7.3 File/Folder Encryption
7.3.1 Growing Need to Safeguard Files and Folders on DesKTops and Smartphones to Pave the Way for File/Folder Encryption Application
7.4 Database Encryption
7.4.1 Increasing Data Breaches and Thefts to Fuel the Demand for Database Encryption Applications
7.5 Communication Encryption
7.5.1 Need to Prevent the Loss of Sensitive Information to Fuel the Demand for Communication Encryption Applications
7.6 Cloud Encryption
7.6.1 Increasing Demand to Enhance Mobility and Scalability to Fuel the Demand for Cloud Encryption Applications

8 Encryption Software Market By Deployment Mode
8.1 Introduction
8.2 On-Premises
8.2.1 Growing Need to Manage the Huge Amount of Data to Pave the Way for On-Premises Deployment Mode
8.3 Cloud
8.3.1 Cost-Effectiveness and Scalability to Pave the Way for Organizations to Adopt Cloud-Based Encryption Software

9 Encryption Software Market By Enterprise Size
9.1 Introduction
9.2 Large Enterprises
9.2.1 Growing Need for Securing Data From Vulnerabilities to Fuel the Adoption of Encryption Software Among Large Enterprises
9.3 Small and Medium-Sized Enterprises
9.3.1 Rising Security Issues Compel Small and Medium-Sized Enterprises to Focus on the Adoption of Encryption Software

10 Encryption Software Market By Vertical
10.1 Introduction
10.2 Banking, Financial Services, and Insurance
10.2.1 Encryption Software to Help Financial Institutions Effectively Secure Sensitive Information and Ensure Data Privacy
10.3 Aerospace and Defense
10.3.1 Increasing Deployment of Encryption Software in the Aerospace and Defense Vertical to Protect Information From Cyberattacks
10.4 Healthcare
10.4.1 Growing Need for Securing Patients' Data to Boost the Adoption of Encryption Software in the Healthcare Vertical
10.5 Government and Public Utilities
10.5.1 Encryption Software to Help Improve the Security of Critical Information and Reduce the Threat of Unauthorized Access in Government and Public Utilities Vertical
10.6 IT and Telecommunication
10.6.1 Growing Need for Providing Secured Information and Encryption Services to Fuel the Growth of Encryption Software in the IT and Telecommunication Vertical
10.7 Retail
10.7.1 Retail Companies to Deploy Encryption Software for Safeguarding Customers' Sensitive Information
10.8 Others

11 Encryption Software Market By Region

12 Competitive Landscape
12.1 Competitive Leadership Mapping
12.1.1 Visionary Leaders
12.1.2 Innovators
12.1.3 Dynamic Differentiators
12.1.4 Emerging Companies
12.2 Strength of Product Portfolio
12.3 Business Strategy Excellence
12.4 Competitive Leadership Mapping (Start-Up/SMEs)
12.4.1 Progressive Companies
12.4.2 Responsive Companies
12.4.3 Dynamic Companies
12.4.4 Starting Blocks

13 Company Profiles
13.1 Introduction
13.2 IBM
13.3 Microsoft
13.4 Symantec
13.5 Thales e-Security
13.6 Trend Micro
13.7 Sohpos
13.8 Check Point
13.9 Micro Focus
13.10 McAfee
13.11 Dell
13.12 WinMagic
13.13 ESET
13.14 Cryptomathic
13.15 Bitdefender
13.16 Stormshield
13.17 CipherCloud

For more information about this report visit https://www.researchandmarkets.com/r/hd3tqm

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Related Topics: Software