Visiongain has published a new report on Encryption Software Market Report to 2031: Forecasts By Component (Software, Service {Managed Service, Professional Service}), By Application (Disk Encryption, File/Folder Encryption, Database Encryption, Cloud Encryption, Communication Encryption), By Deployment (On-Cloud, On-Premise), By Organization Size (Large Enterprises, Small and Medium-Sized Enterprises), By Industry Vertical (BFSI, IT and Telecom, Healthcare, Manufacturing, Government & Defense, Others). PLUS, Profiles of Encryption Software Companies and Regional and Leading National Market Analysis. PLUS COVID-19 Recovery Scenarios

Global encryption software market was valued at US$ XX billion in 2019 and is projected to reach a market value of US$ XX billion by 2031.

Encryption software is a software which uses cryptography technology for preventing unauthorized access to digital information. The software systematically encodes the data before transmission so that any unauthorized party cannot decrypt it. Rising BYOD trend among enterprises, growing concerns related to loss of data, and stringent regulatory compliance are the factors driving the growth of encryption software market. The market seeks growth opportunities from increasing proliferation of cloud technology and the adoption of encryption software across healthcare and BFSI industry verticals. However, concerns related to pirated solutions, High Initial Costs, and lack of skilled technical expertise are some of the factors hampering the market growth during the forecast period.

COVID-19 Impact on Encryption Software Market
The outspread of coronavirus in the past few months has affected the businesses and livelihood of the people at an unprecedented rate. Following the guidelines set by the World Health Organization (WHO), the governments of almost all the countries across the globe have imposed nationwide lockdown to minimize the further spread of the virus. However, even during this pandemic, encryption software and services have witnessed a significant demand than usual. There has been an increase in the adoption of connected devices owing to the remote working initiatives taken up the commercial and government enterprises which boosts up the demands for encryption software. Moreover, the rising number of cybersecurity concerns during the pandemic has also elevated the need for encryption solutions majorly across BFSI sector. Though enterprises have limited the overall IT spending, the share of the expenditure on IT security has not to be reduced or limited to thereby driving the market demand even during the pandemic.

Market Drivers

Rising BYOD Trend Among Enterprises
The BYOD trend has been witnessing a rise over the years. Using personal smartphones and tablets for work purpose becomes convenient for employees and in-expensive for employers. However, as more and more employee-owned devices are allowed, the encryption software and BYOD security policies become essential. The risks related to endpoint security are invited from the employee-owned devices increases if the organization's network infrastructure is not adequately secured. Encryption software helps to prevent unauthorized access by encrypting the sensitive business data stored on the user device and applications.

Growing Concerns Related to Loss of Data
The number of cyberattacks is on the rise, and so is the complexity of the attacks. According to a study by Accenture, the number of security breaches has increased by 11% since 2018 and 67% since 2014. Endpoints are the weakest links in an enterprise network. With the increase in the number of connected devices, endpoint security threats are also on the rise. Phishing, hacking, and malware attacks are some of the most common endpoint security threats. Adoption of encryption technologies helps in protecting the confidentiality of enterprise data by altering it using a cryptographic algorithm and a secret encryption key. The encryption software ensures the security and safety of all the data stored in the endpoint devices connected on an enterprise network. Thus, rising concerns related to data loss is driving the demand for encryption software and services.

Market Opportunities

Increasing Proliferation of Cloud Technology
Cloud technology is witnessing a significant demand owing to the benefit it offers in terms of scalability, flexibility, and other cost-effective features. However, data security is one of the major concerns as the data is accessible at any point in time and across any device, thereby driving the demand for encryption software. Encryption software helps in encrypting the data stored on the cloud platform by allowing the access only the authorized person. Moreover, the software also offers secure collaboration and two -factor authentication, thereby providing high levels of security to the enterprise data stored and shared across the cloud platform which is expected to create growth prospects for the encryption solutions.

Increased Adoption of Encryption Software Across Healthcare and BFSI Industry Verticals
BFSI and healthcare are the most regulated sectors in the world. BFSI requires strong security owing to the presence of highly sensitive and private data. The industry requires encryption of personally identifiable information (PII) such as names, addresses, and social security numbers as well as income, credit score, collection history, and non-public personal information (NPI) to ensure the confidentiality and security of customer information. Moreover, the software offers protection against unauthorized access and manages potential threats to the customer as well as enterprise data, which drives the demand for encryption software in the BFSI industry. In healthcare, the software is used to safeguard the patient's medical records and personal information, making it accessible only to the authorized personnel, thereby minimizing the threat of data leakage.

Competitive Landscape
The encryption software market is highly competitive. The key market players are focused on innovating its encryption software solutions with advanced capabilities to cater to a wide application area. Furthermore, the key players also emphasize collaborations and acquisitions strategies to strengthen its offerings and position in the market. Some of the companies profiled in the report include IBM Corporation, Microsoft Corporation, Symantec Corporation, Thales Group, Trend Micro Inc., Check Point, Sophos Ltd., Micro Focus, McAfee, LLC, and Dell Inc.

June 2020, IBM Corporation acquired Spanugo, a US-based cloud cybersecurity management company. The acquisition helped IBM Corporation to offer enhanced security control capabilities to its users which allow the clients in defining compliance profiles and managing controls in real-time.

January 2020, Sophos Ltd. revealed advancements to its Sophos Cloud Optix. The new features help in automating and simplifying the detection and response of cloud security vulnerabilities and misconfigurations to minimize the risk exposure.

Notes for Editors
If you are interested in a more detailed overview of this report, please send an e-mail to sara.peerun@visiongain.com or call her on +44 (0) 20 7549 9987.

About Visiongain
Visiongain is one of the fastest-growing and most innovative independent media companies in Europe. Based in London, UK, Visiongain produces a host of business-to-business reports focusing on the automotive, aviation, chemicals, cyber, defence, energy, food & drink, materials, packaging, pharmaceutical and utilities sectors.

Visiongain publishes reports produced by analysts who are qualified experts in their field. Visiongain has firmly established itself as the first port of call for the business professional who needs independent, high-quality, original material to rely and depend on.