DUBLIN--(BUSINESS WIRE)--The "Encryption Software Market by Component, Deployment Model, Organization Size, Function and Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2020-2027" report has been added to ResearchAndMarkets.com's offering.
According to the report, the encryption software market was valued at $6.82 billion in 2019, and is projected to reach $22.74 billion by 2027, growing at a CAGR of 16.3% from 2020 to 2027.
Growing number of complexity and data breaches and increased compliance regulation among the organizations drives the growth of the encryption software market. In addition, surge in adoption of bring your own device (BYOD) and increased mobility fuels the growth of the market. However, lack of awareness about encryption software and limiting the use of encrypted device in some countries hampers the growth of the market. Furthermore, rise in demand for cloud-based encryption software is expected to provide lucrative opportunities for the growth of the market.
By industry vertical, the global encryption software market was led by the BFSI segment in 2019 and is projected to maintain its dominance during the forecast period. The major factors that drive the adoption of encryption software solution in the BFSI sector include rising number of cyber attacks and increasing need to protect sensitive financial data from breaches with maximum returns and minimum risk. However, the retail segment is expected to grow at the highest rate during the forecast period, owing to a rise in online transactions in the retail industry and increase in demand for encryption software by retail SMEs.
Region wise, the encryption software market was dominated by North America in 2019 and is expected to retain its position during the forecast period. The major factors that drive the growth of the market in this region include increase in demand by the private and public sector of encryption software to secure and ensure privacy of data. However, Asia-Pacific is expected to witness the highest growth rate during the forecast period due to increasing presence of encryption software vendors, and growing government support in the developing countries of Asia-Pacific.
The key players profiled in the encryption software market analysis are Amazon Web Services (AWS), Check Point Software Technologies, Cisco Systems, F-Secure, Fortinet, IBM Corporation, Microsoft Corporation, Oracle Corporation, Palo Alto Networks and Trend Micro Incorporated.
Key Findings
- On the basis of component, the software segment led the encryption softwaremarket, in terms of revenue in 2019.
- By deployment model, the on-premise segment accounted for the highest encryption software market share in 2019.
- Region wise, North America generated the highest revenue in 2019.
- Depending on function, the cloud encryption segment is anticipated to exhibit substantial growth during the forecast period.
Key Topics Covered
Chapter 1: Introduction
1.1. Report Description
1.2. Key Market Segments
1.3. Key Benefits
1.4. Research Methodology
Chapter 2: Executive Summary
2.1. CXO Perspective
Chapter 3: Market Landscape
3.1. Market Definition and Scope
3.2. Key Findings
3.2.1. Top Investment Pockets
3.2.2. Top Winning Strategies
3.3. Porter's Five Forces Analysis
3.4. Market Share Analysis/Top Player Positioning 2019
3.5. Market Dynamics
3.5.1. Drivers
3.5.2. Restraints
3.5.3. Opportunities
Chapter 4: Global Encryption Software Market by Component
4.1. Overview
4.2. Software
4.3. Service
Chapter 5: Global Encryption Software Market by Deployment Mode
5.1. Overview
5.2. On-Premise
5.3. Cloud
Chapter 6: Global Encryption Software Market by Organization Size
6.1. Overview
6.2. Large Enterprises
6.3. Small and Medium Enterprises (SMEs)
Chapter 7: Global Encryption Software Market by Function
7.1. Overview
7.2. Disk Encryption
7.3. Communication Encryption
7.4. File or Folder Encryption
7.5. Cloud Encryption
Chapter 8: Global Encryption Software Market by Industry Vertical
8.1. Overview
8.2. BFSI
8.3. IT & Telecom
8.4. Government & Public Sector
8.5. Retail
8.6. Healthcare
8.7. Aerospace & Defense
8.8. Media & Entertainment
8.9. Others
Chapter 9: Global Encryption Software Market by Region
9.1. Overview
9.2. North America
9.3. Europe
9.4. Asia-Pacific
9.5. LAMEA
Chapter 10: Company Profiles
10.1. Amazon Web Services, Inc. (AWS)
10.2. Check Point Software Technologies
10.3. Cisco System, Inc.
10.4. F Secure
10.5. Fortinet, Inc.
10.6. IBM Corporation
10.7. Microsoft Corporation
10.8. Oracle Corporation
10.9. Palo Alto Networks, Inc.
10.10. Trend Micro Incorporated
For more information about this report visit https://www.researchandmarkets.com/r/kkm96k
