Encryption is a method which is used to convert plain text into a cipher format at the time of transmission. This method uses mathematical algorithms for conversion of information into an unreadable format which can be retrieved using a secret code only. The strength of an encryption code is calculated by its length which is determined by the number of encryption bits used. The primary goal of encryption software is to encrypt and decrypt data. Encryption software provides safety to confidential information stored in files and folders and data transmitted over networks as per security requirements of organization.
Organizations globally are adopting encryption software for data safety and data privacy which is a key factor driving growth of the global encryption software market. In addition, rising demand for cloud-based databases, and high adoption rate of encryption software among various end use industries such as banking, financial services and insurance (BFSI), healthcare, and government & public sector industries are major factors expected to fuel growth to the global encryption software market over the forecast period.
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However, increasing operational costs and emergence of hardware-based full disk encryption are key factors restraining growth of the global encryption software market. Additionally, lack of awareness about encryption software“s, and regulatory restrictions on crypto-software are major factors expected to hamper growth of the global encryption software market to a significant extent.
The global encryption software market report has been segmented on the basis of application, deployment, industry type, and region. On the basis of region into, North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Currently, the market in North America accounted for highest revenue share in the global encryption software market, owing to increasing adoption of encryption software in major organizations, followed by market in Europe. The market in Asia Pacific is expected to register highest CAGR of XX.X%, owing to increasing instances of cyber-attacks, and high number of data thefts in countries in the region. Additionally, growing awareness about encryption of data in emerging economies in the Asia Pacific region such as China, Japan, and India is further expected to fuel growth to the global encryption software market over forecast period.
Prominent players in the global market include Microsoft, Sophos Ltd., Check Point Software Technologies Ltd., Trend Micro Inc., Symantec Corporation, IBM Corporation, SAS Institute Inc., Intel Security Group (McAfee), EMC Corporation, and WinMagic Inc.
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