Global Encryption Software Market is valued at USD 3.02 Billion in 2019 and expected to reach USD 9.01 Billion by 2025 with the CAGR of 16.9% over the forecast period.
Encryption software is software that uses encryption technology, known as Cryptography, to restrain an unauthorized access over any digital information that has been transferred via internet. Encryption technology is used to protect digital information stored on the computer as well as that sent to other computers on internet. The largest benefit of encryption software is its provision of complete protection over unwanted hacking. Businesses hugely invest in security protection firewalls that combat hackers to peep and penetrate through the confidential data, but in case of any loose ends, if a penetration happens, encryption ensures the privacy and confidentiality of the data as much as it was before the incidence. Hence, this accounts for the largest aid that encryption provides. Another way in which encryption is beneficial for businesses and for personal use is for keeping the data safe, at rest or in transit. It helps move data fearlessly among various devices that has made mobile phone companies to rely on the technology and invest in it. It also ensures the integrity and authenticity of the stored information such that no alterations can be made to it, in any case. It finds many applications in businesses, large or small, personal use, government agencies and others. Encryption of sensitive financial information saves the businesses big time against financial losses and thefts. Encryption traces its history back when IBM, in early 1970s, formed a ‘Crypto group’ to protect company’s customers data, which was then adopted by U.S. as a DES (Data Encryption Standard) in 1973, and replaced by an Advanced Encryption Standard (AES) in 2000.
Encryption software is software that has potential to encrypt important digital information to keep sensitive data secure. Since encryption tools have been introduced long before the days of computer and the internet. Moreover, encryption software allows ensuring that all data across any device is completely encrypted as these software helps to manage data secure. Rising cases of data breaches can lead to develop data protection software as this software prevent the data of businesses and government organizations from cyber threats.
Increasing privacy concerns against data breaches, financial thefts, cyberattacks along with the advancement in smartphone technology that makes way for cyber penetration and increased risk to security concerns, are the major drivers for the growth of Global encryption software market.
Global Encryption Software Market is segmented on the basis of installation platform, application and end-user. On the basis of installation platform, the market is segmented into On-field & On cloud. On the basis of its applications, market is segmented into encryptions of Disks, Database, Cloud, File/Folders, Web communication and others. On the basis of end-user, the market is segmented into IT & Telecom, Defense, Government, Retail, BFSI, Consumer, Healthcare, Education, Manufacturing and others.
Encryption software market is segmented on the basis Deployment, Application, End-User and by regional & country level. Based upon deployment encryption software market is segmented into on-premise and cloud-based. On the basis application market is classified into disk encryption, file/folder, database encryption, web communication encryption, network traffic encryption, cloud encryption and others. End-user segment include (BFSI) Banking, finance services and insurance, healthcare, retail, government & public administration, telecom, defense & aerospace, education and manufacturing.
Increasing privacy concerns against data breaches, financial thefts, cyberattacks along with the advancement in smartphone technology that makes way for cyber penetration and increased risk to security concerns, are the major drivers for the growth of Global encryption software market. As per Data breach status April 2020, data breaches have revealed at least 8 billion records, including credit card numbers, home addresses, phone numbers and other very sensitive information, since 2019. In addition, the rapid digitization and increasing use of the Internet, the intellectual property rights of businesses and users are vulnerable to theft and counterfeiting. Because of these security risks, companies must implement solutions to protect data. Encryption software allows organizations to protect their intellectual property and other sensitive data and is expected to increase their demand during the forecast period. But deployment of these solutions requires huge purchase and implementation costs, which can be a restraining factor for the market. According to statistics, full disk encryption costs USD 232 per user, per annum in U.S., which is expensive enough that it may impact the growth in future. The security concerns for data have increased even further with a growing trend of IoT (Internet of Things) and BYOD (Bring your own device) among businesses and therefore contains a lot of growing opportunity in the market in upcoming years.
Increasing security concerns is one of the most important considerations all over the world, with rapid digitization and increased usage of the smartphones and internet, many organizations and business professionals have shifted to adopt encryption technology to prevent the data from cyber-attacks which is the one of the driving factor of this market. A recent improvement in information technology such as encryption software, data protection technology has made it possible to exchange information over worldwide with security. About 82 % of people in developed countries uses the Internet, while 35 % in developing countries. Moreover, cloud computing has emerged as a significant technology that has attracted considerable attention of both government administration and businesses to protect data while transferring data is the key driving factor of encryption software market. For Example, Ransom ware is a type of malicious software which encrypts all the data and information on a computing device. However, the installation of data encryption software can be quite expensive as these system require to maintain frequently may hamper the growth of the market. Next generation of cryptographic systems will offer more privacy and security to sensitive data in near future.
The encryption software market is segmented into North America, Europe, Asia-Pacific and Rest of the World (ROW). North America holds the largest share during forecast period due to wide presence of large IT infrastructure and increasing R&D activities associated with cyber threats to reduce the incidences of data breaches is likely to grow the encryption software market in this region. Cloud based systems is one of the major trends seen in the North American security market. Asia pacific is to be fastest growing region in the encryption software market. The numbers of startups and mid-scale enterprises (SMEs) have been established over the past few years to focus on combating cybercrime that are implementing encryption software solutions. Around one-fifth of cyber-attacks originated in China where the US was second largest location for attack origination, of about 11 % of all attacks. Middle East and Africa have steady growth due to less awareness among people about advanced technology in this region.
North America is expected to be a dominating region in terms of adoption and development of encryption software. Growing demand for compliance with strict regulations, the growing presence of encryption software providers and growing government support are the main drivers of market growth over the forecast period.
The Asia-Pacific region accounted for more than a quarter of total revenue in 2018. Lack of storage infrastructure prompted organizations to store data in the cloud, so that during the period of forecast, the region will be the most promising destination for market players. This exacerbates the risk of theft and data loss, thereby stimulating the demand for encryption software.
In addition, the continued popularity of the Internet of Things, cloud services and BYOD has spurred growth in regional markets. In some countries, including India and China, the rapid development of the manufacturing industry, as well as the development of retail trade, information technology and telecommunications, are expected to stimulate demand for software during the forecast year.
• Rest of Europe
• South Korea
• Rest Of APAC
• Rest of South America
• Saudi Arabia
• South Africa
• Rest Of MEA
|Historical data||2015 - 2018|
|Forecast Period||2019 - 2025|
|Market Size in 2018:||USD 3.02 Billion|
|Base year considered||2019|
|Forecast Period CAGR %:||
|Market Size Expected in 2025:||USD 9.01 Billion|
|Tables, Charts & Figures:||175|
|Encryption Software Companies||Amazon Web Services Inc., Bloombase, Check Point Software Technologies, Cisco System Inc., EMC Corporation, Fortinet Inc., F-Secure, IBM Corporation, Intel Security, International Business Machines Corporation, Micro Focus International Plc, Microsoft Corporation, NortonLifeLock Inc., Oracle Corporation, Palo Alto Networks Inc., Sophos, Symantec, Trend Micro, and others|
|Segments Covered||By System Type, By Deployment Mode, By Technology, By Application, By End User|
|Regional Analysis||North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa|
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