According to the research report titled ‘Global Encryption Software Market Size study with COVID-19 impact, by Deployment (On-premise and Cloud-based), by Application (Disk encryption, File/folder encryption, data base encryption, web communication encryption and others), by End-use (BFSI, IT & Telecom, Retail, Healthcare, Government & public administration and Other) and Regional Forecasts 2020-2027’, available with Market Study Report, global encryption software market was worth USD 3.48 billion in 2019 and is projected to grow at a robust CAGR of 16.8% over 2020-2027, subsequently accumulating USD 12.05 billion by the end of the forecast period.
 

As per the findings of the report, the rapid development in global encryption software market can be largely attributed to increasing prevalence of data breaches and thefts, along with rising adoption of virtualization and cloud-based technologies.
 

For the uninitiated, encryption software prevents unauthorized access of data travelling over networks as well as information stored in files and folders. It is primarily used by enterprises to maintain the confidentiality of their data in-transit as per the security and compliance standards.
 

Request sample copy of this Report: https://www.marketstudyreport.com/request-a-sample/2790717/
 

Speaking of the latest developments, the Coronavirus pandemic has augmented global encryption software market growth, as rapid spread of the virus has compelled organizations to adopt work from home policies and communicate through online channels. This has surged the demand for encryption software for ensuring data security.
 

On the contrary, budgetary constraints associated with implementation of encryption software, along with high availability free open source and pirated encryption software are expected to impede industry expansion over the analysis timeframe.
 

Based on end-user landscape, global encryption software market is fragmented into government & public administration, healthcare, retail, IT & telecommunication, and BFSI among others. Moving on, the application scope of the industry comprises web communication encryption, data base encryption, file/folder encryption, disk encryption, and others.
 

Speaking of geographical landscape, North America holds a substantial portion of global encryption software market share, on account of imposition of stringent regulatory compliances, favorable government initiatives, and high concentration of technology vendors.
 

Asia-Pacific encryption software market will also amass significant gains through 2027, and is touted to expand with a robust CAGR over the stipulated timeframe. Growing investments by public as well as private companies for safeguarding sensitive data is fostering the regional market growth.

Leading organizations defining the global encryption software market trends are Cisco Systems, Inc., Bloombase, Inc., Symantec Corp., Check Point Software Technologies Ltd., IBM Corp., EMC Corp, Intel Corp., Oracle Corp., Microsoft Corp., and Sophos Group plc.