Encryption Software Market with COVID-19 Impact Analysis, by Component, Application, Deployment Mode, Organization Size, Vertical & Region - Global Forecast to 2026 - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Encryption Software Market with COVID-19 Impact Analysis, by Component, Application (Disk Encryption, File/Folder Encryption, Communication Encryption, & Cloud Encryption), Deployment Mode, Organization Size, Vertical & Region - Global Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.

The global Encryption software market size is expected to grow from USD 10.9 Billion in 2021 to USD 22.1 Billion by 2026, at a Compound Annual Growth Rate (CAGR) of 15.2% from 2021 to 2026.

The major factors fuelling the Encryption software market include Stringent regulatory standards and data privacy compliances, Rising concerns pertaining to loss of critical data and Exponential increase in adopting cloud and virtualization technologies.

Services to grow at a higher CAGR during the forecast period

Advancements in the skills of hackers, intruders, and masqueraders, accompanied by weaker security solutions, have resulted in the need for strong encryption capabilities for organizations to strengthen their security portfolio. However, implementing encryption solutions alone is not adequate for enterprises to secure their devices. To tackle their specific needs, there is a strong requirement for related services in the encryption software market. The encryption software services market is segmented into two major types: professional services and managed services. Professional and managed services enhance the security portfolio of enterprises and safeguard their system from unauthorized access, exploitation, and data loss.

In organization size segment, Large organizations to have a higher market share during the forecast period

Large corporations and critical government infrastructures have strong resilience to cyber threats, with a robust strategy to mitigate risks compared to SMEs. Large enterprises are the early adopters of encryption, as they use a huge amount of confidential data of consumers and have many business applications susceptible to cyberattacks.

The expansive use of corporate data by a wide-ranging workforce has also increased the threat of the wrong usage of data, unauthorized access, and data thefts. Moreover, the misuse, loss, and theft of business documents can affect the working and profitability of businesses. Thus, to protect business information from cyberattacks, data thefts, and unauthorized access, large enterprises are considering adopting encryption solutions. The encryption software market growth among large enterprises is expected to be driven by factors, such as the increased need for digitalization due to a rise in online banking services and eCommerce activities.

Market Dynamics

Drivers

• Stringent Regulatory Standards and Data Privacy Compliances
• Rising Concerns Pertaining to Critical Data Loss
• Exponential Increase in Adopting Cloud and Virtualization Technologies
• Rising Data Breach Incidents to Spur Market Growth

Restraints

• High Costs of Encryption Software Solutions
• Availability of Free, Open-Source, and Pirated Encryption Software
• Budgetary Constraints

Opportunities

• Surge in Byod and IoT Trends
• Rise in Demand for Integrated Data Protection Solutions and Eaas Among Smes
• Increased Adoption of Encryption Software Across Verticals

Challenges

• Complexities in Effective Management and Usage of Encryption Key
• Lack of Skilled Workforce Among Enterprises

Companies Mentioned

• IBM
• Microsoft
• Broadcom
• Sophos
• Thales
• Mcafee
• Trend Micro
• Dell
• Check Point
• Micro Focus
• Pkware
• Eset
• Boxcryptor
• Winmagic
• Cryptomathic
• Bitdefender
• Stormshield
• Cisco
• Hpe
• Bitglass
• Startup Players
• Baffle
• Fortanix
• Enveil
• Nordsecurity
• Preveil

For more information about this report visit https://www.researchandmarkets.com/r/r18pr.