Covid-19 Impact on Encryption Software Market 2020: Growth, Trends, Segmentation and Regional Forecast 2023

Covid-19 Impact on Encryption Software Market: Synopsis

The global encryption software market is expected to exhibit a strong 24% CAGR over the forecast period from 2017 to 2023, according to the latest research report published by Market Research Future (MRFR). The Covid-19 Impact on Encryption Software Market is expected to reach a valuation of USD 13 billion by 2023, according to MRFR.

Encryption software is software that allows enterprises to protect their data from intrusion through the use of encryption algorithms. This turns plaintext into cipher text, which cannot be revealed without the master password or other such security system. Data encryption has emerged as a major defense mechanism against the rising threat of cybercrime in recent years. While enterprises may work on protecting their organizations by using firewalls and other blocking mechanisms, the integrity of the data is not protected by these systems. As a result, data encryption systems are gaining popularity as a final obstacle for cyber criminals.

The growing use of digital data storage in industry verticals such as IT and telecom, healthcare, BFSI, retail, and government is likely to be a major driver for the global encryption software market over the forecast period. Encryption software has become a key part of network security suites as a result of their efficacy in blocking out unwanted intrusions and protecting the integrity of the corporate data. The growing volume of data and the consequent use of cloud data storage is likely to drive the demand from the encryption software market over the forecast period.

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Encryption Software Market Global Market - Segmentation:

The global Encryption Software Market has been segmented on the basis of deployment, service, organization size, application and vertical. Based on deployment, the global encryption software market has been segmented into cloud and on-premise. Based on service, the global encryption software market has been segmented into professional service and managed service. Based on organization size, the global encryption software market has been segmented into small & medium enterprises and large enterprises. Based on application, the global encryption software market has been segmented into disk encryption, file/folder encryption, communication encryption, database encryption, and cloud encryption. Based on vertical, the global encryption software market has been segmented into healthcare, government & public sector, it & telecommunication, BSFI, retail, aerospace & defense, and others.

Key Players:

The prominent players in the Encryption Software Market 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.), and WinMagic Inc. (Canada) among others.

Encryption Software Market Global Market - Regional Analysis

Geographically, the global encryption software market has been segmented into four major regions such as Asia Pacific (APAC), North America, Europe, and the rest of the world. The North America region commands the highest share of the global encryption software market owing to the rapid technological advancement, easy adoption of advanced technology, increased rate of cybercrime, and rise in adoption of encryption solutions for data security by preventing unauthorized access to the data and company information in this region. The encryption software in the Asia Pacific region is projected to expand at the fastest growth rate during the assessment period owing to the high demand for advanced security solutions in small to large scale enterprises, rapid industrial development, increased rate of data theft and cybercrime, and proliferation in IT companies as a part of process outsourcing in this region. Rapid adoption of advanced technology, high demand for data security solutions and increased development of advanced encryption software that can provide innovative data security services are majorly fueling the growth of the encryption software market in the Europe region.

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TABLE OF CONTENTS

LIST OF TABLES

Table 1 Encryption Software Market, By Application

Table 2 Encryption Software Market, By Deployment

Table 3 Encryption Software Market, By Service

Table 4 Encryption Software Market, By Organization Size

Table 5 Encryption Software Market, By Vertical

Table 6 Encryption Software Market, By Region

Table 7 North America Encryption Software Market, By Application

Table 8 North America Encryption Software Market, By Deployment

Table 9 North America Encryption Software Market, By Service

Table 10 North America Encryption Software Market, By Organization Size

Table 11 North America Encryption Software Market, By Vertical

Table 12 U.S. Encryption Software Market, By Application

Table 13 U.S. Encryption Software Market, By Deployment

Table 14 U.S. Encryption Software Market, By Service

Table 15 U.S. Encryption Software Market, By Organization Size

Table 16 U.S. Encryption Software Market, By Vertical

Table 17 Canada Encryption Software Market, By Application

Continued…

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