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The global encryption software market size is expected to reach USD 24.94 billion by 2027. The growing employment of security solutions by numerous organizations to ensure safety for employee and customer’s critical data will stimulate the growth of the market, mentioned in a report, titled “Encryption Software Market Size, Share & Covid-19 Impact Analysis, By Component (Software, Services), By Application (Disk Encryption, Database Encryption, Cloud Encryption, Folder Encryption, and Others), By Enterprise Size (Large Enterprises, Small and Medium Sized Enterprises (SMEs)), By Deployment Model (On-Premises, Cloud), By Industry Vertical (IT and Telecommunications, Banking, Finance, Security and Insurance (BFSI), Healthcare and Life Sciences, Manufacturing, Retail, Government, Energy and Utilities, and Others), and Regional Forecast, 2020-2027.” The market size stood at USD 8.82 billion in 2019 and is expected to exhibit a CAGR of 14.1% between 2020 and 2027.
Introduction of WinMagic’s SecureDoc 7.5 to Strengthen Market
WinMagic, major encryption, and intelligent key management security solution provider announced that it has introduced the launch of its latest software release, SecureDoc 7.5, which provides full drive encryption for endpoint devices. This latest release includes several significant new features, updates, and performance upgrades, all designed to improve customers’ SecureDoc experience. SecureDoc 7.5 is a refinement and enhancement of the core features and functionality, designed to improve our customers’ experience. It is an all-inclusive drive encryption product that secures data-at-rest. The solution includes two main components, the client software used to encrypt and decrypt data and the server software. The client software applies a FIPS 140-2 level 1 and level 2 certified AES 256-bit cryptographic engines to encrypt data on desktops, laptops, shared workstations, and external storage devices such as USB keys, CD/DVDs, and SD cards. Moreover, the new software supports Microsoft Device Guard (OS) and Credential Guard and includes WinMagic’s next level management for Apple’s FileVault2 and Microsoft BitLocker.
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Pirated and Open Source Encryption Solutions to Aggravate Business
The utilization of pirated and open-source platforms can hinder the growth of the market. Pirated software is easily available on the internet and other platforms. The increased use of pirated software by small companies to save extra IT costs can subsequently hamper the growth of the market. The third-party ransomware attacks on organizations will further impede the growth of the market during the forecast period. Moreover, the high cost associated with the installation of encryption software can spur demand for pirated software, hence hamper the market growth.
Collaborations and Software Upgradations by Major Companies to Intensify Market
The market is dominated by companies such as Thales Group, IBP Corporation, Microsoft Corporation, and others. The introduction of innovative software by major companies will have an excellent impact on the market. The key players are adopting strategies such as partnerships, collaborations, mergers, and acquisitions to consolidate their position in the market. For instance, in January 2018, Thales Group, a leading security solution provider collaborated with Saudi Telecom Company (STC), Saudi Arabian telecom company to introduce cloud encryption will allow enterprises to protect and control their data stored in the cloud.
The Report Lists the Key Companies in the Encryption Software Market:
Further Report Findings:
The Encryption Software Market is segmented into:
Value (USD billion)
Component; Application; Enterprise Size; Deployment Model; Industry Vertical; and Geography
By Enterprise Size
By Deployment Model
By Industry Vertical