The global encryption software market is estimated to touch $8.4 billion, growing at CAGR of 24 percent between periods 2016 and 2022, Research and Markets estimates.
Encryption involves coding of information which can only be read by the one possessing encryption key. The key helps in converting information to a readable text format.
Many organizations are investing in training key employees in data encryption to protect key intellectual and personal databases.
There are several factors driving the encryption market. Availability of pliable encryption software, to protect company’s intellectual property and other confidential data, protection towards customer’s personal information, protection towards customer’s personal information, protection against specific, perceived and identified threats, increasing cloud storage users and regulations around data privacy are some of them.
Research and Markets said opportunity for encryption software market lies in demand for integrated data protection systems and encryption software being used as service based system solution.
Further, the research firm found that investing in for the right system encryption software process is among the growing priorities of organizations. Both private and public organizations are identifying sensitive data and securing them.
Sensitive data encrypted involves, employee human resource data, payment related data, intellectual property, health related information, customer information, and financial databases.
Difficulty in managing data and inefficiency in managing and using encryption key are some of the challenges in global encryption market. New innovation in hardware centred disk encryption, and rising operation cost are the restraints hampering the growth of global encryption software market for the forecasted period.
Cisco Systems, IBM, Intel, Kaspersky, Microsoft, SAS, Cypherix Encryption Software, Symantec, Trendmicro are some of the major players in the encryption market
According to Zion Market Research, the global encryption software market accounted for about $2.20 billion in 2015 and is expected to reach around $7.17 billion by 2021, growing at a CAGR of around 21.7 percent between 2016 and 2021.