Global Encryption Software Market: Overview
Software companies around the world have been rapidly adopting encryption software to boost business proficiency and improve data security. Software-based encryption is one of the fastest-emerging solutions for end-point data security. The growing concerns of data breaches and privacy compliance regulations are making companies keener to adopt software-based encryption solutions to achieve compliance, improved data security, and better flexibility in operations. Additionally, the global market for encryption software is also gaining impetus from the increasing adoption of the latest technologies such as cloud, virtualization, and mobility.
Encryption software helps in protecting the confidentiality of the information stored in folders and files and data travelling over networks or data in-transit as per the compliance and security requirements of an organization. It encrypts and decrypts data at-rest and data-in-transit using software. Hence, by rendering the data unreadable even to the person authorized, encryption software helps enhance the security of confidential data. The adoption of encryption software is therefore expected to increase in response to the increasing incidence of cyber-attacks.
The report presents insights into various factors encouraging and inhibiting the global market for encryption software. Using industry-leading analytical tools, it analyzes factors affecting the market’s growth trajectory over the forecast period. The impact of the prevailing competitive landscape and government policies is also studied in the report in detail. In order to present a holistic overview of the competitive landscape of the global encryption software market, the report also profiles some of the leading players operating therein.
Encryption Software Market: Key Trends and Opportunities
A staggering amount of data is generated on a daily basis with the growing incorporation of mobile and cloud-based devices across enterprises, thereby increasing apprehensions related to data security. Additionally, organizations have become more vulnerable to data breach, loss, theft, cyber-attacks, and commercial espionage. Hence, companies have begun prioritizing data security more than ever with the escalating strength of commercial espionage across industries.
Additionally, while the widespread adoption of personal computers has in many ways made life simpler, it has also widened the scope for security breaches. The surging number of computer hackers attempting to break into organizational, industrial, or government networks with the intent of pilfering essential information for monetary gains has been the primary reason behind the increasing adoption of encryption software. Additionally, the growing trend of bring your own device (BYOD) policies at work and increased penetration of mobile devices across enterprises have augmented the risk of data loss among organizations. This has, in turn, made implementing encryption software imperative for secure data transmission.
The business ecology around the world is becoming more dynamic in response to the growing receptivity toward the latest technologies, such as social media, cloud, and mobility, thus increasing the volume of the data generated across these enterprises. This increasing uptake of mobile devices across enterprises further makes critical data susceptible to loss and theft. Encryption software solutions are therefore increasingly demanded across organizations for safeguarding business data.
Global Encryption Software Market: Key Players
The most prominent encryption providers, including Symantec, Microsoft, Sophos, Check Point Software Technologies, and Trend Micro, already offer advanced encryption solutions, depending on the specific needs of their clients. Besides, several other technology providers are also developing and innovating techniques related to advanced encryption that can also incorporate organizational data to provide robust data security. Additionally, with cloud service providers offering cloud-based encryption solutions to companies and organizations, the global market for encryption software is poised to surge exponentially in the near future.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.