Global Encryption Software Market By Application (Disk Encryption Software, File/Folder Encryption Software, Database Encryption Software, Communication Encryption Software, Cloud Encryption Software), Organization Size (Small and Medium Businesses, Large Enterprises), Deployment Type (Cloud, On-Premise), Vertical (BFSI, Healthcare, Government & Public Utilities, Telecom, Retail, Aerospace & Defense)
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Market Report Description
The global Encryption Software Market Size is expected to attain a market size of $10.1 billion by 2022, growing at a CAGR of 22.3% during the forecast period.
Encryption can be software-based or hard-ware based, and it is dependent on the organizations security needs and their IT budgets. Software-based encryption is carried out with the help of software to encrypt and decrypt data stored in the files/folders, hard drives, removable media, data travelling over the internet network through emails, etc. Encryption software use specific algorithms to convert data into a meaningless cipher text or encrypted text, which can only be converted to meaningful text using key, symmetric key (single key) or asymmetric key (pair of keys). Different encryption algorithms are available for symmetric and asymmetric keys.
The most widely used algorithms under symmetric key are Advanced Encryption Standard (AES), Data Encryption Standard (DES) and Triple-DES, and Blowfish. Similarly for asymmetric key, the most commonly used algorithm is RSA. Regulatory frame work set by the governments about data privacy and compliance demands tighter security measures. With stringent regulations, the need for effective data security technologies is vital. While developed geographies such as America and Europe already have federal level regulations that require mandatory compliance with data privacy laws; however, developing regions such as APAC and LAMEA, are in the process of implementing more concrete data protection legislations.
Based on the Application type, the Encryption Software market is segmented into Disk Encryption, File/Folder Encryption, Database Encryption, Communication Encryption and Cloud Encryption. Based on Organization Size, the market is segmented into Small & Medium Sized Enterprises and Large Enterprises. Based on deployment Type, the market is segmented into cloud based and On-premise. The Verticals highlighted in this report include BFSI, Healthcare, Government & Public Utilities, Telecom, Retail, Aerospace & Defence and Others.
Based on region, Encryption Software market is segmented into North America (US, Canada, Mexico and Rest of North America), Europe (Germany, UK, France, Russia, Spain, Italy and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Singapore, Malaysia and Rest of Asia-Pacific) and Latin America, and Middle East & Africa. North America remained the dominant region in the global Encryption Software market in 2015. Asia-Pacific would witness promising CAGR during the forecast period (2016-2022).
The report covers the analysis of key stake holders of the Encryption Software market. Key companies profiled in the report include Symantec Corporation, Check Point Software Technologies, IBM Corporation, Cisco Systems, Inc., Intel Corporation, HP Enterprise Company, FireEye, Inc., Infineon Technologies AG, AT&T Inc. and Dell Inc. (SonicWall Inc.).