According to the latest report by the TechNavio (www.technavio.com) research group, the number of data breaches has increased in recent years.

Encryption software encrypts data, files, folders and software with a secret code that only registered users can access. With encryption software, organizations can store sensitive data in secure storage in the cloud, which can be accessed only by authorized users.

"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," says Faisal Ghaus, vice president of TechNavio.

What's more, the new TechNavio report emphasizes the growing adoption of BYOD policies as a key driver for market growth. BYOD policy offers enterprises various benefits like improved productivity, employee satisfaction and cost saving options, but it can also open an organization up to data theft.The increase in the adoption of smartphones is driving the demand for encryption software for securing critical data.

"Many encryption software providers have integrated features that enhance the use of encryption solutions into smartphones or smart devices," says Ghaus.