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 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.
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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.
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.
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.
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