Encryption Software Industry - Regional Synopsis
APAC Market Forecast
The Asia Pacific region is expected to dominate the market share till 2037. There has been a surging use of data storage technologies by organizations in the region with increasing concern about cyber security. Further, the inclusion of hypertext transfer protocol secure (HTTPS) in the software applications such as Facebook, Twitter, Snapchat, Instagram, and others is propelling the market expansion.
Rising cyber-attacks in Japan are also boosting the demand for encryption software in the APAC region. As of 2021 reports, 230 people were arrested for about 430 unauthorized security breaches in Japan. Recently, Japanese researchers developed a new data encryption method to handle encrypted data by combining homomorphic encryption and secret sharing.
North American Market Statistics
The North America encryption software market is slated to grow at substantial CAGR through 2037. The increasing development in the field of IT and telecom sectors, and the growing investment by many small, medium, and large-scale enterprises in the IT sector will impel the market revenue. The production of huge data by these organizations and rising number of data centers to store this data is further driving the market demand.
