Encryption Software Market: Global Industry Analysis and Forecast (2021-2027)

Encryption Software Market was valued at US$ 9.2 Bn. in 2020. Global Encryption Software Market size is estimated to grow at a CAGR of 14.27 % during the forecast period. The market is expected to reach at value of US $ 23.4 Bn. in 2027.

Encryption Software Market Overview:

Software encryption is one of the fastest developing solutions for end-point data security. Encryption software offers digital data protection by using the concept of cryptography. This software aids to prevent any unauthorized access to any digital data. Encryption software allows the encryption of the content of a file, data object, network, or application, and tablets, laptops, and removable media. Software companies around the globe such as IBM, Thales e-Security and Microsoft have been quickly adopting encraayption software to improve data security and boost business proficiency. Growing adoption of new technologies like cloud, mobility, and virtualization, are projected to accelerate the market for encryption software size during 2021-2022. As per the report of ITAA (Information Technology Association of America) approximately 83% of enterprise workloads was a cloud in 2020. Adoption and usage of such technologies are expected to boom the demand for the encryption software market globally. Encryption Software Market To know about the Research Methodology:- Request Free Sample Report Major players operating in the software encryption market such as Microsoft, IBM, Symantec, Thales e-Security, Trend Micro and others. In France, Thales e-Security is among the top vendors offering encryption solutions and services across the world. The Thales’s encryption product offering includes Vormetric application crypto-suite, data encryption, and key management. Thales e-Security provides its customers with best-in-class encryption solutions to meet compliance. In 2018, the company devoted nearly 6% of its annual revenue in R and D to developing new products with improved capabilities and increasing a competitive edge. 2020 is considered as a base year to forecast the market from 2021 to 2027. 2020’s market size is estimated on real numbers and outputs of the key players and major players across the globe. Past five years' trends are considered while forecasting the market through 2027. 2020 is a year of exception and analyzed especially with the impact of lockdown by region.

Encryption Software Market Dynamics:

Digitalization and Internet Penetration is Growing Around the Globe: Small and big organizations are exceedingly investing in employing digital solutions in their business operations to expand their distribution channels and improve their productivity while restructuring the varied processes involved. The growing internet penetration and digitalization with heightened adoption of IoT across different industries are expected to increase the demand for the technology of encryption software. With the rising trend of remote working facilities and the wide use of enterprise mobility solutions such as tablets and smartphones, the risk for data theft and leaks has also increased. Consequently, companies are investing in quality software of encryption mechanisms to mitigate the risk of data theft, particularly in cloud-based operations. Furthermore, the increasing awareness about encryption technology is also contributing to its popularity in the encryption software market. These factors are projected to positively impact the global market growth during 2021-2027. Encryption Software Market 1 Data and Security Breaches to spur Business Opportunities: Increasing usage of encryption software for securing enterprise IP and mitigating financial risks associated with theft or loss of confidential data is expected to drive the market growth. Encryption software was developed as a viable solution for confirming compliance with data privacy regulations. As per the Thales e-Security report in 2019, a foremost cybersecurity firm, the adoption of encryption software observed a 7% Y-o-Y growth in FY-2018 with approximately 41% of all worldwide enterprises using standalone encryption products to save their data.

Impact of COVID-19 on Encryption Software Market:

The Covid-19 crisis had a positive impact on the demand for banking encryption software. The rise in adoption of mobile payment services and increased use of digital banking services during the pandemic favoured the growth of the market The growing use of remote access technologies has increased the chances for IT outages and cyber-security breaches, which, in turn, will allow the growth of the market during the Covid-19 pandemic. The surging digitalization and IT activities have consequently increased risks for cyber hacks. The growing rate of phishing attacks, malware attacks, and ransomware attacks due to work from culture will further spur opportunities for the global encryption software market among coronavirus. Besides, the growing knowledge about securing private networks and databases will drive demand for encryption solutions in upcoming years.

Hindering factors on Encryption Software Market:

The higher capital investment required for the maintenance and installation of hardware encryption devices is one of the major factors hindering the growth of the encryption software market globally. The restrictions on the use of encrypted devices in some economies is another hampering factor affecting the global market’s development. The lack of education on encryption, the complexity of encryption keys, and regulatory restrictions on encryption software are factors hindering the global market’s expansion.

