Global $16.45 Bn Encryption Software Market Forecast to 2024

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Dublin, June 12, 2019 (GLOBE NEWSWIRE) -- The report has been added to offering. The global encryption software market size is estimated to grow from USD 7,500 million in 2019 to USD 16,455 million by 2024, at a Compound Annual Growth Rate (CAGR) of 17.0% from 2019 to 2024.

Large-scale digital transformation has increased the demand for data security and confidentiality in organizations. Encryption software provides a comprehensive way to mitigate the risks of accidental and intentional data breaches. Encryption is a process through which data is encoded so that it is inaccessible to unauthorized users. It helps protect sensitive information and enhances the security of communication between 2 parties. Encryption can be applied to data at rest as well as to data in transit, with the help of various symmetric and asymmetric algorithms.

Cyber threats are growing rapidly with increasing instances of unethical breaking of the barriers established via the conventional security measures, thereby fueling the demand for enhanced security solutions. The global encryption software market is in the established stage and is expected to witness expansive growth prospects owing to increasing awareness regarding data security among end users.Encryption software helps enterprises maintain data integrity and privacy, secure data transmissions, ensure compliance, and protect their critical data and infrastructure from unauthorized access. Additionally, need for compliance toward stringent regulators such as Health Insurance Portability and Accountability Act (HIPAA), Federal Information Processing Standards (FIPS), and Payment Card Industry Data Security Standard (PCI DSS) has forced enterprises to adopt encryption software to achieve complete data security. Furthermore, enterprise mobility and increasing adoption of cloud computing have made data susceptible to attacks, as employees are able to access their data from remote locations and on multiple devices.

Encryption software helps enterprises by securing the data on various endpoints and the data stored on the cloud. Due to these benefits, established players in the developed nations are seeking expansion opportunities in the developing regions by spreading awareness about encryption software. The global encryption software market size and Year-over-Year (Y-O-Y) growth rate from 2019 to 2024 is highlighted in the report. Such growth in the market can be primarily attributed to the increasing instances of cyberattacks and frauds, and the need for compliance to various existing and upcoming regulations.

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Globe Newswire: 10:40 GMT Wednesday 12th June 2019

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