Encryption Software Market to Grow at 24.0% CAGR by 2020: Key Driver, Top Vendors, Industry Application Analysis and Outlook
The Encryption software market size is estimated to grow from $ 3.05 billion in 2016 to $ 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 susceptible 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.
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“Managed services segment is expected to grow at highest CAGR during the forecast period”
The organizations are steadily growing their partnership networks 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.
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Encryption Software Modules Market Drivers
- Stringent regulatory standards and compliances
- Manifestation of dynamic business environment across industry verticals
- Increasing concerns pertaining to loss of critical data
- Availability of flexible encryption software product offerings
Encryption Software Modules Market Opportunities
- Increasing demand for integrated data protection solutions
- Emergence and implementation of Software as a Service based solutions
Encryption Software Modules Market Restraints
- Increasing operational costs
- Emergence of hardware-based full disk encryption
Encryption Software Modules Market Challenges
- Inefficiency in management and usage of encryption key
- Difficulty in the management of process generated data
The Encryption Software Modules Market for process control applications is expected to grow at the highest rate during the forecast period. Signal conditioners in process control applications separate the supply voltage from the input and output circuits and enable the analog circuit to operate with one operating voltage. Moreover, signal conditioners electrically separate input as well as output signals from each other. This eliminates the differences caused by common reference points and provides protection against irrevocable damage caused by overvoltages.
The key players in the Encryption Software modules market profiled in this report are
- 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.)
- WinMagic Inc. (Canada)
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Encryption Software Modules Market Regions
- AMERICAS
- U.S.
- CANADA
- MEXICO
- BRAZIL
- ARGENTINA
- EUROPE
- U.K.
- GERMANY
- FRANCE
- ITALY
- SPAIN
Research Coverage:
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.
Reasons to Buy the Report:
• This report includes the market statistics pertaining to environmental medium, technology, application, and geography, along with their respective market size.
• The Porter’s five forces framework has been utilized along with the value chain analysis to provide an in-depth insight into the Encryption Software modules (SCM) market.
• Major drivers, restraints, challenges, and opportunities for the growth of the Encryption Software modules (SCM) market have been detailed in this report.
• Illustrative segmentation, analysis, and forecast for the market based on environmental medium, technology, application, and geography have been conducted to give an overall view of the Encryption Software modules (SCM) market.
• A detailed competitive landscape includes key players, in-depth analysis, and revenue of key players.
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