Global Encryption software market is anticipated to reach over $11,600 million by 2026 , according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2018-2026.
In the year 2017, the BFSI segment (Banking, financial services and insurance) dominated the global market in terms of revenue. In the same year, based on regional analysis, North America was the biggest revenue contributor.
According to the report, the increasing number of data breaches and the growing requirements to protect critical data has positively impacted the adoption of encryption software. Also, the growing inclination of offices towards the BYOD trend (Bring your own device), and increasing penetration of smart phones, are promoting the growth of encryption software market.
In the same way, the rising adoption of technologies like virtualization, cloud, and big data analytics over the years has also influenced the market growth. Increasing investments by vendors on technological enhancement and surging demand for cloud-powered encryption software would further accelerate encryption software market growth. Furthermore, the growing demand from emerging economies will provide countless growth opportunities in the upcoming years. Yet, some factors like high costs and the complexities associated with the advance encryption solutions, along with the lack of awareness among small and medium enterprises may affect the market growth during the projected period.
North America is expected to lead the global encryption software market throughout the forecast period. Also, the region recently saw an upsurge in the number of cyber-attacks and data breaches, which is one of the primary factors driving the encryption software market here. The burgeoning trend of IOT, BYOD, big data analytics, and virtualization creates a necessity for encryption software to protect data and avoid data loss. In the coming years, BFSI and defense sectors in the region are expected to spend heavily on the data protection, hence promoting encryption software market growth.
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The Asia-Pacific market is predicted to grow at the highest CAGR during the forecast period. The rising need for data privacy across a plethora of industries in developing economies of the Asia-Pacific region are expected to create a sharp rise in the demand for encryption software in the region.
The major players in the encryption software market include Microsoft Corporation, IBM Corporation, Symantec Corporation, Cisco Systems Inc., EMC Corporation, Intel Security, Oracle Corporation, Check Point Software Technologies Ltd., Sophos Group PLC, and Trend Micro among others. These companies either launch new products or collaborate with other market leaders to innovate and meet the rising market requirements.