Allied Market Research says the global encryption software market – where key players include Symantec, Sophos, McAfee, Check Point Software Technologies and Trend Micro – is expected to reach US$2.5 billion by 2021, registering a compound annual growth rate of 14.2% between 2016 and 2021.
“Owing to the rapidly increasing adoption of cloud services across various sectors, organisations are inclined towards adopting encryption solutions to ensure data security and compliance with the data privacy regulations,” Allied Market Research says.
The market research company says encryption software for data-at-rest accounts for the major share of the market at the moment with a whopping 93.4% share of the total encryption software market by value.
Data-in-transit trails behind.
Within that segment, full disk encryption is the most widely deployed method for protecting data against theft and ensuring compliance with data privacy and data breach notification laws, and is expected to retain its hold on share out to 2021.
The company notes that full disk encryption is preferred over file level encryption due to its ease of deployment and management, and its complete security.
Read More: https://channellife.com.au/story/encryption-software-growing-market-resellers-capitalise/
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