Encryption Software Market by Application (Disk Encryption, File/Folder Encryption, Database Encryption, Communication Encryption, Cloud Encryption), Service, Deployment Type, User Type, Industry Vertical, Region - Global Forecast to 2021
“Increasing need to safeguard data against cyber-attacks will drive the encryption software market”
The encryption software market size is estimated to grow from USD 3.05 billion in 2016 to USD 8.94 billion by 2021, at an estimated CAGR of 24.0%. The encryption software market is driven by factors such as increasing need to safeguard critical business information against advanced threats, manifestation of dynamic business environment, and compliance to cyber security guidelines and regulations. However, increasing operational costs and emergence of hardware-based full disk encryption limit the growth of encryption software market.
“Cloud encryption segment is expected to grow at highest CAGR during the forecast period”
The cloud encryption segment is estimated to grow at the highest CAGR during the forecast period, due to the increased adoption of cloud-based storage and applications across various business processes. Increased intensity and volume of cyber-attacks have further increased data security concerns for organization that have adopted cloud for data storage. Disk encryption will have largest market size in 2016, as data storage disks are also suseptible to cyber attacks. Moreover, with the emergence of BYOD trend, the loss and theft of mobile devices comprising business data, further increases the data security concerns.
“Managed services segment is expected to grow at highest CAGR during the forecast period”
The organizations are steadily growing their partnership networks in order to deploy the encryption software solutions across the globe. Thus, the managed services segment is expected to grow at the highest CAGR during the forecast period. However, professional services segment is expected to have the largest market size in 2016.
“Asia-Pacific (APAC) is expected to have the highest growth rate during the forecast period”
APAC includes emerging economies, such as China, Japan, and India, which are rapidly deploying encryption software solutions. APAC is expected to grow at the highest CAGR during the forecast period. This is primarily due to the increasing instances of severe cyber-attacks in verticals such as BFSI and IT & Telecom with the surging volume payments and transactions taking place over the internet. Furthermore, North America is expected to have the largest market size in 2016.
In-depth interviews were conducted with CEOs, marketing directors, other innovation and technology directors, and executives from various key organizations operating in the encryption software market place.
By Company Type: Tier 1: 55%, Tier 2: 20%, Tier 3: 25%
By Designation: C-Level: 60%, Director Level: 25%, Others: 15%
By Region: North America: 15%, Europe: 25%, APAC: 30%, Latin America: 20%, MEA: 10%
The report includes the study of key players offering encryption software solutions such as Microsoft Corporation (U.S.), Sophos Ltd. (U.S.), CheckPoint Software Technologies Ltd. (Israel)., Trend Micro Inc. (Japan), Symantec Corporation (U.S.), IBM Corporation (U.S.), SAS Institute Inc. (U.S.), Intel Security Group (McAfee) (U.S.), EMC Corporation (U.S.), and WinMagic Inc. (Canada).
The report provides a picture on encryption software solutions and associated services across different industry verticals and regions. It aims at estimating the market size and future growth potential of this market across different segments such as application, service, deployment type, user type, industry verticals, and regions. Furthermore, the report also includes an in-depth competitive analysis of the key players in the market along with their company profiles, SWOT analysis, recent developments, and key market strategies.
Key Benefits of Buying the Report:
The report will help the market leaders/new entrants in this market by providing them the closest approximations of the revenue numbers for the overall encryption software market and subsegments. This report will help stakeholders to better understand the competitor landscape and gain more insights to better position their businesses and make suitable go-to-market strategies. The report also helps the stakeholders to understand the pulse of the market and provides them information on key market drivers, restraints, challenges, and opportunities.