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Encryption Software Market Size to Reach USD 11420 Million by 2027 at CAGR 9.6% - Valuates ReportsBANGALORE, India, Oct. 11, 2021 /PRNewswire/ -- The Encryption Software Market is Segmented by Type (On-premises, Cloud), Application (Disk Encryption, File/Folder Encryption, Database Encryption, Communication Encryption, Cloud Encryption). The report covers global opportunity analysis and industry forecasts from 2021 to 2027. It is published in Valuates Reports under Computer Security Category. The global Encryption Software market size is projected to reach USD 11420 Million by 2027, from USD 5956.6 Million in 2020, at a Compound Annual Growth Rate (CAGR) of 9.6% during the forecast period 2021-2027. Major Factors Driving The Growth Of The Encryption Software Market The rise in cyberattacks, data breaches, and corporate theft and losses is fueling the expansion of the encryption software market. Due to the vast amount of data produced by digital channels and the lack of data security solutions, banks, and financial institutions are particularly vulnerable to security breaches. The Encryption Software Market is growing due to a rise in the use of bring your own device (BYOD) and greater mobility. The surge in demand for cloud-based encryption software is likely to fuel the encryption software market expansion. Get your sample today: https://reports.valuates.com/request/sample/QYRE-Othe-4K440/Encryption_Software_Market Trends Influencing The Growth Of The Encryption Software Market: As businesses progressively move to cloud computing, the necessity to protect sensitive data is growing, leading to an increase in encryption software usage. The rise in the use of bring your own device (BYOD) is expected to drive the growth of the encryption software market. The increasing use of mobile devices in businesses has increased the risk of data loss, making the use of encryption software essential for secure data transmission. Disk encryption encrypts drives on your PCs using strong encryption techniques, preserving all data stored on the drives. Even if the drive is removed from the present computer and placed in other devices, the data on the disc is still inaccessible if the right key is not used. This feature is in turn expected to increase disk encryption thereby driving the growth of the encryption software market. Furthermore, as a result of fast digitization and increased internet usage, both corporate and individual intellectual property has become vulnerable to theft and violation. Companies are compelled to adopt solutions to protect data as a result of these security issues. This factor is expected to increase the growth of the encryption software market. Increased compliance regulations is expected to drive the growth of the encryption software market. Enterprises must tighten their data security procedures as government and state requirements on data privacy and compliance become more stringent. Organizations are using diverse data security technology to ensure that sensitive data of customers and employees are safeguarded at all times as a result of the growing number of severe requirements. Furthermore, while developed geographies such as North America and Europe already have federal regulations requiring mandatory compliance with data privacy laws, developing geographies such as Asia-Pacific and Latin America, and the Caribbean are enacting and implementing more concrete data protection legislation. Browse the Table of Contents and List of figures at: https://reports.valuates.com/reports/QYRE-Othe-4K440/encryption-software Encryption Software Market Share Analysis In 2017, the disc encryption application is expected to have the highest market share. The benefit of encrypting a disc is that even if it is lost or stolen, the encrypted state of the drive remains intact, and only an autorized user will be able to access its data. During the forecast period, the cloud encryption application is predicted to increase at the fastest rate. Encryption software is segmented on the basis of components into solutions and services. . During the forecast period, the services segment is predicted to grow at the fastest Compound Annual Growth Rate (CAGR)), while the solution segment is expected to have the greatest market size in 2017. Professional services, which include expert advising, support, and maintenance, as well as optimization and training for cybersecurity, have been increasingly accepted by enterprises. During the forecast period, however, the managed services category is predicted to grow at the fastest Compound Annual Growth Rate (CAGR)), as managed security suppliers provide broad reporting capabilities for confirming regulatory compliance with internal security policies for users. Based on region, North America is expected to be one of the most lucrative regions during the forecast period. Major growth factors for the market over the forecast period include the rising requirement to conform to severe regulatory compliances, the expanding presence of encryption software vendors, and increased government backing. Report Customization Request: https://reports.valuates.com/request/customisation/QYRE-Othe-4K440/Encryption_Software_Market Major Players in the Encryption Software Market
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