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Global Encryption Software Market to Grow at a CAGR of 15.05% in the Forecast Period of 2021-2026.

According to a new report by EMR, ‘Global Encryption Software Market Report and Forecast 2021-2026,’ the global encryption software market attained a value of around USD 8.3 billion in 2020. The industry is further expected to grow at a CAGR of 15.05% in the forecast period of 2021-2026 to reach a value of around USD 19.2 billion in 2026.

The advancements in the software and hardware technologies in the mobile industry, their dissemination among businesses, and the growing penetration of smartphones shall play an essential role in catapulting the global encryption software market. The increased usage of smart devices across organisations has come along with an added risk of data loss among enterprises, which has made encryption software crucial for the safe transmission of data. Furthermore, as industries are rapidly moving towards cloud computing, the need to protect and secure sensitive data is increasing, which, consequently, is resulting in an increased deployment for the software.

In April 2020, Thales Group (OTCMKTS: THLEF), the parent company of Thales e-Security, announced the completion of its acquisition of Gemalto, a leader in digital identity and security. The acquisition is expected to establish Thales as a leader in the encryption software industry by expanding its portfolio of digital identity and security solutions, which are based on technologies, such as biometry, data protection, and cybersecurity. Such M&A activities in the industry are expected to positively impact the global encryption software market.

Market Breakup by Component, Deployment Method, Application, End Use, and Region:

  • By component, the global software encryption software can be bifurcated into software and services.
  • Taking the deployment method into consideration, the market can be divided into two segments, which are on-premise and cloud-based.
  • By application, the market can be classified into disk encryption, file/folder encryption, database encryption, web communication encryption, network traffic encryption, and cloud encryption, among others.
  • On the basis of end use, the market can be segmented into banking, financial services, and insurance, aerospace and defence, healthcare, government and public administration, retail, and others.
  • Regionally, the market can be segmented into North America, Europe, the Asia Pacific, the Middle East and Africa, and Latin America.

Key Findings of the Report:

  • The rapid digitisation and increased internet usage are primarily driving the growth of the global software encryption market. 
  • Owing to the constant risk of security risks, companies are increasingly adopting encryption solutions to protect their data, thus, further aiding the market growth. 
  • Encryption software helps organisations safeguard their intellectual property and other sensitive and crucial information and data, which is expected to boost its demand over the forecast period.
  • The introduction and implementation of regulations regarding data protection and privacy by governments across the globe are also expected to positively influence the growth of the market.

Key Offerings of the Report:

  • The EMR report gives an overview of the global encryption software market for the periods (2016-2020) and (2021-2026).
  • The report also offers the historical (2016-2020) and forecast (2021-2026) markets for components, deployment methods, applications, end-use, and the major regions of encryption software.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global encryption software market are International Business Machines Corporation, Microsoft Corporation, Symantec Corporation, Thales eSecurity, Inc., Trend Micro Incorporated, Sophos Group plc, Micro Focus International plc, Cisco Systems, Inc., and Intel Corporation, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

About Us:

Expert Market Research (EMR) is a leading market research and business intelligence companies, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and evergrowing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over a 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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