Increasing number of organizations worldwide have adopted encryption to address the growing concerns of data safety and data privacy compliance regulations.
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With data protection and compliance gaining prominence, organizations have adopted encryption services to achieve compliance, data security, and flexibility.Increasing data privacy and compliance regulations by the government across various geographic regions, owing to the rising number of data breaches is amongst the major factors that has supplemented the growth of the market. Moreover, increasing adoption of cloud & virtualization and increasing data mobility are other key factors that have fueled the overall growth of the market.
However, lack of awareness and education of software encryption due to ignorance, cost associated with the encryption and regulatory restrictions are some of the major challenges for the industry.The market is segmented on the basis of usage, industry vertical, and geography. Based of usage, the market is segmented into encryption for data-at-rest and encryption for data-in-transit.
The market by vertical comprises financial sector, healthcare, public sectors, and others. The financial sector is anticipated to account for the largest share of the overall market throughout the forecast period, as this industry has to comply with stringent data-protection regulations. The market has been analyzed on the basis of regions, which include North America, Europe, Asia-Pacific, and LAMEA. North America is projected to be the leading revenue-generating region during the forecast period. However, Asia-Pacific region is projected to witness the fastest growth during the forecast period, due to the growing penetration of cloud computing and increasing workforce mobility.Owing to the rapidly increasing adoption of cloud services across all sectors, organizations are inclined towards encryption solutions to ensure security of data and ensure compliance with the data privacy regulations in cloud.
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The key players profiled in this report are Symantec Corporation, Sophos Holdings Ltd., McAfee, Inc., Check Point Software Technologies, Proofpoint, and Trend Micro.KEY BENEFITSExtensive research report offers an insight into the current and future tends shaping the prominent investment pockets. Comprehensive coverage of information on the key drivers, restraints and opportunities adds value to the overall statics on market share and size. Business performance of the key market players across different region such as North America, Europe, Asia -Pacific and LAMEA are thoroughly studied during the research. SWOT analysis conducted on the major brands highlights the strengths, weaknesses, opportunities and threat faced by them.
The data would enable business owners take smarter decisions and zero in on an effective marketing plan. The research further drills down to provide comprehensive data on the market by usage, vertical and geography. Assessment of critical imperatives such as adoption rate , consumption volume and customer preference among other factors are also included in the report. ENCRYPTION SOFTWARE MARKET KEY SEGMENTATION The market is segmented on the basis of usage, vertical, and geography. MARKET BY USAGEEncryption for data-at-rest Full Disk Encryption (FDE)File Level Encryption (FLE)Encryption for data-in-transitMARKET BY VERTICAL Financial Sector Healthcare Public Sector Others MARKET BY GEOGRAPHY North America Europe Asia-Pacific LAMEA
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