Westford, USA, Nov. 18, 2024 (GLOBE NEWSWIRE) — SkyQuest projects that the encryption software market will attain a value of USD 39.71 billion by 2031, with a CAGR of 15.10% over the forecast period (2024-2031). Growing demand for better security in the wake of rising cyberattacks and data breaches is projected to primarily augment the demand for encryption software across the study period. Imposition of stringent data privacy and security regulations around the world are also expected to promote encryption software market growth in the long run.
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Browse in-depth TOC on “Encryption Software Market”
- Pages – 157
- Tables – 141
- Figures – 78
Encryption Software Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $ 12.89 billion |
| Estimated Value by 2031 | $ 38.71 billion |
| Growth Rate | Poised to grow at a CAGR of 15.10% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Component Type, Usages Type, Deployment, Application, End User, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the world |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunities | Development and advancements in quantum-safe encryption technologies |
| Key Market Drivers | Rising prevalence of cyberattacks and data breaches |
Encryption Software Solutions Spearhead Revenue Generation as They Play a Crucial Role in Data Encryption and Decryption
As emphasis on privacy and security of data increases among individuals and organizations, the adoption of encryption software is projected to rise rapidly around the world. These solutions help organizations encrypt their as well as their customer data to protect it from falling into the wrong hands. Encryption software solutions offer all assistance needed to encrypt and decrypt data while complying with data privacy mandates thereby helping them maintain a high market share.
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Use of Cloud-based Encryption Software is Projected to Rise at a Rapid Pace as Cloud Technology Advances
Advancements in cloud technologies and growing awareness regarding their benefits have led to high use of cloud deployment for multiple software solutions including encryption software as well. Affordability, scalability, ease of access, and flexibility are some key benefits of cloud-based deployment of encryption software that helps it emerge as the fastest-growing segment in the market.
Presence of Key Encryption Software Providers Helps North America Maintain its Prominent Market Share
North America’s dominance in the global encryption software market can be directly associated to the presence of key encryption software companies and tech giants. Imposition of strict data protection regulations, growing prevalence of cyberattacks, and high emphasis of organizations on improving their data security are all factors contributing to the dominance of this region. Canada and the United States will be the top revenue generators for encryption software companies operating in this region.
Encryption Software Market Insights:
Drivers
- Rising incidence of cyberattacks and data breaches
- Growing investments in security enhancement
- High adoption of cloud technologies and cloud platforms
Restraints
- Complexities in encryption key management
- Lowered performance of systems due to encryption software use
- High costs of deployment and maintenance
Prominent Players in Encryption Software Market
- Microsoft Corporation
- IBM Corporation
- Symantec Corporation
- McAfee, LLC
- Trend Micro Incorporated
- Sophos Ltd.
- Check Point Software Technologies Ltd.
- Dell Technologies, Inc.
- Cisco Systems, Inc.
- WinMagic Inc.
Key Questions Answered in Encryption Software Market Report
- What drives the global encryption software market growth?
- Who are the leading encryption software providers in the world?
- Which region leads the demand for encryption software in the world?
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This report provides the following insights:
- Analysis of key drivers (growing incidence of cyberattacks, advancements in encryption technologies, increasing use of cloud platforms and technologies), restraints (high implementation and maintenance costs, complexity in encryption key management), and opportunities (development and advancements in quantum-safe encryption technology, use of artificial intelligence technology), influencing the growth of Encryption Software market.
- Market Penetration: All-inclusive analysis of product portfolio of different market players and status of new product launches.
- Product Development/Innovation: Elaborate assessment of R&D activities, new product development, and upcoming trends of the Encryption Software market.
- Market Development: Detailed analysis of potential regions where the market has potential to grow.
- Market Diversification: Comprehensive assessment of new product launches, recent developments, and emerging regional markets.
- Competitive Landscape: Detailed analysis of growth strategies, revenue analysis, and product innovation by new and established market players.
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SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.
Contact:
Mr. Jagraj Singh
Skyquest Technology
1 Apache Way,
Westford,
Massachusetts 01886
USA (+1) 351-333-4748
Email: sales@skyquestt.com
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