Dublin, Oct. 19, 2020 (GLOBE NEWSWIRE) — The “Global Encryption Software Market 2019-2028” report has been added to ResearchAndMarkets.com’s offering.
As per this report, the global encryption software market is expected to showcase revenue growth at a CAGR of 13.25% during the forecast period of 2019-2028.
The surge in the number of data breaches and force attacks, rise in compliance regulations, growing adoption of virtualization & cloud, and increased mobility are major drivers augmenting the growth of the market. Further, widespread adoption of IoT and cloud services, paired with ongoing technological advancements in the encryption chips, is generating numerous opportunities for the studied market’s expansion.
However, high capital investments, along with limitations on the use of encrypted devices in some countries, are obstructing the progress of the market. In addition, the increase in costs and complexity of encryption keys, lack of education on encryption, and regulatory restrictions on crypto-software are some of the challenging factors affecting the market’s evolution during the estimated period.
The global encryption software market covers the Asia-Pacific, North America, Latin America, Europe, and the Middle East and Africa regions.
The Asia-Pacific encryption market is anticipated to become the fastest-growing market for encryption software during the projected duration 2019-2028. In Japan, the surge in cyberattacks on organizations has prompted the government to authenticate new legislation, strategies, and facilities. Additionally, the government is planning to fast-track its research and development of quantum cryptography technology with a target to position it into practical use in 2025. This next-generation technology will permit higher encryption security for diplomatic and business correspondence, opening up growth prospects for the studied market.
Likewise, the increase in cyberattacks has influenced the Chinese government to fully recognize the importance of cybersecurity, resulting in the implementation of new cyber laws to strengthen critical infrastructure protection. A recently implemented cyber law governing cryptographic password management focuses on setting standards for the application of cryptography and management of passwords, thereby reducing China’s cyber risks on a large scale. Further, the continual use of encryption technologies to hide sensitive data and supervise the information by private entities is expected to offer growth prospects for the encryption software market in China.
The major enterprises involved in the market include Trend Micro Incorporated, Proofpoint, McAfee LLC, Check Point Software Technologies, International Business Machines Corporation, Palo Alto Networks Inc, Oracle Corporation, Broadcom Inc, Sophos Holdings Ltd, Symantec Corporation, Microsoft Corporation, Dell Inc, Fortinet Inc, FireEye Inc, and Cisco System Inc.
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