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Software companies around the world adopt encryption software to boost business skills and enhance data security. Software-based encryption is one of the most rapidly emerging endpoint data security alternatives. The increasing concerns about data breaches and privacy enforcement laws make businesses more interested in adopting software-based encryption alternatives to comply with optimized data security, and improved flexibility in operations.
Computer hackers trying to break into institutional, industrial, or government networks with the intention of pilfering data for financial gains is one of the main reasons for adopting the encryption software. Also, the global encryption software industry is gaining momentum due to the deployment of recent technologies such as cloud-based software’s, virtualization, and Artificial Intelligence.
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Encryption software enables the organizations to protect the confidentiality of the information stored in folders and files, and data traveling through networks or in-transit data according to the organization's compliance and safety criteria. Moreover, as companies are moving progressively towards cloud computing, the need to protect sensitive information is growing, leading towards enhanced encryption software deployment.
The significant drivers of market growth include increasing issues about critical data loss, stringent regulatory standards, and compliance with data privacy. Increasing demand for embedded data protection solutions and encryption as a service contribute to the growth of the encryption software market. On the contrary, some nations have banned in-country encryption, while others impose constraints on either importing or exporting cryptographic information. Such restrictions on crypto software, therefore, restrict the market for encryption software.
Key players in global encryption software market Include Symantec, Microsoft Corporation, Bloombase, Check Point Software Technologies, IBM Corporation, Trend Micro, Intel Security, EMC Corporation, Sophos Technologies, and Cisco Systems
- Support and Maintenance
- Training and Education
· Database encryption
· File/folder encryption
· Cloud-based communication encryption
· Network traffic encryption
By Organization Size
· Large Enterprises
· Banking, Financial Services, and Insurance
· IT and Telecom
· Travel and Hospitality
· Defense and aerospace
· North America (the USA and Canada)
· Europe (UK, Germany, France, Italy, Spain, and Rest of Europe)
· Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
· Latin America (Brazil, Mexico and Rest of Latin America)
· Middle East & Africa (South Africa, GCC and Rest of the Middle East & Africa)
North America is expected to hold a major share in the global encryption software market. In the Encryption Software Market, the region is experiencing significant developments. Countries in North America have well-established economies that allow suppliers of encryption software to invest in innovative techniques. The region is considered as the center of innovation, as significant IT companies in North America adopt different development policies to enhance its market position.
Europe encryption software market is divided into Germany, the UK, France, Russia, Spain, Italy, and the rest of Europe. In the European Encryption Software industry, Germany stays the dominant country in deploying encryption software services.
Owing to the increasing incidence of cyber-attacks, the fastest growth in the implementation of artificial intelligence-based encryption software is expected in the Asia-Pacific region. High-value targets have produced this region a prospective target for cybercriminals in a less safe environment. In APAC, the most significant market growth rate can be ascribed to substantial investments made by private and public industries to protect sensitive information, leading in enhanced demand for encryption technology to secure and safeguard information privacy.
The Middle East & Africa encryption software Market is anticipated to expand during the forecasted period. Significant factors driving market growth in the Middle East & Africa are increased cloud services adoption. Lack of knowledge of cloud encryption, however, hinders the development of cloud encryption in Middle East & Africa.
Most countries in Latin America have implemented encryption software’s for data protection.