Concerns surrounding data security and compliance drive the market growth for Encryption software

28 Jan
2015

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Allied Market Research published a report titled, "Global Encryption Software Market - Size, Industry Analysis, Trends, Opportunities, Growth and Forecast, 2013 – 2020,” which states that the global encryption software market would reach $2.16 billion by 2020, growing at a CAGR of 14.27% during the forecast period.

Data privacy and data protection compliance is considered to be high priority and the organizations are accepting the use of encryption software in order to accomplish the needs for data security and compliance. It would also help the organization to lessen the risks of data breaching accompanied with the implementation of advanced technologies, mainly mobility and cloud services.

The evolving landscape of regulations over data protection and the increasing number of data breaches together with the growing adoption of technologies such as cloud are the major factors driving the acceptance of encryption software across the globe.

Encryption software finds its application across a wide range of industries such as healthcare, financial, public and other sectors. As compared to application in other industries, financial sector holds the largest market share of almost 44% of the encryption software market. With new technologies the global market would also witness a growing acceptance rate in the healthcare sector.

Geographical regions covered in the report are Asia-Pacific, LAMEA, Europe and North America. North American market for software based encryption dominates the other geographical regions in terms of revenue during the forecast period. Also, Asia-Pacific would register the highest growth rate during this period.

Akhilesh Prabhugaonkar

Author's Bio- Akhilesh Prabhugaonkar holds a bachelor’s degree in Electronics Engineering from the reputed Vishwakarma Institute of Technology. He has a special interest in the fields of forensics, world history, international relations and foreign policy, sports, agriculture, astronomy, security, and oceanography. An ardent bibliophile and melophile, Akhilesh loves to write on topics of his interest and various other societal issues. This love for writing made him enter the professional world of content writing and pursue his career in this direction.

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