The encryption software global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Encryption Software Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
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..
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Scope Of Encryption Software Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Market Drivers –
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.
Market Trends –
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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
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Regional Insights –
North America was the largest region in the encryption software market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the encryption software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Key Companies –
Major companies operating in the encryption software market report are Amazon Web Services Inc, Check Point Software Technologies Ltd., Dell Inc., Cisco System Inc, F-Secure Corporation, Ibm Corporation, Microsoft Corporation Inc., Oracle Corporation, Palo Alto Networks Inc., Trend Micro Inc.,ESET s. r. o,Sophos Group Ltd., Bitdefender Ltd., Pkware Inc.,Thales Group,Gemalto, Jetico Inc. ,Micro Focus,McAfee, Fortinet,Palo Alto Networks,WinMagic,Vormetric, Proofpoint,ESET,Utimaco GmbH,Boxcryptor,Virtru,Zix Corporation,Trustwave,,,,
Table of Contents
1. Executive Summary
2. Encryption Software Market Characteristics
3. Encryption Software Market Trends And Strategies
4. Encryption Software Market – Macro Economic Scenario
5. Global Encryption Software Market Size and Growth
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31. Global Encryption Software Market Competitive Benchmarking
32. Global Encryption Software Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Encryption Software Market
34. Encryption Software Market Future Outlook and Potential Analysis
35. Appendix
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