The retail sector is anticipated to endow considerable growth opportunities to the encryption software market
Ocean View, DE -- (SBWIRE) -- 04/08/2020 -- Increasing number of data breaches and cybercrimes and supportive government policies will enable encryption software market to witness a bullish growth over the coming years. This can be validated by the draft of an encryption law published by China's State Cryptography Administration (SCA) in November 2019. The draft was issued to bring about encryption in the private & public sectors and set guidelines on the use of cryptography for protecting national security.
Cybersecurity vendors are addressing evolving threats by offering security threats, resulting in the higher implementation of email, mobile, and disk encryption capabilities, which will spur encryption software market growth.
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A research study conducted by Global Market Insights, Inc., estimates that encryption software market will surpass the $21 billion mark by 2026.
The Major Key Players in the Market are as follows:
1. AO Kaspersky Lab
3. Check Point Software Technologies Ltd.
5. Cisco Systems Inc.
6. Dell Technologies Inc.
8. spol s.r.o.
9. IBM Corporation
11. McAfee LLC (Intel)
13. Microsoft Corporation
14. Panda Security
16. Sophos Ltd
17. Symantec Corporation (Broadcom Inc.)
18. Thales eSecurity
19. Trend Micro Inc.
Proliferating demand for comprehensive security software solutions that can effectively safeguard user's data from identity thefts, phishing and malware could drive the email encryption software market expansion. Analysts predict that the segment might own more than 25% of the overall encryption software market share by 2026.
Email is often considered as a universal mean of communication and is commonly used in big and small enterprises. In a move to prevent unauthorized access to email or data, several companies are preferring installation of strong email data protection software. These solutions encrypt data in transit as well as run multi-factor authentication for extra security.
In terms of application, the retail sector is anticipated to endow considerable growth opportunities to the encryption software market. Factors such as the growing need to safeguard consumer data throughout a retail business could play a vital role in complementing product demand.
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. According to Thales eSecurity, nearly 75% of the American retailers have undergone a breach in 2018 as compared to 52% in 2017. Credible reports cite that the demand for cybersecurity solutions like encryption software will rise significantly between 2020 to 2026, thereby preventing potential theft & customer information breach over the forecast timeframe.
Latin America has been witnessing increasing incidences of cyberattacks on the business-critical infrastructure. The use of digital platforms in the region for conducting business transactions has led to the regional governments introducing various initiatives to support cybersecurity.
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For example, since December 2019, numerous Mexican institutions, such as the National Defense Ministry (Sedena), Mexico Central Bank, the House of Representatives, and Mexico Supreme Court registered over 45 million tried attacks to access databases and steal information. In accordance, Latin America encryption software market is projected to witness an 18% CAGR over 2020-2026.
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