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

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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 securityand 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 amountsof data that needs to be protected was the major reason behind this hiked consumption. Furthermore, increased usageof personal computers and the internet are expected to raise the demand of encryption software over the forecastperiod.Get a Sample Copy of This Report @https://www.millioninsights.com/industry-reports/encryption-software-market/request-sample"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. Datastorage being major resource of information for industries such as retail, finance and banking has caused them toincline toward cloud computing. Flexibility and scalability offered by these solutions are the main reasons for theadoption 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 increaseduse of cloud encryption software. The regulated standards are set owing to the increase in the rate of growing cyberattacksand mobile-theft."BFSI dominated the application segment"BFSI segment in 2015 captured considerable market share consuming over $600 million and is expected to grow atCAGR of 15 % by 2024. Sudden spike in the number of cyber-attacks and the ever changing nature of the industry hasresulted into increase in demand of security of financial data that is sensitive from theft and infringements by loweringrisks and maximizing returns. The growth in adoption of cloud technologies in banking sector is expected to drive themarket for next few years.Traditional data transfer techniques such as DVDs, email and other data transfer techniques are adopted by banks fortransferring the data which are highly risky keeping in mind the level at which the infringers operate. Increase indemand of such software is expected due to implementation of such techniques. Furthermore, rise in dependency onthe online method of banking and the need to protect the transactions will fuel the need of encryption software overthe forecast period."Asia Pacific to experience robust growth; China exhibits growth potential"
In 2015, the Asia-Pacific region accounted for $500 million which is expected to increase due to organizations shiftingto cloud storage facilities due to their incapacity to develop data storage infrastructures, which will surely increase therisks of losses of data, infringements and thefts escalating the demand. Countries like China and India have tremendousrate of development manufacturing sector as well as IT and telecom sector which will drive the market in the forecastperiod.See More Reports of This Category by Million Insights @https://www.millioninsights.com/industry/technology"The encryption software market fragmented in nature"The key players in the market are firms like Microsoft Corporation, Cisco Systems, Symantec, EMC Corporation,Bloombase, Sophos, IBM Corporation, Intel Security and Trend Micro. These firms offer solutions to both large scalebusinesses and small & medium scale businesses at the same time focusing on the research and development of newertechniques of cryptography to provide optimum solutions to the clients.Market Segment:Deployment Outlook (Revenue, USD Million, 2013 - 2024• On-premise• Cloud-basedApplication Outlook (Revenue, USD Million, 2013 - 2024)• Disk Encryption• File/Folder Encryption• Database Encryption• Web Communication Encryption• Network Traffic Encryption• Cloud Encryption• Others
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Encryption Software Market Trends, Overview and Industry Consumption Forecast to 2024

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