$12.96 Bn Encryption Software Market 2017-2022 by Component, Application, Deployment Type, Organization Size, Vertical, and Region

Dublin, March 23, 2018 -- The "Encryption Software Market by Component (Solution and Services), Application, Deployment Type, Organization Size, Vertical, and Region - Global Forecast to 2022" report has been added to ResearchAndMarkets.com's offering.

The encryption software market size is expected to grow from USD 3.87 billion in 2017 to USD 12.96 billion by 2022, at a Compound Annual Growth Rate (CAGR) of 27.4%.

Stringent regulatory compliances and the increasing concern for data security are expected to be driving the growth of the encryption software market.

The market is expected to be driven by factors, such as the rising concerns of critical data loss in the on-premises environment, risk on cloud environment due to exploitation of big data analytics, and the regulations to increase the adoption of the encryption solutions.

However, the major hindrance faced by the enterprises while adopting the encryption software are believed to be the lack of budget for the adoption of the best-in-class encryption solutions, lack of awareness about encryption, and the performance concerns among enterprises. Cloud encryption application is expected to have the fastest growth rate during the forecast period

The cloud encryption application in the encryption software market is expected to grow at the fastest rate, during the forecast period. The major reason for the high growth rate of the cloud encryption application is said to be the ongoing expansive adoption of cloud among companies across the world.

The increasing usage of mobile technology has enhanced the adoption of encryption solutions and services in the financial organizations. The financial sector uses encryption solutions to control and secure the sensitive data of customers and protect the data from the internal and external risks of theft.

Market Dynamics

Drivers

• Growing Concern Over Critical Data Loss In On-Premises Environment
• Exploitation Of Big Data Analytics Poses Risk To Cloud Environment
• Regulations To Increase Adoption Of Encryption Solutions

Restraints

• Lack Of Budget For Adopting Best-In-Class Encryption Solutions
• Lack Of Awareness About Encryption And Performance Concerns Among Enterprises

Opportunities

• Surge In Demand For Integrated, Cloud-Based Encryption Solutions Among Smes
• Large-Scale Adoption Of Encryption Solutions In Bfsi Vertical

Challenges

• Complexities In Management Of Encryption Keys
• Lack Of Skilled Workforce Among Enterprises

Regulatory Implications

• Payment Card Industry Data Security Standard
• Health Insurance Portability And Accountability Act
• Federal Information Security Management Act
• Sarbanes-Oxley Act
• Gramm-Leach-Bliley Act
• Federal Information Processing Standards
• General Data Protection Regulation

Use Cases

• Large-Scale Adoption Of Email Encryption By Financial Organizations In The Uk
• Adoption Of Encryption Solution By A Clinical Research Company
• Reliance Of Small And Medium Financial Companies On Data Encryption
• Large-Scale Adoption Of Encryption By It And Telecom Company
• Need For Best-In-Class Encryption Solutions For Government Sector In Canada
• Healthcare Vertical Relying On Cloud-Based Encryption Solutions

Type Of Encryption Algorithms

• Data Encryption Standard
• Advanced Encryption Standard
• Triple-Des
• Blowfish Algorithm
• Homomorphic Encryption
• Rsa
• Diffie-Hellman Key Exchange
• Quantum Cryptography
• Post Quantum Cryptography

Company Profiles

• CipherCloud (California, US)
• Dell (Texas, US)
• ESET (Bratislava, Slovakia)
• Gemalto (Amsterdam, Netherlands)
• IBM (New York, US)
• McAfee (California, US)
• Microsoft (Washington, US)
• PKWARE (Wisconsin, US)
• Sophos (Abingdon, UK)
• Symantec (California, US)
• Thales e-Security (La Defense, France)
• Trend Micro (Tokyo, Japan)

For more information about this report visit https://www.researchandmarkets.com/research/f3skkt/12_96_bn?w=12

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