IMARC Group has recently released a new research study titled “Encryption Software Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends and competitive landscape to understand the current and future market scenarios.
How big is the encryption software market?
The global encryption software market size reached US$ 12.1 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 28.6 Billion by 2028, exhibiting a growth rate (CAGR) of 14.7% during 2023-2028.
What is encryption software?
Encryption software, in essence, are computer programs or applications crafted with the primary purpose of safeguarding and preserving sensitive data. This is achieved by transforming the data into an incomprehensible format, rendering it undecipherable to anyone without the necessary authorization. The process involves intricate algorithms and mathematical functions that convert plain text or other data forms into ciphertext. This encryption software employs both symmetric and asymmetric encryption techniques and serves as a crucial element of modern cybersecurity.
Additionally, it encompasses extra functionalities such as key management, digital signatures, and secure file deletion, ensuring the permanent removal of sensitive files, rendering them unrecoverable. Its core objective is to thwart unauthorized individuals from deciphering or comprehending the content of encrypted data. Without the corresponding decryption key or passphrase, the encrypted data becomes essentially useless. Furthermore, it can be implemented on various platforms, including individual devices, enterprise networks, cloud services, or embedded within specific applications.
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Encryption Software Market Trends and Growth Drivers:
Currently, the surging demand for encryption software, aimed at protecting data confidentiality, integrity, and privacy, stands as a key driver for market expansion. Furthermore, the escalating incidents of cyber threats and data breaches, targeting the theft of sensitive information, are fueling market growth. Additionally, various government bodies worldwide are implementing more stringent data protection and privacy regulations, mandating organizations to incorporate security measures like encryption to safeguard personal and sensitive data.
Furthermore, the burgeoning adoption of cloud computing to store vast data volumes and enhance operational efficiency is creating a favorable market landscape. The rising trend of remote work and the use of personal devices for work-related tasks are also contributing significantly to market growth. Moreover, the increased reliance on the internet for social media engagement, information searching, and e-commerce activities is further boosting market expansion.
Competitive Analysis and Segmentation:
Leading Companies Operating in the Encryption Software Market:
- 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
Encryption Software Market Segmentation:
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
- Asia Pacific
- Europe
- Latin America
- Middle East and Africa
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Key Highlights of the Report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- 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.
About Us
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.
IMARC Group information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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