“The Global Encryption Software Market is estimated to be USD 11.6 Bn in 2021 and is expected to reach USD 25.46 Bn by 2027, growing at a CAGR of 14%.
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FEATURED COMPANIES
- Amazon Web S
- Broadcom, Inc.
- Cisco Systems, Inc.
- Dell EMC Corporation
- IBM Corporation
- McAfee
- MORE
The Global Encryption Software Market is estimated to be USD 11.6 Bn in 2021 and is expected to reach USD 25.46 Bn by 2027, growing at a CAGR of 14%.
Key factors such as the rising number of data breaches with the growing cyber-attacks have led to a high susceptibility for organizational data losses compelling the businesses to commit to data encryption software for maintaining adequate data security. This is likely to drive the market for encryption software. Other factors such as advancements in mobile technologies and the regulatory mandates laid by the Government are promoting the growth of the market. Moreover, due to the rising digitalization, internet use has grown, leading to high-security risks to the enterprise’s IP assets. The protection of the company assets has spurred the demand for these solutions, further supporting the growth of the market.
However, factors such as the easy availability of pirated & open-source software, rigid regulations on the import and sales of these solutions, and the high costs of the encryption solutions are likely to restrain the growth of the market.
By Component, the Services segment is estimated to hold the highest market share. Along with a rising need for encryption software, there is a proportionate rise in the demand for encryption software services to help tackle special requirements. These services can enhance the security portfolio of an enterprise by preventing the entry of malicious attackers into the system with regular upgrades. The managed services are likely to grow at a faster rate as these services can aid in infrastructure management, maintenance, and deployment of encryption software solutions.
By Application, the Cloud Encryption segment is estimated to hold the highest market share as the organizations are continually seeking to ensure data security amidst the growing data churns and rising data breaches. Moreover, the organizations are looking to achieve efficiencies in business processes. Therefore, they are adopting innovative technologies and cloud-based solutions ranging from private to hybrid for storing these high volumes of data. The cloud encryption solutions provide the needed flexibility, scalability and are thus preferred by businesses. These factors are likely to boost the market segment growth for cloud encryption solutions.
By Deployment, the Cloud-based encryption deployment is estimated to hold the highest market share. The rising adoption of cloud infrastructure and cloud storage solutions due to the benefits of easy data maintenance, scalability, and faster accessibility has aggravated the rise in the adoption of cloud-based encryption software. Also, the increasing investments by the vendors in cloud-based encryption software are likely to advance the segment's growth further.
By Organization Size, Large Enterprises are estimated to hold the highest market share. These enterprises generate a large amount of data. This has increased the demand for encryption software among enterprises to ensure adequate data privacy. Moreover, data storage is one of the essential requisites for organizations in the retail, BFSI, and healthcare sector. Therefore, the enterprises in these sectors are likely to invest in encryption software, which is likely to further increase market demand.
By Industry Vertical, the BFSI segment is estimated to hold the highest market share. The BFSI segment holds large amounts of sensitive information about individuals and businesses. They depend highly on online transactions for transferring data, thereby making them more vulnerable to cyber-attacks. Also, since the banks are now following the cloud-based deployment infrastructures, they require encryption software to ensure high data integrity. These factors are likely to enhance the growth of encryption software in the BFSI segment.
By Geography, North America is likely to lead the market in the forecast period. The factors attributed to the region's growth are the developments taking place in the encryption software market in the wake of rising regulatory mandates and the fast adoption rate of innovative technologies. Besides, the growing investments and collaborations in the private and public sectors have contributed to the growth of the encryption software market.
The Global Encryption Software Market is segmented further based On Component, Application, Deployment, Organization Size, Industry Vertical, and Geography.
The report has been compiled through extensive primary and secondary research. The primary research is done through interviews, surveys, and observation of renowned personnel in the industry.
The report includes in-depth market analysis using Porter’s 5 force model and the Ansoff Matrix. The impact of Covid-19 on the market is also featured in the report.
The report also contains the competitive analysis using Competitive Quadrant, Infogence’s proprietary competitive positioning tool.
