Technological advancements in Information and communication technology, increased risk of data loss and data theft, increasing the application of Internet of Things (IoT) has resulted in boosting the Encryption Software market.
Encryption Software Market Size – USD 9,785.3 Million in 2020, Market Growth – CAGR of 14.6%, Market Trends –Increased demand for data protection and security
The Global Encryption Software market is forecast to reach USD 29.47 Billion by 2028, according to a new report by Reports and Data. Significant advancements in mobile technology and its incorporation in the functioning of different business have increased the risk of data theft. Such an increase in the risk of data theft and proportional rise in use of mobile technology have made the incorporation of encryption software in the functioning of technology a necessity. Increased incorporate of encryption software in the operation of mobile technology have a positive impact on the growth of the industry. Use of mobile technology is not restricted to different businesses, but it witnesses a significant rise in personal use. Mobile technology is being highly dependent and used by individuals for storing and transmitting personal and sensitive data that is susceptible to the risk of data loss and data theft. Increased use of mobile technology has a significant impact on the expansion of encryption software market.
With developments in information and communication technology [ICT] and the ease that it provides in functioning, it has been incorporated in different sectors like banking and healthcare industry, among others. In these industries, protection of private data of users becomes essential. Stringent government data protection policies regulate the need for protection of private data of users. Hence, increased incorporation of ICT in various industries and the associated need for protecting private data of service user’s result in boosting the growth of the sector.
In context to region, North America leads the market. Factors like the presence of a large number of vendors providing encryption software and associated services, technological advancement, and incorporation of encryption software have resulted in the dominance of North America in this market.
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Key participants include IBM Corporation, Microsoft Corporation, Symantec Corporation, Intel Security, EMC Corporation, Sophos Holdings Ltd, Check Point Software Technologies, McAfee, Proofpoint, and Trend Micro.
Further key findings from the report suggest
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For the purpose of this report, Reports and Data have segmented the global Encryption Software market according to Component, Usages, Deployment, Application area, End-use, and Region:
Component Type Outlook (Revenue, USD Billion; 2020-2028)
Usages type Outlook (Revenue, USD Billion; 2020-2028)
Deployment type Outlook (Revenue, USD Billion; 2020-2028)
Application area Type Outlook (Revenue, USD Billion; 2020-2028)
End-use Type Outlook (Revenue, USD Billion; 2020-2028)
Regional Outlook (Revenue, USD Billion; 2020-2028)
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Market Report includes major TOC points:
Conclusively, all aspects of the Encryption Software market are quantitatively as well qualitatively assessed to study the global as well as regional market comparatively. This market study presents critical information and factual data about the market providing an overall statistical study of this market on the basis of market drivers, limitations and its future prospects.
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