Global Encryption Software Market : Scenario, Size, Outlook, Trend and Forecast Till 2024
India, 10 June 2019 -- Global Encryption Software Market size to grow from USD 7.5 billion in 2019 to USD 16.5 billion by 2024, at a CAGR of 17.0% during 2019–2024.
Bharat Book Bureau Provides the Trending Market Research Report on “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” under Software category. The report offers a collection of superior market research, market analysis, competitive intelligence and industry reports.
The global encryption software market size to grow at a Compound Annual Growth Rate (CAGR) of 17.0% during the forecast period
Global Encryption Software Market size to grow from USD 7.5 billion in 2019 to USD 16.5 billion by 2024, at a CAGR of 17.0% during 2019–2024. Major growth drivers for the encryption software market include stringent regulatory standards and data privacy compliances, rising concerns about loss of critical data and exponential increase in the adoption of cloud and virtualization technologies. Budgetary constraints and availability of free, open source, and pirated encryption software may restrain the growth of the encryption software market.
Services segment to grow at a higher CAGR during the forecast period
The encryption software market is segmented on the basis of component (software and services). The services segment is expected to grow at a faster pace during the forecast period. There is a strong requirement for encryption software related services to tackle specific needs. The encryption services enhance the security portfolio of enterprises and safeguard their system from unauthorized access, exploitation, and data loss.
The cloud encryption segment to grow at the highest CAGR during the forecast period
The encryption software market by application has subsegments of disk encryption, file/folder encryption, database encryption, communication encryption, and cloud encryption. The cloud encryption segment to grow at the highest CAGR during the forecast period, owing to the increasing number of organizations moving toward the cloud for achieving cost savings, agility, and flexibility, although this is also making their critical data more vulnerable to cyberattacks. Hence, the cloud encryption segment is growing at the highest rate among all encryption software applications.
Asia Pacific (APAC) to grow at the highest CAGR during the forecast period
APAC is expected to grow at the highest CAGR during the forecast period. The increasing investments by the tech companies in major APAC countries, such as China, India, Australia, and New Zealand, and growing government regulations are expected to drive the growth of the market in APAC.
In-depth interviews were conducted with Chief Executive Officers (CEOs), innovation and technology directors, hedge fund managers, and executives from various key organizations operating in the encryption software market.
By Company: Tier I: 35%, Tier II: 45%, and Tier III: 20%
By Designation: C-Level: 35%, Director-Level: 25%, and Others: 40%
By Region: North America: 45%, APAC: 20%, Europe: 30%, RoW (MEA and Latin America): 5%
The report includes the study of the key players offering encryption software solutions. It profiles major vendors in the global encryption software market. The major vendors include IBM (US), Microsoft (US), Symantec (US), Thales e-Security (France), Trend Micro (Japan), Sophos (UK), Check Point (Israel), Micro Focus (UK), McAfee (US), Dell (US), WinMagic (US), ESET (US), Cryptomathic (Denmark), Bitdefender (Romania), Stormshield (France), and CipherCloud (US). It also includes an in-depth competitive analysis of the key players in the encryption software market, along with their company profiles, business overviews, product offerings, recent developments, and market strategies.
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