Encryption software refers to program based software that uses cryptography technique to prevent unauthorized access to digital information. Encryption process occurs when data is passed through a series of mathematical operations and generates alternate form of that data, these series of operations is known as algorithm. Both of these data produced can be differentiated. Unencrypted data refers to plaintext and encrypted data refers to cipher text. The key role of encryption software lies in generating cipher text which cannot be easily returned into original plain text.
Software based encryption is the fastest emerging end-point data security solution in the information technology and telecommunication sector. Encryption software plays an important role in protecting digital information against cybercrime. It can be used to provide high level of security to emails, files stored on hard drives or floppy disk, network communication and other confidential information that requires protection. Increased frequency of cyber-attacks on enterprises is a factor driving the market. Cloud based encryption software segment accounts for highest market share. The need for encryption software is mainly due to increasing cyber-attacks on critical and confidential data. The study indicates, that increase in adoption of bring your own device (BYOD) which pertains to boost employee efficiency has further increased the issue of data loss and unauthorized access to critical data. Disk based encryption is expected to have highest market share due to increase in demand of hardware encryption to secure data.
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The segmentation of encryption software market is done on the basis of application. That includes disk encryption, file or folder encryption, communication encryption, database encryption and cloud encryption. Disk encryption prevents unauthorized access to data, as it prevents data by converting into unreadable codes which cannot be accessed by unauthorized people. Disk encryption software or hardware comprised of disk encryption technology, encrypt every bit of data that goes on a floppy disk.
The prominent players in the Encryption Software Market are – Microsoft Corporation (U.S.), Sophos Ltd. (U.S.), CheckPoint Software Technologies Ltd. (Israel), Trend Micro Inc. (Japan), Symantec Corporation (U.S.), IBM Corporation (U.S.), SAS Institute Inc. (U.S.), Intel Security Group (McAfee) (U.S.), EMC Corporation (U.S.), and WinMagic Inc. (Canada) among others.
January 2017, Symantec Corporation had partnered with Xolphin to be recognized as Symantec Encryption Everywhere partner in Europe. In order to penetrate the European market, Symantec Corporation, the world’s leading cyber-security company, had come aligned with Xolphin, a Dutch market leader in reselling SSL Certificates, which offers web hosting providers a single platform to deliver one of the most comprehensive security portfolios to their customers.
January 2018, Sophos Ltd had introduced Predictive Protection in Intercept X with Advanced Deep Learning. Sophos Ltd, a global leader in network and endpoint security, has launched the advanced security product Intercept X through which it offers previously unseen levels of detection and prevention. This advanced product is stocked with new active-hacker mitigation, advanced application lockdown, and augmented ransomware protection.
Encryption Software Market Global Market – Segmentation:
- Segmentation by Deployment: Cloud and on Premise
- Segmentation by Service: Professional Service and Managed Service.
- Segmentation by Organization Size: Small & Medium Enterprises and Large Enterprises.
- Segmentation by Application: Disk Encryption, File/Folder Encryption, Communication Encryption, Database Encryption, and Cloud Encryption.
- Segmentation by Vertical: Healthcare, Government & Public Sector, IT & Telecommunication, BFSI, Retail, Aerospace & Defense, and Others.
- Segmentation by Region: North America, Europe, Asia Pacific, Rest of the World.
Encryption Software Market Global Market – Regional Analysis
North America is expected to dominate the global encryption software market with the largest market share in the region. The U.S and Canada are the leading countries in the North America region. This is due to rapid development infrastructure and presence of large companies such as Microsoft Corporation and IBM Corporation in the region which is expected to drive the market. Asia Pacific region is expected to have the significant growth over the forecast period. China, India, and Japan are the prominent countries leading in the Asia Pacific region attributed to surging and increasing small start-ups firms based on encryption software.
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