The global encryption software market is foreseen to develop from $ 9.8 billion in 2022 to $ 20.1 billion in 2028, at an annual expansion rate (CAGR) of 15.5% from 2023 to 2028.
Encryption is a process in which the service provider converts information into codes to block unauthorized access. Data must be protected and that can be present on any type of electronic device. Each person and commercial company has their personal information, including data, which can vary from emails to WhatsApp messages and bank details which must be kept securely between the parties involved in the transaction. This process is done by encryption, the information is sent via electronic length codes which are not readable by anyone who tries to access this information. Once the sender sends the information in the form of codes, this information can only be decrypted by the sender or the recipient so that it is readable.
Encryption software helps protect the confidentiality of information stored in folders and files, as well as data in transit over networks or data in transit based on an organization's compliance and security requirements. Encrypts and decrypts data at rest and in transit using software. Therefore, by making the data unreadable even for the authorized person, the encryption software helps to improve the security of sensitive data. The adoption of encryption software is likely to expand with the augmenting incidence of cyber-attacks across the globe.
Software publishers around the world have quickly adopted encryption software to increase business competition and improve data security. Software encryption is one of the fastest emerging solutions for endpoint data security. Growing concerns over data breaches and privacy compliance regulations are making companies more willing to adopt software-based encryption solutions for compliance, greater data security, and greater operational flexibility. In addition, the global encryption software market is also growing due to the increasing adoption of the latest technologies, such as cloud, virtualization and mobility.
Recent Developments:
Market growth and trends:
In the application encryption software market, it offers disk encryption, file/folder encryption, database, communication and cloud segments. The cloud encryption segment is the fastest growing segment on the market due to the growing need to secure confidential data worldwide. Organizations around the world have embraced the cloud at a rapid pace and are firmly embracing various cloud environments, ranging from private and hybrid to public to store their vast data.
Most providers in the encryption software market offer cloud-based encryption software for high profits and to effectively and securely guarantee data confidentiality. The adoption of cloud-based encryption software solutions is expected to grow due to its benefits, such as ease of data maintenance, cost-effectiveness, scalability, and efficient management.
Market Drivers and Restraints:
REPORT METRIC |
DETAILS |
Market Size Available |
2022 – 2028 |
Base Year |
2022 |
Forecast Period |
2023 - 2028 |
CAGR |
15.5% |
Segments Covered |
By Business Function, Type, Services, Vertical, and Region |
Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
Market Leaders Profiled |
Dell, Eset, Gemalto, McAfee, Microsoft, Pkware, Sophos, Symantec, Thales E-Security, Trend Micro, Cryptomathic, Stormshield, Bloombase, Cisco Systems, EMC Corporation, Proofpoint, Check Point Software Technologies, IBM Corporation, Intel Security and Bitdefender and Others. |
Encryption Software Market segmentation:
The global encryption software market is divided based on component, deployment model, company size, function, vertical, and region.
In terms of components, it is divided into software and services.
Based on deployment model, the market is segmented on-premises and cloud. Of these, the cloud deployment mode will grow at a faster rate during the outlook period.
Depending on the size of the organization, it is divided into large companies and small and medium-sized enterprises (SMEs).
In terms of application, the market is classified into disk encryption, communication encryption, file/folder encryption, and cloud encryption. Of these, the cloud encryption segment will increase at considerable CAGR over the conjecture period.
Depending on the industry vertical, it is divided into BFSI, IT and Telecom, Government & Public, Retail, Healthcare, Aerospace & Defense, Media & Entertainment, and more.
North America is supposed to hold the lion’s share in the global encryption software market, while Asia Pacific (APAC) is foreseen to develop at the substantial growth rate over the outlook period. In APAC, the highest growth rate on the market can be attributed to large investments made by the public and private sectors to protect sensitive data, resulting in increased demand for encryption software used to protect and secure confidentiality of data. North America is foreseen to be ruling owing to the rising adoption and development in encryption software. The growing demand to adhere to strict regulatory standards, the presence of encryption software providers and the growing support of the government are the main growth factors for the growth of the market over the foreseen period.
Key players in the market:
Some of the major players in the global encryption software market are Dell, Eset, Gemalto, McAfee, Microsoft, Pkware, Sophos, Symantec, Thales E-Security, Trend Micro, Cryptomathic, Stormshield, Bloombase, Cisco Systems, EMC Corporation, Proofpoint, Check Point Software Technologies, IBM Corporation, Intel Security and Bitdefender are among others.
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