The new report by Expert Market Research titled, ‘Encryption Software Market Report and Forecast 2024-2032’, gives an in-depth analysis of the global encryption software market, assessing the market based on its segments like types, process types, distribution channels, applications, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2032)
- Historical Market Size (2023): USD 12.80 billion
- Forecast CAGR (2024-2032): 16.3%
- Forecast Market Size (2032): USD 49.75 billion
Concentrating on conforming to tight regulatory standards, compliance with data privacy, growing concerns about crucial data leakage, and rapid cloud and digital usage are among the primary encryption software market growth drivers. The global encryption software market is predicted to be dominated by North America, with Asia Pacific (APAC) expected to grow at the fastest CAGR over the forecast period. The market’s greatest growth rate can be linked to private and public sector investments in securing sensitive data, which has resulted in increased demand for encryption software used to secure and ensure data privacy.
Encryption Software Industry Definition and Major Segments
Encryption software is a type of security application that enables the encryption and decryption of data streams in transit or at rest. It enables the encryption of data objects, files, network packets, and application information to be secure and unreadable by unauthorized users.
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The market can be divided into the following segments on the basis of component:
- Software
- Services
Based on deployment method, the market can be divided into:
- On-Premise
- Cloud-Based
The market can be divided based on the applications into:
- Disk Encryption
- File/Folder Encryption
- Database Encryption
- Web Communication Encryption
- Network Traffic Encryption
- Cloud Encryption
- Others
On the basis of end-use, the market can be bifurcated to:
- Banking, Financial Services, and Insurance
- Aerospace and Defence
- Healthcare
- Government and Public Administration
- Retail
- Others
The leading regional markets for Haptic Technology are:
- North America
- Latin Americas
- Middle East and Africa
- Europe
- Asia Pacific
Encryption Software Market Trends
By 2028, advances in mobile technology, such as hardware and software, market distribution, and mobile penetration are predicted to increase the demand for encryption software. Because of the growing use of mobile devices in enterprises, the risk of data loss has increased, necessitating encryption software to ensure safe data transmission.
Key Market Players
The major players in the market are International Business Machines Corporation (NYSE: IBM), Microsoft Corporation, Symantec Corporation, Thales eSecurity, Inc., Trend Micro Incorporated, Sophos Group plc, Micro Focus International plc, Cisco Systems, Inc., and Intel Corporation among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments, and mergers and acquisitions, among other latest developments of these market players.
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