Encryption Software Market Overview
Market
Research Future (MRFR) anticipates that the Encryption Software Market 2020
could potentially reach a significant valuation of USD 13 billion by 2024. It
is also expected that the advancement rate of the global market can be 16.4%
from 2016 to 2023 (evaluation period). We will provide COVID-19 impact analysis
with the report, offering all the key developments that can affect the market
post the coronavirus disease outbreak.
Key
Drivers and Main Deterrents
The COVID-19
outbreak has had a moderate effect on the encryption software market and is
expected to do so even in the coming months. Despite the advent of SARS-CoV-2
and the resultant lockdown, the encryption software market will be able to
sustain its growth owing to the rising efforts being given by companies to
facilitate work from home for their employees worldwide.
Get
Free Sample Copy at: https://www.marketresearchfuture.com/sample_request/3125
Further,
the novel coronavirus has compelled governments to uptake measures to track the
virus. Facial recognition software is now being deployed massively everywhere,
with various location-tracking vendors springing up across countries. Moreover,
Facebook, Google, and various tech giants are coming forward to lend help that
can mitigate the COVID-19 impact to some extent. However, the situation has
been a double edged sword, as the growing number of virus tracking apps and
others have boosted the number of cyber thefts and data breaches, which led to
higher demand for encryption software. The escalating adoption of cloud,
mobility and virtualization technologies also seem to be working in the
market’s favor.
The
pandemic has also pushed the uptake of biometric encryption, which is believed
to be a key trend in the encryption software market. Biometric verification
encryption is increasingly being used as it provides access to the user by
identifying unique biological traits such as voice, fingerprint, facial
lineaments or iris. More and more vendors are now offering advanced biometric
encryption systems to cater to the growing demand from end-users that are
facing security threats.
For
instance, in June 2020, Fujitsu supplied its biometric authentication
technology to Hyosung, for its futuristic ATM to facilitate secure and
contactless way to recognize ATM users. The biometric authentication
technology, called PalmSecure, is able to reads the unique palm vein patterns
that are present under the skin of the user, thus preventing any chances of
fraud or theft.
Segmental
Outlook
The
encryption software industry can be considered for deployment, service,
organization size, application and vertical.
Deployment-wise,
the key segments can be cloud as well as on premise.
Market
segmentation depending on service includes professional service and managed
service.
The
ranges considered in the report, based on organization size, are SMEs/small
& medium enterprises coupled with large enterprises.
The
primary application areas covered in the study include File/Folder Encryption,
Disk Encryption, Database Encryption, Cloud Encryption and Communication
Encryption.
Vertical-dependent
segments include Aerospace & Defense, Government & Public Sector, BFSI,
IT & Telecommunication, Healthcare, Retail, and more.
Regional
Insight
The
Encryption Software Market Size has been evaluated across the key regions of
Europe, North America, APAC/Asia Pacific, as well as RoW/Rest of the World.
North
America currently heads the global market with the biggest share, owing to the
existence of a large pool of renowned encryption software vendors across Canada
and the United States/US. A well-developed telecom and IT sector, the
voluminous data generated and the need to protect that data has led to adoption
of advanced encryption software across enterprises. Sudden spike in the
encrypted internet traffic in light of the rising use of HTTPS by top companies
such as Twitter, Netflix and Facebook can also take the regional market to greater
heights in the near future.
APAC can
be the fastest gainer in the global market, with the growing number of small
and medium enterprises taking up encryption software to safeguard the data from
cybercrimes and theft. The region is quite promising for various players as
organizations are increasingly storing data on cloud, which has led to higher
risk of data losses and thefts. This has been a major booster for the
encryption software market in recent years. The high utilization of cloud
services, BYOD and IoT has also benefitted the market. The thriving
manufacturing industry in India and China along with the rapidly expanding IT
& telecom and retail sectors can also induce significant industry growth in
the following years.
Key
Industry Firms
Key
industry firms in the encryption software industry are Trend Micro Inc.
(Japan), CheckPoint Software Technologies Ltd. (Israel), Symantec Corporation
(U.S.), WinMagic Inc. (Canada), Intel Security Group (McAfee) (U.S.), SAS
Institute Inc. (U.S.), IBM Corporation (U.S.), EMC Corporation (U.S.), Sophos
Ltd. (U.S.), Microsoft Corporation (U.S.), to name a few.
Latest
News
June
2020: IBM recently launched a
fully homomorphic encryption (FHE) toolkit for iOS and MacOS, and is also
planning to include versions for Android as well as Linux. FHE makes it easier
to compute encrypted data without the need for decryption. Each of the toolkits
consists of IDE integration and sample programs that facilitate easier way of
writing the FHE backed code.
Get Complete Report Details at: https://www.marketresearchfuture.com/reports/encryption-software-market-3125
About Market Research Future:
At Market Research Future (MRFR), we enable our customers
to unravel the complexity of various industries through our Cooked Research
Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R),
Continuous-Feed Research (CFR), and Market Research & Consulting Services.
Market Research Future
+1 646 845 9312
Email: sales@marketresearchfuture.com
No comments:
Post a Comment