Encryption Software Market Segment Analysis:

The Encryption Software Market is segmented into Organization Size, Service, Industry Vertical and Application. Based on Industry Vertical, the market is sub-segmented into IT & Telecommunication, BFSI, Healthcare, Entertainment and Media, Retail, Education and Other Industry Verticals. In 2020, the BFSI segment accounted for a dominant share of over 32.60%. As the banking organizations move towards the cloud, the segment showcases a higher probability for the deployment of this encryption software. Encryption Software Market 2 Generally, Banks follow traditional techniques for example DVDs and email to transfer data, which pose a high threat of data breach. According to the Financial Conduct Authority (FCA) report in 2018, the number of data breaches reported by U.K. financial services firms increased to 48% in 2018, from 25% in 2017. Instead, online transactions are growing at a rapid pace owing to technological developments in several major economies. Such as, in India, online transactions increased to US$ 1.2 Bn. in 2018-19, with registration growth of 51% over the preceding year. As these transactions are the main target for cybercriminals, cryptography is a must desired process to continue the integrity of the transaction. By application, the cloud encryption segment is expected to grow at the largest CAGR of nearly 24.10% during the forecast period. This growth is attributed to the growing demand for securing sensitive data across the world. Companies have been adopting cloud at a rapid pace and are positively embracing diverse cloud environments, ranging from hybrid and private to public for the storage of their huge data. Maximum vendors in the market for encryption software provides cloud-based encryption software to gain substantial profits and confirm data privacy.

Encryption Software Market Regional Insights:

In 2020, North America dominated the global market, accounting for more than 35 per cent of the market share followed by APAC. Rising the number of data breaches, and the upsurge in adoption of technologies like CYOD and BYOD where encryption software has possible to encrypt important digital information to keep sensitive data reduce and secure the cyberattacks, which are significant growth factors for the market in North America. In 2018, according to the Information Technology Association of America report, above 36% of North American businesses had adopted BYOD programs in some form at the start of this year. Adoption of such technologies will fuel the usage of encryption software in the USA. The U.S. government has developed AES (Advanced Encryption Standard) as a standard, and most of the encryption software nowadays follow the AES. Even those that support other algorithms are inclined to recommend using Advanced Encryption Standard. Leading market key players are working to demonstrate the opportunity to Encryption Software Market Globally. In August 2019, IBM Company (Switzerland) introduced IBM TS-1160, a new encryption algorithm requested to be secure even compared to highly powerful quantum computers. The encryption solution can be simply integrated into the firmware of hard drives and can protect data- at rest against cyber-attacks. Encryption Software Market 3The objective of the report is to present a comprehensive analysis of the Encryption Software Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants. PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The reports also help understand the Encryption Software Market dynamic and structure by analyzing the market segments and projecting the Encryption Software Market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Encryption Software Market make the report investor’s guide.

Encryption Software Market Scope: Inquire before buying

Encryption Software Market
Report Coverage Details
Base Year: 2020 Forecast Period: 2021-2027
Historical Data: 2016 to 2020 Market Size in 2020: US$ 9.2 Bn.
Forecast Period 2021 to 2027 CAGR: 14.27% Market Size in 2027: US$ 23.4 Bn.
Segments Covered: by Organization Size • SMEs • Large Enterprises
by Service • Professional Services • Managed Services
by Application • Disk Encryption • File/Folder Encryption • Database Encryption • Communication Encryption • Cloud Encryption
by Industry Vertical • IT & Telecommunication • BFSI • Healthcare • Entertainment and Media • Retail • Education • Other Industry Verticals

Encryption Software Market, by Region

• North America • Europe • Asia Pacific • Latin America • The Middle East and Africa

Encryption Software Market Key Players

• IBM • Microsoft • Symantec • Thales e-Security • Trend Micro • Sophos • Check Point • Micro Focus • McAfee • Dell • ORACLE CORPORATION • WinMagic • ESET • Cryptomathic • Bitdefender • Stormshield • CipherCloud • AMAZON WEB SERVICES, INC (AWS)

Frequently Asked Questions:

