The Encryption Software by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Encryption Software , The encryption software market size has grown rapidly in recent years. It will grow from $11.96 billion in 2023 to $13.74 billion in 2024 at a compound annual growth rate (CAGR) of 14.9%. The growth in the historic period can be attributed to data privacy concerns, stringent regulatory compliance, data center security, increasing volume of sensitive data, integration with storage solutions..
The encryption software market size is expected to see rapid growth in the next few years. It will grow to $25.31 billion in 2028 at a compound annual growth rate (CAGR) of 16.5%. The growth in the forecast period can be attributed to regenerative medicine security, user-friendly encryption interfaces, ransomware mitigation, transparent data encryption, cross-border data transfer.. Major trends in the forecast period include data privacy regulations and compliance, cloud encryption solutions, end-to-end encryption for communication, quantum-safe encryption, integration with key management systems, mobile device encryptioncollaboration with endpoint security solutions..
The increase in the high adoption of cloud and virtualization technologies is significantly driving the growth of the encryption software market. Cloud technology is the delivery of computing services over the cloud such as data, software, and so on. This data when transferred needs security and protection that is given by the encryption software. It helps in protecting the data when transferred from one source to another or the cloud. According to TechJury, a publishing website for testing and reviewing software companies, 81% of all enterprises have a multi-cloud strategy already laid out or in the works, and 67% of the enterprise infrastructure is cloud-based. Additionally, 82% of the workload will reside on the cloud. Nearly 50% of organizations in Europe are utilized cloud storage in 2022. Hence the increase in the adoption of cloud and virtualization technologies by companies is expected to propel the growth of encryption software industry going forward.
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The encryption software market covered in this report is segmented –
1) By Component: Software, Service
2) By Organization Size: Large Enterprises, Small & Medium Enterprises
3) By Application: Disc Encryption, File/Folder Encryption, Database Encryption, Communication Encryption, Cloud Encryption
4) By Industry Vertical: IT and Telecommunications, Banking, Finance, Security, and Insurance (BFSI), Healthcare and Life Sciences, Manufacturing, Government, Energy and Utilities, Other Industry Verticals
Technological advancement is a key trend gaining popularity in the encryption software market. Major companies operating in the encryption software sector are focused on developing new technological solutions to strengthen their position and provide an enhanced product to their users. For instance, in May 2023 Vaultree an Ireland-based software developer announced the launch of Fully Functional Data-In-Use Encryption (FFDUE) solution to the healthcare industry, which significantly improved safeguarding healthcare data. The FFDUE technology enables processing encrypted data in real-time, at scale, while maintaining operational efficiency and performance.
The encryption software market report table of contents includes:
- Executive Summary
- Encryption Software Market Characteristics
- Encryption Software Market Trends And Strategies
- Encryption Software Market – Macro Economic Scenario
- Global Encryption Software Market Size and Growth
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- Global Encryption Software Market Competitive Benchmarking
- Global Encryption Software Market Competitive Dashboard
- Key Mergers And Acquisitions In The Encryption Software Market
- Encryption Software Market Future Outlook and Potential Analysis
- Appendix
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