Product ID: SQMIG45F2067
Report ID:
SQMIG45F2067 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|
Tables:
147 |
Figures:
78
Encryption Software Market size was valued at USD 10.9 billion in 2019 and is poised to grow from USD 12.56 billion in 2023 to USD 38.95 billion by 2031, growing at a CAGR of 15.2% in the forecast period (2024-2031).
As Internet of Things (IoT) and Bring Your Own Device (BYOD) are much important to businesses, data security issues are growing. Additionally, this has resulted in an increase in cyberattacks, corporate espionage, data breaches, theft, and losses in companies, which is set to increase the need for concerns that affect data and ensure compliance.
The demand for encryption software is likely to grow owing to advancements in mobile technology, in both terms of hardware and software, as well as their acceptance by businesses and growing smartphone penetration. The risk of data loss among organizations has risen due to the growing use of mobile devices, making the adoption of encryption software essential for secure data transmission. Additionally, as businesses move more and more to the cloud, there is a greater need to protect sensitive data, thus supports up the deployment of the software. Specific industrial verticals, including BFSI and healthcare, adhere to stringent regulations, such as PCI DSS and HIPPA, which require the implementation of data security solutions.
North America dominated the market in 2019. The region's dominance is a result of the establishment of a well-established IT and telecom sector and the generation of massive amounts of information that must be safeguarded. Over the course of the forecast period, it is anticipated that the substantial surge in encrypted internet traffic brought on by leading companies implementing HTTPS, including Facebook, Twitter, and Netflix, to favor the market.
US Encryption Software Market is poised to grow at a sustainable CAGR for the next forecast year.
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REQUEST FREE CUSTOMIZATIONEncryption Software Market size was valued at USD 10.9 billion in 2019 and is poised to grow from USD 12.56 billion in 2023 to USD 38.95 billion by 2031, growing at a CAGR of 15.2% in the forecast period (2024-2031).
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Product ID: SQMIG45F2067