Encryption Software Market worth $20.1 billion by 2025

Create: 2020-06-24
Update: 2020-07-06
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The report "Encryption Software Market by Component (Container Security Platform and Services (Deployment & Integration, Training & Consulting, and Support & Maintenance)), Deployment Type, Organization Size, Vertical, and Region - Global Forecast to 2024", published by MarketsandMarkets, the global container security market size is expected to grow from USD 568 million in 2019 to USD 2,178 million by 2024, at a Compound Annual Growth Rate (CAGR) of 30.9% during the forecast period. The global container security market is expected to have significant growth potential, due to the increasing vulnerabilities and cyberattacks, a large number of open-source vendors offering container platforms, increasing popularity of microservices, growing digital transformation across enterprises, and need to adhere to regulatory policies.

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  • 305 Market Data Tables
  • 44 Figures
  • 279 Pages and in-depth TOC on "Encryption Software Market - Global Forecast to 2024"
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Some of the prominent key players are:
  • IBM (US)
  • Microsoft (US)
  • Symantec (US)
  • Thales e-Security (France)
  • Trend Micro (Japan)
  • Sophos (UK)
  • Check Point (Israel)
  • Micro Focus (UK) 
  • McAfee (US) 

The disk encryption application segment to hold the largest market size during the forecast period

The encryption software market is segmented on the basis of applications: disk encryption, file/folder encryption, database encryption, communication encryption, and cloud encryption. The disk encryption segment is expected to hold the largest market size during the forecast period. The importance of encrypting a disk is that even if the encrypted disk is lost or stolen, its encrypted state remains unchanged, and only an authorized user can access its contents. Currently, enormous amounts of data are being generated and stored across organizations. It has increased the cost of protecting critical data against thefts and breaches.

Managed services segment to grow at a higher CAGR during the forecast period

In the encryption software market by services has 2 categories: professional services and managed services. The managed services segment is expected to grow at a faster pace during the forecast period, as managed services provide traders with support, maintenance, and infrastructure management for effectively securing and ensuring privacy of data. The vendors in the market offer services to end users so that they can effectively manage and deploy encryption software solutions.

North America to hold the largest market size during the forecast period

North America is the largest revenue contributor to the global encryption software market. The region is witnessing major developments in the encryption software market. North American countries have well-established economies, which enable encryption software vendors to invest in innovative technologies. The region is also regarded as the center of innovations, as major North American IT companies roll out new offerings and aggressive collaborations take place in the region. They are also adopting various growth strategies to strengthen their positions in the market.

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