Encryption is important to maintain the digital privacy and security. The encryption software offers a way to securely send or receive the data over the internet safe and confidential. It is a security tool, which helps in the encryption and decryption of data. Encryption data transform the originally legible information into a unique cipher algorithm. It uses a very long key to lock and unlock the data. The encryption software is comes up with the multiple encryption method, secure online backup, and tons of bonus security features.
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ENCRYPTION SOFTWARE MARKET OUTLOOK
An increasing number of cyber-attacks and data breaches on business data fuel the demand for encryption software market. The rise in the adoption of cloud based applications in several organizations impacted positively on the growth of encryption software market. The pandemic situation opens the door for cybercriminals which also boosts the demand of encryption software.
ENCRYPTION SOFTWARE MARKET SEGMENTAL OVERVIEW
The study analyses the encryption software market based on component, deployment type, organization size, end-users, and geography.
ENCRYPTION SOFTWARE MARKET BY COMPONENT
The components of the encryption software market are solution and services.
ENCRYPTION SOFTWARE MARKET BY DEPLOYMENT TYPE
By deployment type the encryption software market is bifurcated into the cloud-based and on-premises deployment type. The on-premises deployment is expected to contribute the largest share in the growth of encryption software market. The encryption software is mainly designed for data privacy and on-premise deployment is increasing as it gives complete control of security to the users.
ENCRYPTION SOFTWARE MARKET BY ORGANIZATION SIZE
Based on the organizational size encryption software market is segmented into large organizations and small & medium-sized organizations. The large organizations are more flexible to accept the advanced technologies which results in the increasing demand of encryption software in large industries. Hence, the large industries are expected to contribute the largest share in the growth of encryption software market.
ENCRYPTION SOFTWARE MARKET BY END-USER
Major end-users of the encryption software market covered in the study are BFSI, healthcare, IT & telecom, media and entertainment, government and others. The IT & Telecom sector is expected to contribute the major share in the growth of encryption software market. The IT and telecom sector work with the large amount of workforce, which results in the high amount of data transfer every day. The increasing demand of encryption software in IT and telecom sector to secure the daily data transfer impacts positively on the growth of global encryption software.
ENCRYPTION SOFTWARE MARKET BY KEY PLAYER
The key competitors of the encryption software market are IBM (US), Microsoft (US), Symantec (US), Thales e-Security (France), Trend Micro (Japan), Sophos (UK), Check Point (Israel), Micro Focus (UK), McAfee (US), Dell (US), WinMagic (US), ESET (US), Cryptomathic (Denmark), Bitdefender (Romania), Stormshield (France), and CipherCloud among others.
ENCRYPTION SOFTWARE MARKET BY GEOGRAPHY
Geographically, the study is comprised of the key countries of North America, Europe, Asia-Pacific and the Rest of the World. North America held the largest market share of the encryption software market. The factors like highly increasing vendors’ investment and growing government support boosts the growth of encryption software in the North America region.
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