Key factors such as the rising number of data breaches with the growing cyber-attacks have led to a high susceptibility for organizational data losses compelling the businesses to commit to data encryption software for maintaining adequate data security. This is likely to drive the market for encryption software. Other factors such as advancements in mobile technologies and the regulatory mandates laid by the Government are promoting the growth of the market. Moreover, due to the rising digitalization, internet use has grown, leading to high-security risks to the enterprise’s IP assets. The protection of the company assets has spurred the demand for these solutions, further supporting the growth of the market.
However, factors such as the easy availability of pirated & open-source software, rigid regulations on the import and sales of these solutions, and the high costs of the encryption solutions are likely to restrain the growth of the market.
Market Dynamics
Drivers
- An Increasing Number of Data Breaches
- Advancements in Mobile Technology
- Stringent Regulations on Cybersecurity and Data Privacy Compliances
- Rising Concerns over Securing Enterprise Intellectual Property (IP) Assets
Restraints
- High Capital Investment
- Regulatory Restrictions on Crypto-Software
- Easy Availability of Pirated and Free-To-Use Encryption Software
Opportunities
- The Increasing Proliferation of Cloud and Virtualization Technologies
- The Growing Trend of Bring Your Own Devices (BYOD) among Enterprises
Challenges
- Complexities in Encryption Key Management
- Limiting the use of Encrypted Devices in Some of The Countries
- Lack of Awareness about Encryption Software
Segments Covered
By Component, the Services segment is estimated to hold the highest market share. Along with a rising need for encryption software, there is a proportionate rise in the demand for encryption software services to help tackle special requirements. These services can enhance the security portfolio of an enterprise by preventing the entry of malicious attackers into the system with regular upgrades. The managed services are likely to grow at a faster rate as these services can aid in infrastructure management, maintenance, and deployment of encryption software solutions.
By Application, the Cloud Encryption segment is estimated to hold the highest market share as the organizations are continually seeking to ensure data security amidst the growing data churns and rising data breaches. Moreover, the organizations are looking to achieve efficiencies in business processes. Therefore, they are adopting innovative technologies and cloud-based solutions ranging from private to hybrid for storing these high volumes of data. The cloud encryption solutions provide the needed flexibility, scalability and are thus preferred by businesses. These factors are likely to boost the market segment growth for cloud encryption solutions.
By Deployment, the Cloud-based encryption deployment is estimated to hold the highest market share. The rising adoption of cloud infrastructure and cloud storage solutions due to the benefits of easy data maintenance, scalability, and faster accessibility has aggravated the rise in the adoption of cloud-based encryption software. Also, the increasing investments by the vendors in cloud-based encryption software are likely to advance the segment's growth further.
By Organization Size, Large Enterprises are estimated to hold the highest market share. These enterprises generate a large amount of data. This has increased the demand for encryption software among enterprises to ensure adequate data privacy. Moreover, data storage is one of the essential requisites for organizations in the retail, BFSI, and healthcare sector. Therefore, the enterprises in these sectors are likely to invest in encryption software, which is likely to further increase market demand.
By Industry Vertical, the BFSI segment is estimated to hold the highest market share. The BFSI segment holds large amounts of sensitive information about individuals and businesses. They depend highly on online transactions for transferring data, thereby making them more vulnerable to cyber-attacks. Also, since the banks are now following the cloud-based deployment infrastructures, they require encryption software to ensure high data integrity. These factors are likely to enhance the growth of encryption software in the BFSI segment.
By Geography, North America is likely to lead the market in the forecast period. The factors attributed to the region's growth are the developments taking place in the encryption software market in the wake of rising regulatory mandates and the fast adoption rate of innovative technologies. Besides, the growing investments and collaborations in the private and public sectors have contributed to the growth of the encryption software market.
The Global Encryption Software Market is segmented further based On Component, Application, Deployment, Organization Size, Industry Vertical, and Geography.
Company Profiles
Some of the companies covered in this report are Microsoft Corporation, McAfee, Dell EMC, Check Point Software Technologies, Cisco Systems, Trend Micro, IBM Corporation, etc.Competitive Quadrant
The report includes Competitive Quadrant, a proprietary tool to analyze and evaluate the position of companies based on their Industry Position score and Market Performance score. The tool uses various factors for categorizing the players into four categories. Some of these factors considered for analysis are financial performance over the last 3 years, growth strategies, innovation score, new product launches, investments, growth in market share, etc.Why buy this report?
