Software-based encryption is one of the fast emerging end point data security solutions. An increasing number of organizations worldwide are adopting encryption to address their growing concerns of data safety and data privacy compliance regulations. With data protection and compliance becoming a high priority, organizations have started to view encryption as an enabler to achieve compliance, data security and flexibility. In addition to the complex regulations, increasing adoption of new technologies such as mobility, cloud and virtualization have also fuelled the need for encryption more than ever before.
The main purpose of an encryption software is to protect the confidentiality of the data stored in files/folders and disks or data-at-rest; and the data travelling over wireless network or data-in-transit, depending upon the security and compliance requirements of an organization. This is achieved by converting a message or plain text into coded message called the Cipher text so that only the authorized parties can read it. Software-based encryption uses software to encrypt and decrypt data at-rest as well as data-in-transit. Thus, by rendering the data unreadable by unauthorized persons, encryption software ensures the safety and security of the confidential data. Additionally, a number of data privacy legislations mandate the use of encryption or cite encryption as one most appropriate measures of data protection. Thus, the adoption of encryption would continue to grow in response to data protection compliance regulations and the on-going cyber attacks.
The global encryption software market is expected to reach $2.16 billion by 2020, growing at a CAGR (compounded annual growth rate) of CAGR of 14.27% from 2014 to 2020. The global encryption software market has been segmented in this report as per usage, segments, geography and verticals. On the basis of usage, the global encryption software market is categorized into Data-at-rest and Data-in-transit. The Data-at-rest encryption software market is further bifurcated into two key segments; Full Disk Encryption (FDE) and File level encryption (FLE). The global encryption software market stakeholders encompass IT security providers, IT security consultants, venture capitalists, and enterprises across different industry verticals. The global encryption software market in terms of geography covers North America, Europe, APAC and LAMEA. Presently, North America dominates the global encryption software market, followed by Europe. It is expected that the North America would continue to dominate the global encryption software market from 2014 to 2020 owing to the burgeoning number of high profile data breaches, stringent data privacy compliance regulations and the increasing adoption of technologies specifically cloud and mobility.
KEY MARKET SEGMENTATION
The market is segmented on the basis of usage, vertical and geography.
MARKET BY USAGE
MARKET BY VERTICAL
MARKET BY GEOGRAPHY