(Wireless-NewsWire.Com, May 20, 2020 ) As per report "Encryption Software Market by Component (Software and Services), Application (Disk Encryption, File/Folder Encryption, Communication Encryption, Cloud Encryption), Deployment Mode, Enterprise Size, Vertical, and Region - Global Forecast to 2024", the global encryption software market size is expected to grow from USD 7.5 billion in 2019 to USD 16.5 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 17.0% during the forecast period.
The major factors fuelling the market growth include the rising concerns about loss of critical data, stringent regulatory standards, and data privacy compliances. An increasing demand for integrated data protection solutions and encryption as a service among SMEs could provide growth opportunities for vendors in the encryption software market.
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The disk encryption application segment to hold the largest market size during the forecast period
The encryption software market is segmented on the basis of applications: disk encryption, file/folder encryption, database encryption, communication encryption, and cloud encryption. The disk encryption segment is expected to hold the largest market size during the forecast period. The importance of encrypting a disk is that even if the encrypted disk is lost or stolen, its encrypted state remains unchanged, and only an authorized user can access its contents. Currently, enormous amounts of data are being generated and stored across organizations. It has increased the cost of protecting critical data against thefts and breaches.
Managed services segment to grow at a higher CAGR during the forecast period
In the encryption software market by services has 2 categories: professional services and managed services. The managed services segment is expected to grow at a faster pace during the forecast period, as managed services provide traders with support, maintenance, and infrastructure management for effectively securing and ensuring privacy of data. The vendors in the market offer services to end users so that they can effectively manage and deploy encryption software solutions.
North America to hold the largest market size during the forecast period
North America is the largest revenue contributor to the global encryption software market. The region is witnessing major developments in the encryption software market. North American countries have well-established economies, which enable encryption software vendors to invest in innovative technologies. The region is also regarded as the center of innovations, as major North American IT companies roll out new offerings and aggressive collaborations take place in the region. They are also adopting various growth strategies to strengthen their positions in the market.
Major vendors in the global encryption software market include 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 (US).
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