Encryption Software Market 2020 by Future Trends and Current Business Growth To 2026 – Technology Magazine

The email encryption software market is expected to hold a share of over 25% in 2026 due to the rising uptake of security software to protect data from malware, identity thefts, and phishing. As email is one of the widely used communication methods used by enterprises, the demand for email data protection software to secure various aspects of email systems including content, media attachments or email access increases. The software encrypts data in transit and at rest and also supports multi-factor authentication for additional security, ensuring that sensitive information is always protected in line with regulatory compliance.

The on-premise deployment model segment held over 70% of the encryption software market share in 2019 and is projected to maintain a dominant position over the forecast timeline. The enterprises prefer an on-premise deployment model approach due to the high security associated with managing sensitive data in-house and gain access to cryptography keys for enhanced security. However, with the growing popularity of cloud platforms to store enterprise data due to high scalability and cost benefits, the demand for cloud-based encryption software is expected to accelerate over the forecast timeline.

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The retail sector is currently observing heavy intake of third-party services to strengthen online transactions and to maximize customer experience. This has triggered a wave of cybercrimes such as data breaches which could exploit customer's sensitive data including personal credentials and credit card & bank account details.

Data privacy and protection are among the top-most priorities of today's tech-driven industries. With growing concerns, the encryption software market is expected accrue sizeable proceeds in the coming years. In a bid to combat cases of data breaches and cyber frauds, various countries worldwide have started imposing stringent regulations. Authorities are even trying to create awareness by educating the population about cybercrimes.

Stating an example from China, in November 2019, the State Cryptography Administration (SCA) issued a draft for an encryption law that would regulate encryption in the public and private sectors. This draft would help Chinese authorities establish guidelines on the use of cryptography which in turn would protect national security.

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The competition in the encryption software market is characterized by strategic partnerships, new product launches, and geographic expansion. For instance, in November 2019, Sophos partnered with Telefonica UK (O2) to provide its products & services to Telefonica's customers in the UK. The partnership enables the customers to gain access to Sophos Central cloud-based security platform to secure their organizations. The company's products & services also enable customers to minimize cybersecurity risks by using behavioral analytics and machine learning to identify known & unknown threats.

Latin America encryption software market is expected to grow at a CAGR of over 18% from 2020 to 2026 due to the rising number of cyberattacks on the business-critical infrastructure, growing usage of digital platforms among enterprises to conduct business transactions, and supportive government initiatives to promote cybersecurity. For instance, since December 2019, the Mexican institutions including Mexico Central Bank, the National Defense Ministry (Sedena), Mexico Supreme Court, and the House of Representatives recorded more than 45 million attempted attacks to access databases and steal information. The rapidly evolving threat landscape has compelled public & private enterprises to promote digital security to safeguard sensitive business information. The government agencies in the countries including Mexico, Brazil, and Argentina are introducing cybersecurity strategies to respondto a wide array of cyberattacks

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Encryption Software Market 2020 by Future Trends and Current Business Growth To 2026 - Technology Magazine