The global encryption software market is foreseen to develop from $ 9.8 billion in 2019 to $ 20.1 billion in 2025, at an annual expansion rate (CAGR) of 15.5% from 2020 to 2025.
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:
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.
Regional Analysis:
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.
1. Introduction
1.1 Market Definition
1.2 Scope of the report
1.3 Study Assumptions
1.4 Base Currency, Base Year and Forecast Periods
2. Research Methodology
2.1 Analysis Design
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Data Modelling
2.2.4 Expert Validation
2.3 Study Timeline
3. Report Overview
3.1 Executive Summary
3.2 Key Inferencees
4. Market Dynamics
4.1 Impact Analysis
4.1.1 Drivers
4.1.2 Restaints
4.1.3 Opportunities
4.2 Regulatory Environment
4.3 Technology Timeline & Recent Trends
5. Competitor Benchmarking Analysis
5.1 Key Player Benchmarking
5.1.1 Market share analysis
5.1.2 Products/Service
5.1.3 Regional Presence
5.2 Mergers & Acquistion Landscape
5.3 Joint Ventures & Collaborations
6. Market Segmentation
6.1 Encryption Software Market, By Component
6.1.1 Software
6.1.2 Services
6.1.3 Market Size Estimations & Forecasts (2019-2024)
6.1.4 Y-o-Y Growth Rate Analysis
6.1.5 Market Attractiveness Index
6.2 Encryption Software Market, By Application
6.2.1 Disk Encryption
6.2.2 File/Folder Encryption
6.2.3 Communication Encryption
6.2.4 Cloud Encryption
6.2.5 Market Size Estimations & Forecasts (2019-2024)
6.2.6 Y-o-Y Growth Rate Analysis
6.2.7 Market Attractiveness Index
6.3 Encryption Software Market, By Deployment Mode
6.3.1 On-Premises
6.3.2 Cloud
6.3.3 Market Size Estimations & Forecasts (2019-2024)
6.3.4 Y-o-Y Growth Rate Analysis
6.3.5 Market Attractiveness Index
6.4 Encryption Software Market, By Enterprise Size
6.4.1 SMEs
6.4.2 Large
6.4.3 Market Size Estimations & Forecasts (2019-2024)
6.4.4 Y-o-Y Growth Rate Analysis
6.4.5 Market Attractiveness Index
6.5 Encryption Software Market, By Vertical
6.5.1 IT and Telecom
6.5.2 BFSI
6.5.3 Government & Public
6.5.4 Retail
6.5.5 Healthcare
6.5.6 Aerospace & Defense
6.5.7 Media & Entertainment
6.5.8 Market Size Estimations & Forecasts (2019-2024)
6.5.9 Y-o-Y Growth Rate Analysis
6.5.10 Market Attractiveness Index
7. Geographical Landscape
7.1 Global Identity Governance and Administration Market, by Region
7.2 North America - Market Analysis (2018 - 2024)
7.2.1 By Country
7.2.1.1 USA
7.2.1.2 Canada
7.2.2 By Component
7.2.3 By Application
7.2.4 By Deployment Mode
7.2.5 By Enterprise Size
7.2.6 By Vertical
7.3 Europe
7.3.1 By Country
7.3.1.1 UK
7.3.1.2 France
7.3.1.3 Germany
7.3.1.4 Spain
7.3.1.5 Italy
7.3.1.6 Rest of Europe
7.3.2 By Component
7.3.3 By Application
7.3.4 By Deployment Mode
7.3.5 By Enterprise Size
7.3.6 By Vertical
7.4 Asia Pacific
7.4.1 By Country
7.4.1.1 China
7.4.1.2 India
7.4.1.3 Japan
7.4.1.4 South Korea
7.4.1.5 South East Asia
7.4.1.6 Australia & NZ
7.4.1.7 Rest of Asia-Pacific
7.4.2 By Component
7.4.3 By Application
7.4.4 By Deployment Mode
7.4.5 By Enterprise Size
7.4.6 By Vertical
7.5 Latin America
7.5.1 By Country
7.5.1.1 Brazil
7.5.1.2 Argentina
7.5.1.3 Mexico
7.5.1.4 Rest of Latin America
7.5.2 By Component
7.5.3 By Application
7.5.4 By Deployment Mode
7.5.5 By Enterprise Size
7.5.6 By Vertical
7.6 Middle East and Africa
7.6.1 By Country
7.6.1.1 Middle East
7.6.1.2 Africa
7.6.2 By Component
7.6.3 By Application
7.6.4 By Deployment Mode
7.6.5 By Enterprise Size
7.6.6 By Vertical
8. Key Player Analysis
8.1 Dell
8.1.1 Business Description
8.1.2 Products/Service
8.1.3 Financials
8.1.4 SWOT Analysis
8.1.5 Recent Developments
8.1.6 Analyst Overview
8.2 Gemalto
8.3 McAfee
8.4 Pkware
8.5 Microsoft
8.6 Sophos
8.7 Symantec
8.8 Thales E-Security
8.9 Trend Micro
8.10 Cisco Systems
9. Market Outlook & Investment Opportunities
Appendix
List of Tables
List of Figures
