Microsoft, Sophos, 9 Others Eye $8.94Bn Encryption Software Market

A report by MarketsandMarkets, shows that encryption software market size is estimated to grow from USD 3.05 Billion in 2016 to USD 8.94 Billion by 2021, at an estimated CAGR of 24.0% with eleven companies seeking to top the market.

The encryption software solutions safeguard business information from unauthorized access and theft from inside and outside of the organization.

Moreover, increasing frequency of cyber-attacks on enterprises across various industry verticals is expected to drive market growth over the forecast period.

Some of the prominent key players in the encryption software market according to the report are, Microsoft Corporation, Sophos Ltd. , CheckPoint Software Technologies Ltd., Trend Micro Inc., Symantec Corporation, IBM Corporation , SAS Institute Inc., Intel Security Group (McAfee); EMC Corporation, WinMagic Inc., and Gemalto NV, PKWARE, Inc.

Need to safeguard critical data against unauthorized access is driving the encryption software market

The major forces driving the encryption software market are increasing need to safeguard critical organizational data against unauthorized access, compliance to cyber security regulations and guidelines, and increasing dynamicity of the business environment.

Globalization of business has given rise to new and sophisticated threats putting critical data at risk. Moreover, with the increasing implementation of Bring Your Own Device (BYOD) trend to boost employee efficiency has further escalated the issues pertaining to data theft and loss.

This has led businesses to stringently follow regulations and compliances during the deployment of cyber security solutions to safeguard their business critical information against possible abuse.

Cloud encryption segment to play a significant role in the encryption software market

Disk encryption is expected to have the largest market share and dominate the encryption software market from 2016 to 2021, due to the growing demand for hardware-based encryption to ensure data security at the source.

Cloud encryption is expected to play a key role in changing the encryption software landscape and is projected to grow at the highest growth rate during the forecast period owing to the increasing adoption of cloud-based encryption and solutions across SMEs and large enterprises.

Telecom vertical is expected to grow the fastest in the encryption software market

BFSI vertical is expected to contribute largest market share in encryption software market, as the sector holds critical financial information, which are considered as the prime target for cyber criminals.

Telecom and healthcare sectors are expected to grow with the highest CAGRs from 2016 to 2021, in the encryption software market, due to the increase in the amount of personal and health-related data being stored on cell phones, wearables, and the internet.