European encryption software market is projected to grow at a significant CAGR during the forecast period (2020-2026). The significant presence of data protection laws in the region further encourages the demand for encryption software and further propels the market growth. Several regulations were imposed in the region regarding the protection of data. For instance, the EU introduced GDPR on 25 May 2018, after the approval in April 2016 after the 4-year preparation and debate. It has replaced the Data Protection Directive 95/46/EC. The aim of the new law is to provide equal data privacy and protect the personal data of users and customers of companies all across Europe.
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Authoritative bodies comprise the European Commission, the European Parliament, and the Council of Ministers of the European Union. Under the law, the companies/organization which are gathering the data has to ensure that it should be gathered legally, and it is mandatory to protect it from misuse and exploitation or have to face penalties for not following it. The law applies to each company or entity which processes personal data at its branches in the European Union, irrespective of the location of the data process. It is also applied to the companies situated outside the EU and providing goods or services or monitoring customer behavior in the EU.
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European encryption software Market – Segmentation
By Deployment Type
· Database Encryption
· Disk Encryption
· Communication Encryption
· File Encryption
· Others (Cloud Encryption)
· IT & Telecom
· Retail & E-commerce
· Other (Healthcare)
European Encryption Software Market – Segmentation by Region
Rest of Europe
· Broadcom Inc.
· ESET, spol. s.r.o.
· Cisco Systems, Inc.
· IBM Corp.
· Intel Corp.
· Microsoft Corp.
· McAfee, LLC
· Oracle Corp.
· Sophos Ltd.
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