Encryption Software Market

Encryption Software Market Insights, Trends | Industry Report, 2024 | MarketsandMarkets™

MarketsandMarkets forecasts the global encryption software market size 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 2019–2024. An increasing focus on adhering to stringent mandatory regulatory standards and data privacy compliances and rising concerns about loss of critical data are major growth drivers for the market.

Encryption is a process through which data is encoded so that it is inaccessible to unauthorized users. It helps protect sensitive information and enhances the security of communication between two parties. Encryption can be applied to data at rest as well as to data in transit, with the help of various symmetric and asymmetric algorithms. Cyber threats are growing rapidly with increasing instances of unethical breaking of the barriers established via the conventional security measures, thereby fueling the demand for enhanced security solutions. The global encryption software market is in the established stage and is expected to witness expansive growth prospects owing to an increasing awareness about data security among end users.

Major encryption software vendors 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). These key players have adopted various organic and inorganic growth strategies to sustain their positions and increase their market shares in the global encryption software market.

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Thales e-Security (France) is a leading vendor offering encryption solution and services across the globe. The company’s encryption product offering includes data encryption, Vormetric application crypto suite, and key management. Thales provides its customers with a best-in-class encryption solution to meet compliance. The company also provides best practice requirements for protecting data from external threats or malicious insiders with proven, high-performance, and scalable data encryption. The company invested about 6% of its annual revenue in R&D in 2018 to develop new products with enhanced capabilities and gain a competitive edge. Thales Group has adopted business strategies, and the company generates its revenue by catering its products and services to 3 business units: defense and security, aerospace, and transport. Thales has a worldwide reach, with the regional and sales offices set up in North America, Europe, MEA, APAC, and Latin America. The company has large numbers of channel partners offering Thales’ products and services to customers across the globe. The partner ecosystem for the company includes cloud partners, technology partners, OEM partners, and channel partners. The company has more than 400 channel partners and 130 technology partners across the globe. Some of the significant public cloud partners of Thales include AWS, Google Cloud Platform, Microsoft Azure, and IBM Cloud. The company has also focused on various organic or inorganic strategies for positioning itself ahead in the market. For instance, in April 2019, Thales completed the acquisition of Gemalto (Netherlands), a global leader in digital identification and data protection. The acquisition would create a world-class leader with an unrivaled portfolio of digital identity and security solutions based on technologies, such as biometry, data protection, and, encryption.

Symantec (US) has been a leading provider of solutions related to security, backup, and data protection. The company primarily focuses on the development of the managed and secured network, and gateways for the protection of the client’s data. Due to the current market dynamic trends ranging from mobile, cloud, to IoT, Symantec has readjusted its security solution portfolio to expand its market reach. Over the years, the company is working toward the strategy of innovating solutions to protect data centers and endpoint security. It is also enhancing its offerings f the security of digital information. Symantec helps enterprises manage and secure technologies in a more cost-efficient way. It offers various mobile platforms to provide end users with secure gateways. Products such as Symantec Command Line, Symantec Endpoint Encryption, Symantec File Share Encryption, and Symantec Gateway Email Encryption are helping customers safeguard their data on endpoints and email. Symantec gives importance to the innovation and advanced technology utilization for security and encryption of vital information. The focuses on the enhancement of R&D to incorporate innovative product portfolio in the encryption software marketspace.

Related Reports:

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

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Report Code
TC 3110
RI Published ON
6/3/2019
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