Encryption Software Market Trends, Overview and Industry Consumption Forecast to 2024

However implementation of such solutions which are fairly expensive can cause challenges in the fields of budgets.
Furthermore, application of these provisions is considerably time-consuming and complex, though the kind of security
and safety provided balance-out the challenges such as time-consumption.
Due to well-established telecom and IT sector, North America consumed a major share. Generation of huge amounts
of data that needs to be protected was the major reason behind this hiked consumption. Furthermore, increased usage
of personal computers and the internet are expected to raise the demand of encryption software over the forecast
period.
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"Cloud encryption to witness substantial growth over the forecast period"
By 2024, the segment that is expected to witness a growth at CAGR of 19% is the cloud computing segment. Data
storage being major resource of information for industries such as retail, finance and banking has caused them to
incline toward cloud computing. Flexibility and scalability offered by these solutions are the main reasons for the
adoption of encryption software.
At the same time with the increase in adoption of cloud computing, the need to protect the data has also escalated.
Additionally, the propagation of expert data analytics has caused raise in the rate of internet usage leading to increased
use of cloud encryption software. The regulated standards are set owing to the increase in the rate of growing cyberattacks
and mobile-theft.
"BFSI dominated the application segment"
BFSI segment in 2015 captured considerable market share consuming over $600 million and is expected to grow at
CAGR of 15 % by 2024. Sudden spike in the number of cyber-attacks and the ever changing nature of the industry has
resulted into increase in demand of security of financial data that is sensitive from theft and infringements by lowering
risks and maximizing returns. The growth in adoption of cloud technologies in banking sector is expected to drive the
market for next few years.
Traditional data transfer techniques such as DVDs, email and other data transfer techniques are adopted by banks for
transferring the data which are highly risky keeping in mind the level at which the infringers operate. Increase in
demand of such software is expected due to implementation of such techniques. Furthermore, rise in dependency on
the online method of banking and the need to protect the transactions will fuel the need of encryption software over
the forecast period.
"Asia Pacific to experience robust growth; China exhibits growth potential"