Encryption Software Market

Global Encryption Software Market Size & Growth (2023-2028)

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:

• In April 2019, Thales Group (France), parent company of Thales e-Security, finalized the acquisition of Gemalto (Netherlands), leader in digital identity and security. The acquisition would create a world-class leader with an unrivaled portfolio of technology-based digital identity and security solutions, such as biometrics, data protection and, more broadly, cybersecurity.
• In December 2018, Symantec (USA) partnered with Fortinet (USA), a leading provider of automated and integrated IT security solutions to provide customers with the most complete and robust security solutions. The partnership would provide essential security controls in the cloud, network and endpoint environments that are critical to the application of the Zero Trust security framework.
• In May 2018, IBM (USA) collaborated with Cisco (USA) to integrate their security suite into Cisco security products for faster and more accurate threat detection and response. Collaboration would improve product interaction, service integration and threat intelligence.

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:

• Growing concern about the loss of critical data in a local environment.
• Exploiting big data analytics poses a risk to the cloud environment.
• Government regulations promoting the implementation of encryption solutions.
• Lack of budget to adopt the best encryption solutions in its category.
• Lack of knowledge of encryption and performance issues among companies.

ENCRYPTION SOFTWARE MARKET REPORT COVERAGE:

Encryption Software Market segmentation:

The global encryption software market is divided based on component, deployment model, company size, function, vertical, and region.

Encryption Software Market By Component:

In terms of components, it is divided into software and services.

Encryption Software Market By Deployment Mode:

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.

Encryption Software Market Organization Size:

Depending on the size of the organization, it is divided into large companies and small and medium-sized enterprises (SMEs).

Encryption Software Market Application:

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.

Encryption Software Market By Vertical:

Depending on the industry vertical, it is divided into BFSI, IT and Telecom, Government & Public, Retail, Healthcare, Aerospace & Defense, Media & Entertainment, and more.

Encryption Software Market By Region:
the global encryption software market is analyzed in North America, Europe, Asia-Pacific and LAMEA.

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.