Growth of the Global Encryption Software Market to be Propelled by Rising Data Breaches Globally at a CAGR of nearly 16% Over 2022-2031

Kenneth Research published a report titled “Encryption Software Market: Global Demand Analysis & Opportunity Outlook 2031” which delivers detailed overview of the encryption software in terms of market segmentation by component, deployment model, organization size, function, industry vertical, and by region.

Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.

Rising number of data breaches is driving the need to secure data and ensure privacy. Encryption software is an application that enhances the security of data from unauthorized users. This is one of the key factors driving the growth of the global encryption software market, which is estimated to garner approximately USD 23 billion in revenue by 2031 by growing at a CAGR of nearly 16% over the forecast period, i.e., 2022 – 2031. Moreover, increased compliance regulations among the organizations for data privacy, and adoption of bring-your-own-devices (BYOD) policy are further driving the market growth.

The market is segmented by function into disk encryption, communication encryption, file/folder encryption, and cloud encryption, out of which, the disk encryption segment is anticipated to hold the major share over the forecast period. Encrypted disks are safe even if they get stolen or misplaced; the access to their content remains limited to authorized users

Geographically, the market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Among these regions, the market in North America is estimated to hold the largest share of the market and witness significant growth over the forecast period. The factors driving the market growth in the region are increasing adoption of stringent regulatory compliances, existence of high number of encryption software vendors, and increasing government support. Additionally, the market in Asia Pacific region is projected to grow at the highest rate over the forecast period.

The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.

Concerns Regarding Data Security and Ensuring Protection of Sensitive Data to Boost Market Growth

Increasing cyber threats is raising concerns regarding data security. Organisations are facing significant challenges pertaining to store and secure their confidential data, and are increasingly implementing data protection policies and technologies to ensure data security. This is a key factor that is expected to drive the growth of the market during the forecast period. Additionally, the rising demand for employee productivity tracking tools is further expected to increase the adoption of encryption software.

However, lack of awareness regarding encryption software and restricted use of encrypted devices in certain countries,  and easy availability of pirated and open-source encryption software over the internet are expected to operate as barriers to the growth of the global encryption software market over the forecast period.

This report also provides the existing competitive scenario of some of the key players of the global encryption software market which includes company profiling of Amazon Web Services, Inc., Check Point Software Technologies Ltd, Thales, Zettaset, Cisco Systems, Inc., F-Secure, Fortinet, Inc., IBM, Microsoft, Oracle, and Trend Micro Incorporated, and others.

The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global encryption software market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.     

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