According to the research report titled ‘Encryption Software Market Share, Size, Trends, Industry Analysis Report By Deployment Model; By Application; By Organization Size; By End-User; By Regions, Segments & Forecast, 2019 - 2026’, available with Market Study Report, global encryption software industry is expected to register an appreciable growth rate during 2019-2026 and reach a valuation of USD 20.44 billion by the end of the forecast period.
 

As per the report findings, growing necessity to safeguard critical data and escalating number of data lapses are fueling global encryption software market growth. Moreover, proliferation of mobile devices and rising adoption of BYOD policies among organizations are adding considerable momentum to the industry growth.
 

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Further, rise in implementation of virtualization, cloud, and big data analytics, along with increasing investments by vendors are benefitting the business landscape. Besides, intensifying demand from developing nations and technological innovations are expected to present new opportunities for global encryption software industry expansion. On the contrary, high costs associated with advanced encryption solutions, and lack of awareness among small and medium-sized enterprises are restricting the industry progress.
 

Considering the geographical landscape, Europe, Asia Pacific, North America, Latin America, and Middle East & Africa are the key contributors to the overall encryption software market remuneration. Among these, North America was the leading contributor in 2018 and is expected to showcase strong growth trends in the forthcoming years largely due to aggravating number of cyberattacks and data breaches in the region. Moreover, rising trend of BYOD, big data analytics, virtualization, and IoT technologies, along with technological advancements and high penetration of mobile devices are complementing the industry growth. Besides, soaring expenditure in BFSI and defense sectors for data protection is promoting the regional market development.
 

Meanwhile, Asia Pacific encryption software market is anticipated to display tremendous gains over the projected timeline, attributable to rising urgency for data integrity at all levels across several industries in emerging economies.
 

Speaking of the competitive landscape, Spohos Group plc, Trend Micro, Inc., Oracle Corp., Check Point Software Technologies Ltd., Intel Corp., Cisco Systems, Inc., Dell EMC, IBM Corp., Symantec Corp., and Microsoft Corp. are the top contenders in global encryption software market sphere.