The Global Market for Encryption Software is Projected to Reach US$2.4 Billion by 2020

Growing Demand for Next-Gen Tools to Plug Data Leaks Drives the Encryption Software Market, According to a New Report by Global Industry Analysts, Inc.

GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, size and demand forecasts on the global Encryption Software market. The global market for Encryption Software is projected to reach US$2.4 billion by 2020, driven by the gradual opening up of the market for next-gen tools to plug data leaks against a backdrop of mega trends such as virtualization, cloud computing, Internet of Things (IoT) and consumerization of enterprise IT.

In the modern data driven world, information is like any other corporate asset that has financial value. Digital information has emerged into one of the most expensive and valuable assets for any company, accounting for over 50% of the total value of businesses, exceeding the cost of IT hardware and software resources. Information assets, however, remain as vulnerable as ever, constantly threatened by the rise of new IT concepts such as network sharing, cloud computing, virtualization, use of removable hardware devices & applications, increased use of emails and other converged communication tools. Bring Your Own Device (BYOD) and Choose Your Own Device (CYOD), are contributing towards the increased risk of data leakage, by opening up new vector points for leakages of secure data. BYOD catalyzes the spread of corporate data and information across multiple devices and platforms, making information vulnerable to misuse. The risk of data leakage is the highest when employees perform routine tasks such as sending emails, sharing files, file transfers, communication via instant messaging, and moving data from back-end databases to mobile computers, among others. Undisciplined employees account for over 80% of information leaks in a company.

Given the numerous advantages offered, encryption software is emerging as the most preferred solution for protecting data privacy and ensuring compliance with data security and safety laws. The recent spurt in data breaches and the increase in costs to companies are spurring interest in encryption. The high profile breach of the National Security Agency (NSA) by Edward Snowden and the ensuing revelations has brought in the era of “Encrypt by Default” where upon everything done is encrypted. With the breached NSA’s PRISM program bringing to light shocking revelations about the government’s secret surveillance program, enterprises are increasingly seeking to secure their data present in the cloud. Other major factors driving investments in encryption software include growing awareness over the value of sensitive digital data; rise in smartphone thefts; growing focus on unifying endpoint security; rise of IoT and the need to encrypt the IoT framework; growing adoption of public cloud services and the ensuing rise in security threats; and widespread deployment of virtualization and the need to prevent information leakage from virtual machines (VMs).

As stated by the new market research report on Encryption Software, the United States represents the largest regional market, worldwide. Asia-Pacific is forecast to emerge as the fastest growing market with a CAGR of 17.2% over the analysis period. The growth in the region is led by the establishment of new businesses, rise in the number of cloud ready Asian countries, developments in enterprise IT infrastructure, increasing adoption of e-governance by local governments, and outsourcing of BPO/KPO operations to countries such as China, India, and Philippines.

Major players covered in the report include Bloombase, Check Point Software Technologies Ltd., Cisco Systems Inc., Cypherix Encryption Software, Dekart, East-Tec, EMC Corporation, Entrust Tech, Hewlett-Packard, IBM Corporation, InterCrypto Ltd., Jetico Inc., McAfee Inc., Microsoft Corporation, NewSoftwares.Net., PC Dynamics Inc., Proofpoint Inc., Ranquel Data Security, Symantec Corporation, Trend Micro, WinMagic Inc. and Zix Corporation, among others

The research report titled “Encryption Software: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, issues, drivers, mergers, acquisitions and other strategic industry activities of global companies.  The report provides market estimates and projections in US$ Thousand for all major geographic markets such as US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia, and Rest of Europe), Asia-Pacific (China, India, and Rest of Asia-Pacific), Latin America (Brazil and Rest of Latin America) and Rest of World.

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