The "Encryption Software Market by Component (Software and Services), Application (Disk Encryption, File/Folder Encryption, Communication Encryption, Cloud Encryption), Deployment Mode, Enterprise Size, Vertical, and Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The global encryption software market size is expected to grow from USD 9,763 million in 2020 to USD 20,052 million by 2025, at a Compound Annual Growth Rate (CAGR) of 15.5% from 2020 to 2025 in the post-COVID-19 scenario.
The global encryption software market size to grow at a Compound Annual Growth Rate (CAGR) of 15.5% during the forecast period
Major growth drivers for the encryption software market include stringent regulatory standards and data privacy compliances, rising concerns about loss of critical data and an exponential increase in the adoption of cloud and virtualization technologies. Budgetary constraints and availability of free, open source, and pirated encryption software may restrain the growth of the encryption software market.
Services segment to grow at a higher CAGR during the forecast period
The encryption software market is segmented on the basis of components (software and services). The services segment is expected to grow at a faster pace during the forecast period. There is a strong requirement for encryptio3en software related services to tackle specific needs. The encryption services enhance the security portfolio of enterprises and safeguard their system from unauthorized access, exploitation, and data loss.
The cloud encryption segment to grow at the highest CAGR during the forecast period
The encryption software market by application has subsegments of disk encryption, file/folder encryption, database encryption, communication encryption, and cloud encryption. The cloud encryption segment to grow at the highest CAGR during the forecast period, owing to the increasing number of organizations moving toward the cloud for achieving cost savings, agility, and flexibility, although this is also making their critical data more vulnerable to cyberattacks. Hence, the cloud encryption segment is growing at the highest rate among all encryption software applications.
Asia Pacific (APAC)to grow at the highest CAGR during the forecast period
APAC is expected to grow at the highest CAGR during the forecast period. The increasing investments by the tech companies in major APAC countries, such as India, Australia, andNew Zealand, and growing government regulations are expected to drive the growth of the market in APAC.
Market Dynamics
Drivers
- Stringent Regulatory Standards and Data Privacy Compliances
- Rising Concerns Pertaining to Loss of Critical Data
- Exponential Increase in the Adoption of Cloud and Virtualization Technologies
Restraints
- Budgetary Constraints
- Availability of Free, Open Source, and Pirated Encryption Software
Opportunities
- Rise in Demand for Integrated Data Protection Solutions and Eaas Among Smes
- Increased Adoption of Encryption Software Across Verticals
Challenges
- Difficulties in Effective Management and Usage of the Encryption Key
-
Lack of Skilled Workforce Among Enterprises
Companies Profiled
- IBM
- Microsoft
- Symantec
- Thales E-Security
- Trend Micro
- Sohpos
- Check Point
- Micro Focus
- Mcafee
- Dell
- Winmagic
- Eset
- Cryptomathic
- Bitdefender
- Stormshield
-
Ciphercloud
For more information about this report visit https://www.researchandmarkets.com/r/k3j45i
View source version on businesswire.com: https://www.businesswire.com/news/home/20200713005237/en/
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