20 November 2019 - Encryption Software Market size is
estimated to reach USD 8,402.9 million, which is growing at a CAGR of more than
14% over the forecast period. With the growth in the trends like Internet of
Things (IoT) and Bring Your Own Device (BYOD), concerns about data security are
on all-time high. These trends have further caused cyber-attacks, thefts, data
breaches and commercial espionage which will drive the demand for protective
software.
Developments in the terms of hardware and software in the
fields of mobile technology and their increased penetration are further estimated
to fuel the demand over the forecast period. The inclination of firms towards
cloud computing, demand for sensitive data protection, high data volume
requirements has led to increase in the demand of encryption software.
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"Cloud
encryption to witness substantial growth over the forecast period"
By 2024, the segment that is expected to witness a growth at
CAGR of 19% is the cloud computing segment. Data storage being major resource
of information for industries such as retail, finance and banking has caused
them to incline toward cloud computing. Flexibility and scalability offered by
these solutions are the main reasons for the adoption of encryption software.
At the same time with the increase in adoption of cloud computing,
the need to protect the data has also escalated. Additionally, the propagation
of expert data analytics has caused raise in the rate of internet usage leading
to increased use of cloud encryption software. The regulated standards are set
owing to the increase in the rate of growing cyber-attacks and mobile-theft.
"BFSI dominated
the application segment"
BFSI segment in 2015 captured considerable market share
consuming over $600 million and is expected to grow at CAGR of 15 % by 2024.
Sudden spike in the number of cyber-attacks and the ever changing nature of the
industry has resulted into increase in demand of security of financial data
that is sensitive from theft and infringements by lowering risks and maximizing
returns. The growth in adoption of cloud technologies in banking sector is
expected to drive the market for next few years
Traditional data transfer techniques such as DVDs, email and
other data transfer techniques are adopted by banks for transferring the data
which are highly risky keeping in mind the level at which the infringers
operate. Increase in demand of such software is expected due to implementation
of such techniques. Furthermore, rise in dependency on the online method of
banking and the need to protect the transactions will fuel the need of
encryption software over the forecast period.
Market Segment:
Deployment Outlook
(Revenue, USD Million, 2013 - 2024
• On-premise
• Cloud-based
Application Outlook
(Revenue, USD Million, 2013 - 2024)
• Disk Encryption
• File/Folder
Encryption
• Database
Encryption
• Web
Communication Encryption
• Others
End-Use Outlook
(Revenue, USD Million, 2013 - 2024)
• BFSI
• Healthcare
• Retail
• Defense &
Aerospace
• Education
• Manufacturing
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"Asia Pacific to
experience robust growth; China exhibits growth potential"
In 2015, the Asia-Pacific region accounted for $500 million
which is expected to increase due to organizations shifting to cloud storage
facilities due to their incapacity to develop data storage infrastructures,
which will surely increase the risks of losses of data, infringements and
thefts escalating the demand. Countries like China and India have tremendous
rate of development manufacturing sector as well as IT and telecom sector which
will drive the market in the forecast period.
"The encryption
software market fragmented in nature"
The key players in the market are firms like Microsoft
Corporation, Cisco Systems, Symantec, EMC Corporation, Bloombase, Sophos, IBM
Corporation, Intel Security and Trend Micro. These firms offer solutions to
both large scale businesses and small & medium scale businesses at the same
time focusing on the research and development of newer techniques of
cryptography to provide optimum solutions to the clients.
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