According to the latest report by IMARC Group, titled “Encryption Software Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, the global encryption software market size reached US$ 10.4 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 24.8 Billion by 2027, exhibiting a growth rate (CAGR) of 15.44% during 2022-2027.

Encryption software is a program-based application that uses cryptography techniques to protect confidential information by prohibiting unauthorized access. It employs mathematical algorithms to encrypt data files, network packets, or applications into a coded message or cipher text, which can only be decrypted to its original form through a key. Encryption software increases the integrity of crucial data, eliminates fraudulent activities, such as data breaching and hacking, ensures data backup, provides optimal privacy, and mitigates regulatory fines. Consequently, encryption is used for transmitting data, disk, communication, folder, and cloud encryptions.

Market Trends:

Rapid digitalization and the increasing cases of data breaching, especially in the telecommunications sector, have facilitated the widespread adoption of encryption software across various industries to protect the massive volume of data, which is primarily driving the market growth. Additionally, the extensive uptake of bring-your-own-device (BYOD), work-from-home (WFH), and cloud computing models during the COVID-19 pandemic has heightened the risk of data loss and unauthorized access. This, in turn, is supplementing the need for encryption software to prevent commercial espionage.

Moreover, the implementation of government data compliance regulations, including the payment card industry data security standard (PCI-DSS) and health insurance portability and accountability act (HIPAA), are favoring the market growth. Besides this, the rising need for effective cloud data security technologies to strengthen the overall cybersecurity measures of the company and the integration of the internet of everything (IoE) to authenticate and ensure confidentiality of files are supporting the market growth.

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Encryption Software Market 2022-2027 Competitive Analysis and Segmentation:

Competitive Landscape with Key Players:

The competitive landscape of the global encryption software market has been studied in the report with the detailed profiles of the key players operating in the market.

Some of these key players include:

Amazon Web Services Inc. (Amazon.com Inc)
Check Point Software Technologies Ltd.
Cisco System Inc.
Fortinet Inc.
F-Secure
International Business Machines Corporation
Microsoft Corporation
Oracle Corporation
Palo Alto Networks Inc.
Trend Micro Incorporated

Market Segmentation:

The report has segmented the global encryption software market on the basis of component, deployment model, organization size, function, industry vertical and region.

Breakup by Component:

Software
Services

Breakup by Deployment Model:

On-premises
Cloud-based

Breakup by Organization Size:

Large Enterprises
Small and Medium Enterprises

Breakup by Function:

Disk Encryption
Communication Encryption
File and Folder Encryption
Cloud Encryption

Breakup by Industry Vertical:

BFSI
Aerospace and Defence
IT and Telecom
Media and Entertainment
Government and Public
Retail
Healthcare
Others

Breakup by Region:

North America: (United States, Canada)
Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
Latin America: (Brazil, Mexico, Others)
Middle East and Africa

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Key Highlights of the Report:               

Market Performance (2016-2021)
Market Outlook (2022-2027)
Industry Trends
Market Drivers and Success Factors
The Impact of COVID-19
Value Chain Analysis
Structure of the Global Market
Comprehensive mapping of the competitive landscape

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.

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