In a recent published report, Kenneth Research has updated the market report for Encryption Software Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Encryption Software Market products.
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Kenneth Research, in its repository of market research reports, have recently added a report on Encryption Software Market which emphasizes on the latest trends, key opportunities, drivers, and the challenges associated with the growth of the market during the forecast period, i.e., 2021 2030. The Encryption Software Market is anticipated to grow primarily on account of the growing trade of ICT goods and services worldwide.
According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019. Additionally, exports of ICT services increased from 5.61% of service exports (BoP) in 2001 to 10.37% of service exports (BoP) in 2017. On the other hand, growing awareness amongst individuals for using the internet is also anticipated to contribute to the market growth. For instance, the total number of individuals using the internet grew from 8% of total population in 2001 to 49% of total population in 2017.
Moreover, backed by the increasing demand for high-speed internet amongst the individuals, organizations operating in the field of telecom are increasingly working on deploying 5G network technology, as this technology provides internet access at very high speeds. By 2025, it is estimated that as many as 1.2 billion of total internet connections will account to 5G. Further, one-third of the world is projected to be covered with 5G connectivity by the end of 2030.
The Encryption Software Market is estimated to record a significant growth throughout the forecast period. The ICT sector constitutes 4.8% of the European economy. Europe’s organization ERDF i.e. European Regional Development Fund has allotted approximately USD 23 billion for investments related to ICT during the funding period 2014-2020. ICT refers to the communication technologies including the internet, wireless networks, social networking, cell phones, video-conferencing, computers, software, and other media applications and services enabling users to access, retrieve, and manipulate information in a digital form.
The encryption software market is anticipated to reach over $11,600 million by 2026 according to a new research published by Polaris Market Research. In 2017, the BFSI segment dominated the global market, in terms of revenue. North America was to be the leading contributor to the global market revenue in 2017.
The growing need for protection of critical data, and increasing number of data breaches has boosted the adoption of encryption software. The rising penetration of mobile devices, and increasing trend of BYOD to primarily support the growth of encryption software market during the forecast period. Similarly, the rising adoption of virtualization, cloud, and big data analytics has also positively influenced the encryption software market growth over the years. Furthermore, increasing investments by vendors in technological advancements coupled with growing demand for cloud-based encryption software would accelerate the growth of this market during the forecast period. However, high costs and complexities associated with advanced encryption solutions, and lack of awareness among small and medium enterprises hinder the market growth during the forecast period. Growing demand from emerging economies, ad technological advancements are expected to provide numerous growth opportunities in the coming years.
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North America generated the highest revenue in the market in 2017, and is expected to lead the global encryption software market throughout the forecast period. The increase in number of cyber-attacks, and growing number of data breaches to drive this market growth in North America. The growing trend of BYOD, IoT, big data analytics, and virtualization necessitates the need of encryption software for data protection and data loss. The growing penetration of mobile devices, and technological advancements further support market growth in the region. The increasing spending on data protection in BFSI and defense sectors in the region further to also promote encryption software market growth in coming years. However, Asia-Pacific is expected to grow at the highest CAGR during the forecast period owing to growing need for data privacy across various industries in the developing countries of the region.
The major players in the encryption software market include Microsoft Corporation, Symantec Corporation, IBM Corporation, EMC Corporation, Cisco Systems, Inc., Intel Security, Check Point Software Technologies Ltd., Oracle Corporation, Trend Micro, Inc., and Sophos Group PLC among others. These companies launch new products and collaborate with other market leaders to innovate and launch new products to meet the increasing needs and requirements of consumers.
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