The increase in the number of data breaches will impact the encryption market.
A new report by TechNavio expects that the Global Encryption Software Market is to increase at a compound annual growth rate (CAGR) of 17.36% over the period 2014 to 2019.
The number of data breaches, which have increased in recent years, will impact the encryption market.
Encryption software encrypts data, files, folders and software with a secret code that can be accessed by only registered users.
The software allows organisations to store sensitive data in secure storage in the cloud, that only authorised users can access. Analysts beleve that the increasing adoption of BYOD policy could be an important driver for market growth.
The increase in the use of smartphones is driving the demand for encryption software for securing critical information.
Enterprises that use the BYOD policy benefit from improved productivity, employee satisfaction and cost saving options.
TechNavio vice president Faisal Ghaus said: "Because data breaches can be catastrophic for an organization, encryption software is being adopted increasingly to control these violations and create a secure information environment.
"Many encryption software providers have integrated features that enhance the use of encryption solutions into smartphones or smart devices."
The report considers revenue generated from encryption software, solutions, tools, applications, services, support, and maintenance to calculate the market size.