Software-based encryption is one of the fast emerging end-point data security solutions. Encryption software are used to maintain confidentiality of the data stored in files/folders & disks and transmitted over the wireless network along with database Encryption, Communication and Cloud Encryption. Increasing number of organizations worldwide have adopted encryption to address the growing concerns of data safety and data privacy compliance regulations. The encryption software market is expected to reach $2.5 billion by 2021, registering a CAGR of 14.2% during the forecast period of 2016 to 2021.With data protection and compliance gaining prominence, organizations have adopted encryption services to achieve compliance, data security, and flexibility.
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Increasing data privacy and compliance regulations by the government across various geographic regions, owing to the rising number of data breaches is amongst the major factors that has supplemented the growth of the market. Moreover, increasing adoption of cloud & virtualization and increasing data mobility are other key factors that have fueled the overall growth of the market. However, lack of awareness and education of software encryption due to ignorance, cost associated with the encryption and regulatory restrictions are some of the major challenges for the industry.
The market is segmented on the basis of usage, industry vertical, and geography. Based of usage, the market is segmented into encryption for data-at-rest and encryption for data-in-transit. The market by vertical comprises financial sector, healthcare, public sectors, and others. The financial sector is anticipated to account for the largest share of the overall market throughout the forecast period, as this industry has to comply with stringent data-protection regulations. The market has been analyzed on the basis of regions, which include North America, Europe, Asia-Pacific, and LAMEA. North America is projected to be the leading revenue-generating region during the forecast period. However, Asia-Pacific region is projected to witness the fastest growth during the forecast period, due to the growing penetration of cloud computing and increasing workforce mobility.
Owing to the rapidly increasing adoption of cloud services across all sectors, organizations are inclined towards encryption solutions to ensure security of data and ensure compliance with the data privacy regulations in cloud. The key players are Symantec Corporation, Sophos Holdings Ltd., Microsoft Corporation, IBM Corporation, SAS Institute, INC., Intel Corporation (Mcafee), EMC Corporation, Winmagic, INC., Bloombase, INC., Check Point Software Technologies, Proofpoint, and Trend Micro.
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