Global Encryption Software market is projected to grow at a CAGR of 17.93% during the forecast period to grow to US$6.782 billion by 2022, increasing from US$2.974 billion in 2017. Encryption is an effective security mechanism that provides data security. The major factor driving the global encryption software market is the growing need to safeguard critical data from unauthorized access. Rising cases of cyber-attacks to steal important organizational data are augmenting the demand for encryption software across enterprises. Owing to the increasing adoption of BYOD policy by various enterprises coupled with stringent cyber security regulations and guidelines is further boosting the growth of this market for secure data transmission. The emerging trend of cloud computing will further bolster the growth of cloud-based encryption software and solutions across SMEs and large enterprises over the next five years.
By End-User
BFSI segment is projected to witness the fastest growth as the sector is considered to be a prime target of hackers owing to the storage of critical financial information of customers. The healthcare sector will also witness considerable growth due to an increase in the amount of stored personal and health-related data by the enterprises operating in this sector.
By Geography
Geographically, North America held the largest market share in 2016 due to the strong presence of key encryption software vendors in the region. However, the APAC region is anticipated to witness the fastest regional market growth during the forecast period. This growth is attributed to the increasing number of smartphone and tablet users, growing adoption of social media, and penetration of IoT, cloud services, and implementation of BYOD policies across various enterprises in the region.
Competitive Insight
A large number of enterprises are providing encryption software solutions. Key players within the market are increasingly engaging in industry integration in order to enhance their market position. Moreover, the vendors are increasingly focusing on low-cost solutions for SMEs and innovative techniques for enhanced data security in order to maintain a competitive edge. The major players discussed in the report include Intel, SAS Institute Inc., Cisco Systems, HP, Infineon Technologies, SonicWALL, IBM, Symantec, AT&T, and Microsoft among others.
Segmentation
The encryption software market has been segmented by application, deployment model, enterprise size, end-user, and geography as below:
By Application
Cloud Encryption
Database Encryption
Disk Encryption
Communication Encryption
File/Folder Encryption
By Deployment Model
On-premise
Cloud
By Enterprise Size
Small
Medium
Large
By End-User
BFSI
Government
Manufacturing
Communication and Technology
Retail
Healthcare
Others
By Geography
Americas
North America
U.S.
Canada
Mexico
Others
South America
Brazil
Argentina
Others
Europe Middle East and Africa
Europe
UK
Germany
France
Others
Middle East and Africa
Saudi Arabia
Israel
Others
Asia Pacific
Japan
China
India
Australia
Others
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