Industry Outlook and Trend Analysis
The Encryption Software Market was worth USD 1.94 billion in 2014 and is expected to reach approximately USD 17.13 billion by 2023, while registering itself at a compound annual growth rate (CAGR) of 27.39% during the forecast period. Currently, encryption programming is used in a variety of settings including retail, defence, retail, education, enterprises, and industrial automation. Software enterprises over the globe are quickly adopting encryption software to enhance information security and upgrade business capability. Brand reputation, regulatory compliance, and data privacy concerns are anticipated to be the power factors actuating associations to exploit encryption software solutions.
Deployment Outlook and Trend Analysis
The on-premise section rose as a predominant organization fragment, representing over 60.0% of the general income in 2015. Nonetheless, the cloud-based portion is anticipated to develop significantly over the conjecture time frame. This can be ascribed to the continuous opening up of the market for next-generation apparatuses to plug information spills against a setting of mega trends including virtualization, Internet of Things (IoT), and consumerization of big business IT.
Application Outlook and Trend Analysis
The cloud solutions portion is anticipated to witness development at a significant CAGR in the following years. Data storage is one of the significant assets for a few businesses including retail, banking & financial, and others to move to the cloud. This is attributable to the adaptability it offers as far as versatility and usage approach. Nonetheless, the adoption of cloud calls for the protection of crucial data.
End User Outlook and Trend Analysis
The BFSI portion represented a sizeable share of the market in 2015 and is foreseen to witness development at a significant CAGR over the forecast period. Banks generally use strategies including email, DVDs, and others for transferring data, which represent a high danger of information breach, thereby boosting the development openings in the business.
Regional Outlook and Trend Analysis
Asia Pacific represented over USD 500.0 million in 2015, which is evaluated to increment over the conjecture years attributed to the absence of storage infrastructure urging the associations to store information on the cloud. This raises the danger of information data thefts and loss, heightening the market request. Moreover, the developing entrance of BYOD, IoT and cloud services has induced the business demand.
The leading players in the market are Sophos, Microsoft, Check Point Software Technologies, Dell EMC, McAfee, Bloombase, IBM, Symantec Software Solutions Private Limited and Cisco Systems. These players offer data protection solutions for the Small and Medium Businesses (SBMs) and enterprises. Moreover, the organizations additionally center on the improvement of imaginative strategies identified with the propelled cryptography to give strong information security.
The Encryption Software Market is segmented as follows-
Web Communication Encryption
Network Traffic Encryption
By End User:
Government & Public Administration
Defense & Aerospace
Rest of Europe
Rest of Asia-Pacific
Rest of South America
Middle East and Africa
Rest of MEA
Some of the key questions answered by the report are:
What was the market size in 2014 and forecast from 2015 to 2023?
What will be the industry market growth from 2015 to 2023?
What are the major drivers, restraints, opportunities, challenges, and industry trends and their impact on the market forecast?
What are the major segments leading the market growth and why?
Which are the leading players in the market and what are the major strategies adopted by them to sustain the market competition?