DUBLIN, November 4, 2016 /PRNewswire/ -- Dublin - Research and Markets has announced the addition of the "Encryption Software Market - Global Forecast to 2021" report to their offering.
The encryption software market size is estimated to grow from USD 3.05 billion in 2016 to USD 8.94 billion by 2021, at an estimated CAGR of 24.0%. The encryption software market is driven by factors such as increasing need to safeguard critical business information against advanced threats, manifestation of dynamic business environment, and compliance to cyber security guidelines and regulations. However, increasing operational costs and emergence of hardware-based full disk encryption limit the growth of encryption software market. The cloud encryption segment is estimated to grow at the highest CAGR during the forecast period, due to the increased adoption of cloud-based storage and applications across various business processes. Increased intensity and volume of cyber-attacks have further increased data security concerns for organization that have adopted cloud for data storage. Disk encryption will have largest market size in 2016, as data storage disks are also susceptible to cyber attacks. Moreover, with the emergence of BYOD trend, the loss and theft of mobile devices comprising business data, further increases the data security concerns. The organizations are steadily growing their partnership networks in order to deploy the encryption software solutions across the globe. Thus, the managed services segment is expected to grow at the highest CAGR during the forecast period. However, professional services segment is expected to have the largest market size in 2016. APAC includes emerging economies, such as China, Japan, and India, which are rapidly deploying encryption software solutions. APAC is expected to grow at the highest CAGR during the forecast period. This is primarily due to the increasing instances of severe cyber-attacks in verticals such as BFSI and IT & Telecom with the surging volume payments and transactions taking place over the internet. Furthermore, North America is expected to have the largest market size in 2016. Companies Mentioned: