DUBLIN--(BUSINESS WIRE)--The "Encryption Software Market by Component (Software and Services), Application (Disk Encryption, File/Folder Encryption, Communication Encryption, Cloud Encryption), Deployment Mode, Enterprise Size, Vertical, and Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The Global Encryption Software Market Size to Grow From USD 7.5 Billion in 2019 to USD 16.5 Billion by 2024, at a CAGR of 17.0% During 2019–2024.
Major growth drivers for the encryption software market include stringent regulatory standards and data privacy compliances, raising concerns about loss of critical data and an exponential increase in the adoption of cloud and virtualization technologies. Budgetary constraints and availability of the free, open source and pirated encryption software may restrain the growth of the encryption software market.
Services segment to grow at a higher CAGR during the forecast period
The encryption software market is segmented on the basis of components (software and services). The services segment is expected to grow at a faster pace during the forecast period. There is a strong requirement for encryption software-related services to tackle specific needs. The encryption services enhance the security portfolio of enterprises and safeguard their system from unauthorized access, exploitation, and data loss.
The cloud encryption segment to grow at the highest CAGR during the forecast period
The encryption software market by application has subsegments of disk encryption, file/folder encryption, database encryption, communication encryption, and cloud encryption. The cloud encryption segment to grow at the highest CAGR during the forecast period, owing to the increasing number of organizations moving toward the cloud for achieving cost savings, agility, and flexibility, although this is also making their critical data more vulnerable to cyber attacks. Hence, the cloud encryption segment is growing at the highest rate among all encryption software applications.
Asia Pacific (APAC) to grow at the highest CAGR during the forecast period
APAC is expected to grow at the highest CAGR during the forecast period. The increasing investments by the tech companies in major APAC countries, such as China, India, Australia, and New Zealand, and growing government regulations are expected to drive the growth of the market in APAC.
Encryption Software Market Overview and Industry Trends
Encryption Software Market Dynamics
- Stringent Regulatory Standards and Data Privacy Compliances
- Rising Concerns Pertaining to Loss of Critical Data
- Exponential Increase in the Adoption of Cloud and Virtualization Technologies
- Budgetary Constraints
- Availability of Free, Open Source, and Pirated Encryption Software
- Rise in Demand for Integrated Data Protection Solutions and Eaas Among SMES
- Increased Adoption of Encryption Software Across Verticals
- Difficulties in Effective Management and Usage of the Encryption Key
- Lack of Skilled Workforce Among Enterprises
- General Data Protection Regulation
- Health Insurance Portability and Accountability Act
- Federal Information Security Management Act
- Sarbanes-Oxley Act
- Gramm-Leach-Bliley Act
- Payment Card Industry Data Security Standard
- Federal Information Processing Standards
- Check Point
- Micro Focus
- Thales e-Security
- Trend Micro
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