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Pune, Jan. 21, 2021 (GLOBE NEWSWIRE) -- The global encryption software market size is expected to reach USD 24.94 billion by 2027, exhibiting a CAGR of 14.1% during the forecast period. The increasing number of data breaches, data security threats, and cyberattacks in organizations will enable speedy expansion of the market, states Fortune Business Insights, in a report, titled Encryption Software Market Size, Share & Covid-19 Impact Analysis, By Component (Software, Services), By Application (Disk Encryption, Database Encryption, Cloud Encryption, Folder Encryption, and Others), By Enterprise Size (Large Enterprises, Small and Medium-Sized Enterprises (SMEs)), By Deployment Model (On-Premises, Cloud), By Industry Vertical (IT and Telecommunications, Banking, Finance, Security and Insurance (BFSI), Healthcare and Life Sciences, Manufacturing, Retail, Government, Energy and Utilities, and Others), and Regional Forecast, 2020-2027. The market size stood at USD 8.82 billion in 2019.

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The report on the encryption software market includes:

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Market Driver:

Surging Data and Security Breaches to Spur Business Opportunities

The growing number of data and security breaches is expected to bolster the healthy growth of the market. For instance, in June 2020, Chartered Professional Accountants of Canada (CPA) witnessed a cyber-attack that resulted in a loss of personal information of over 329,000 stakeholders and members. The need for data protection policies and technologies to secure critical data and support smooth data processing will promote the growth of the market. The increasing inclination towards encryption software as a key defensive measure against data and security breaches can have an excellent impact on the market. Cryptographic security controls systems, safeguards database,s and reduces cyber threats. Also, data generated by digital channels, cloud technology, and the internet of things (IoT) will subsequently spur the need for data privacy solutions in the forthcoming years.

Application of Data Solutions to Aid Development Amid Coronavirus

The increasing use of remote access technologies has augmented the chances for cybersecurity breaches and IT outages, which, in turn, will enable the growth of the market during coronavirus. The surging IT activities and digitalization have consequently increased risks for cyber hacks. The growing incidence of malware attacks, phishing attacks, and ransomware attacks owing to work from culture will further spur opportunities for the market amid coronavirus. Besides, the increasing knowledge about securing the database and private networks will fuel demand for encryption solutions in the near future.

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Regional Analysis:

Increasing Internet Penetration to Augment Growth in North America

The market in North America is expected to hold the largest share in the global market owing to the increasing adoption of encryption solutions. The penetration of the internet is expected to further aid the speedy expansion of the market in North America. The importance of data protection owing to the expanding mobile wireless networks will further boost the growth of the market in the region. According to Interstate Technology & Regulatory Council (ITRC), the estimated number of data breaches witnesses by enterprises in the United States has grown from 1473 breaches in 2019 to 614 breaches in 2013. Also, the stringent regulations coupled with existing software companies are expected to contribute to the growth of the market in North America.

Key Development:

July 2020: Thales Group, a leading security solution provider introduced a centralized key management platform CipherTrust Manager. CipherTrust Manager enables enterprises to manage encryption lifecycle and policies independent of data repositories.

The Report Lists the Key Companies in the Encryption Software Market

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Major Table of Content:

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Encryption Software Market to Reach USD 24.94 billion by 2027; Surging Cyber Security Threats to Improve Sales Prospects, states Fortune Business...