1] What segments are covered in the Encryption Software Market report? Ans. The segments covered in the Encryption Software Market report are based on Organization Size, Service, Industry Vertical and Application. 2] Which region is expected to hold the highest share in the Encryption Software Market? Ans. North America region is expected to hold the highest share in the Encryption Software Market. 3] What is the market size of the Encryption Software Market by 2027? Ans. The market size of the Encryption Software Market by 2027 is US$ 23.4 Bn. 4] What is the forecast period for the Encryption Software Market? Ans. The forecast period for the Encryption Software Market is 2021-2027. 5] What was the market size of the Encryption Software Market in 2020? Ans. The market size of the Encryption Software Market in 2020 was US$ 9.2 Bn.
1. Global Encryption Software Market: Research Methodology 2. Global Encryption Software Market: Executive Summary 2.1 Market Overview and Definitions 2.1.1. Introduction to Global Encryption Software Market 2.2. Summary 2.1.1. Key Findings 2.1.2. Recommendations for Investors 2.1.3. Recommendations for Market Leaders 2.1.4. Recommendations for New Market Entry 3. Global Encryption Software Market: Competitive Analysis 3.1 MMR Competition Matrix 3.1.1. Market Structure by region 3.1.2. Competitive Benchmarking of Key Players 3.2 Consolidation in the Market 3.2.1 M&A by region 3.3 Key Developments by Companies 3.4 Market Drivers 3.5 Market Restraints 3.6 Market Opportunities 3.7 Market Challenges 3.8 Market Dynamics 3.9 PORTERS Five Forces Analysis 3.10 PESTLE 3.11 Regulatory Landscape by region • North America • Europe • Asia Pacific • The Middle East and Africa • Latin America 3.12 COVID-19 Impact 4. Global Encryption Software Market Segmentation 4.1 Global Encryption Software Market, By Organization Size (2020-2027) • SMEs • Large Enterprises 4.2 Global Encryption Software Market, By Service (2020-2027) • Professional Services • Managed Services 4.3 Global Encryption Software Market, By Application (2020-2027) • Disk Encryption • File/Folder Encryption • Database Encryption • Communication Encryption • Cloud Encryption 4.4 Global Encryption Software Market, By Industry Vertical (2020-2027) • IT & Telecommunication • BFSI • Healthcare • Entertainment and Media • Retail • Education • Other Industry Verticals 5. North America Encryption Software Market (2020-2027) 5.1 North America Encryption Software Market, By Organization Size(2020-2027) • SMEs • Large Enterprises 5.2 North America Encryption Software Market, By Service(2020-2027) • Professional Services • Managed Services 5.3 North America Encryption Software Market, By Application (2020-2027) • Disk Encryption • File/Folder Encryption • Database Encryption • Communication Encryption • Cloud Encryption 5.4 North America Encryption Software Market, By Industry Vertical (2020-2027) • IT & Telecommunication • BFSI • Healthcare • Entertainment and Media • Retail • Education • Other Industry Verticals 5.5 North America Encryption Software Market, by Country (2020-2027) • United States • Canada • Mexico 6. Asia Pacific Encryption Software Market (2020-2027) 6.1. Asia Pacific Encryption Software Market, By Organization Size(2020-2027) 6.2. Asia Pacific Encryption Software Market, By Service(2020-2027) 6.3. Asia Pacific Encryption Software Market, By Application (2020-2027) 6.4. Asia Pacific Encryption Software Market, By Industry Vertical (2020-2027) 6.5. Asia Pacific Encryption Software Market, by Country (2020-2027) • China • India • Japan • South Korea • Australia • ASEAN • Rest Of APAC 7. Middle East and Africa Encryption Software Market (2020-2027) 7.1 Middle East and Africa Encryption Software Market, By Organization Size(2020-2027) 7.2. Middle East and Africa Encryption Software Market, By Service(2020-2027) 7.3. Middle East and Africa Encryption Software Market, By Application (2020-2027) 7.4. Middle East and Africa Encryption Software Market, By Industry Vertical (2020-2027) 7.5. Middle East and Africa Encryption Software Market, by Country (2020-2027) • South Africa • GCC • Egypt • Nigeria • Rest Of ME&A 8. Latin America Encryption Software Market (2020-2027) 8.1. Latin America Encryption Software Market, By Organization Size(2020-2027) 8.2. Latin America Encryption Software Market, By Service(2020-2027) 8.3. Latin America Encryption Software Market, By Application (2020-2027) 8.4. Latin America Encryption Software Market, By Industry Vertical (2020-2027) 8.5. Latin America Encryption Software Market, by Country (2020-2027) • Brazil • Argentina • Rest of Latin America 9. European Encryption Software Market (2020-2027) 9.1. European Encryption Software Market, By Organization Size(2020-2027) 9.2. European Encryption Software Market, By Service(2020-2027) 9.3. European Encryption Software Market, By Application (2020-2027) 9.4. European Encryption Software Market, By Industry Vertical (2020-2027) 9.5. European Encryption Software Market, by Country (2020-2027) • UK • France • Germany • Italy • Spain • Sweden • Austria • Rest of Europe 10. Company Profile: Key players 10.1. IBM 10.1.1. Company Overview 10.1.2. Financial Overview 10.1.3. Global Presence 10.1.4. Capacity Portfolio 10.1.5. Business Strategy 10.1.6. Recent Developments 10.2 Microsoft 10.3 Symantec 10.4 Thales e-Security 10.5 Trend Micro 10.6 Sophos 10.7 Check Point 10.8 Micro Focus 10.9 McAfee 10.10 Dell 10.11 ORACLE CORPORATION 10.12 WinMagic 10.13 ESET 10.14 Cryptomathic 10.15 Bitdefender 10.16 Stormshield 10.17 CipherCloud 10.18 AMAZON WEB SERVICES, INC (AWS)

About This Report

Report ID 20765
Category Information Technology & Telecommunication
Published Date sep 2019
Updated Date Dec 2021
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