The report offers a comprehensive evaluation of the Global Encryption Software Market. The report includes in-depth qualitative analysis, verifiable data from authentic sources, and projections about market size. The projections are calculated using proven research methodologies.The report has been compiled through extensive primary and secondary research. The primary research is done through interviews, surveys, and observation of renowned personnel in the industry.
The report includes in-depth market analysis using Porter’s 5 force model and the Ansoff Matrix. The impact of Covid-19 on the market is also featured in the report.
The report also contains the competitive analysis using Competitive Quadrant, Infogence’s proprietary competitive positioning tool.
Report Highlights:
- A complete analysis of the market, including parent industry
- Important market dynamics and trends
- Market segmentation
- Historical, current, and projected size of the market based on value and volume
- Market shares and strategies of key players
- Recommendations to companies for strengthening their foothold in the market
Note: Product cover images may vary from those shown
FEATURED COMPANIES
- Amazon Web S
- Broadcom, Inc.
- Cisco Systems, Inc.
- Dell EMC Corporation
- IBM Corporation
- McAfee
- MORE
1 Report Description
1.1 Study Objectives
1.2 Market Definition
1.3 Currency
1.4 Years Considered
1.5 Language
1.6 Key Shareholders
2 Research Methodology
2.1 Research Process
2.2 Data Collection and Validation
2.2.1 Secondary Research
2.2.2 Primary Research
2.3 Market Size Estimation
2.4 Assumptions of the Study
2.5 Limitations of the Study
3 Executive Summary
4 Market Overview
4.1 Introduction
4.2 Market Dynamics
4.2.1 Drivers
4.2.2 Restraints
4.2.3 Opportunities
4.2.4 Challenges
4.3 Trends
5 Market Analysis
5.1 Porter’s Five Forces Analysis
5.2 Impact of COVID-19
5.3 Ansoff Matrix Analysis
6 Global Encryption Software Market, By Component
6.1 Introduction
6.2 Software
6.3 Services
6.3.1 Professional Services
6.3.1.1 Consulting Services
6.3.1.2 Training and Education Services
6.3.1.3 Support and Maintenance Services
6.3.2 Managed Services
7 Global Encryption Software Market, By Application
7.1 Introduction
7.2 Disk Encryption
7.3 File/Folder Encryption
7.4 Database Encryption
7.5 Communication Encryption
7.6 Cloud Encryption
8 Global Encryption Software Market, By Deployment
8.1 Introduction
8.2 Cloud-based
8.3 On-premise
9 Global Encryption Software Market, By Organization Size
9.1 Introduction
9.2 Small and Medium-sized Enterprises
9.3 Large enterprises
10 Global Encryption Software Market, By Industry Vertical
10.1 Introduction
10.2 BFSI
10.3 IT & Telecom
10.4 Retail
10.5 G&PA
10.6 Healthcare
10.7 Defense & Aerospace
10.8 Education
10.9 Manufacturing
11 Global Encryption Software Market, By Geography
11.1 Introduction
11.2 North America
11.2.1 US
11.2.2 Canada
11.2.3 Mexico
11.3 South America
11.3.1 Brazil
11.3.2 Argentina
11.4 Europe
11.4.1 UK
11.4.2 France
11.4.3 Germany
11.4.4 Italy
11.4.5 Spain
11.4.6 Rest of Europe
11.5 Asia-Pacific
11.5.1 China
11.5.2 Japan
11.5.3 India
11.5.4 Indonesia
11.5.5 Malaysia
11.5.6 South Korea
11.5.7 Australia
11.5.8 Russia
11.5.9 Rest of APAC
11.6 Rest of the World
11.6.1 Qatar
11.6.2 Saudi Arabia
11.6.3 South Africa
11.6.4 United Arab Emirates
11.6.5 Latin America
12 Competitive Landscape
12.1 Competitive Quadrant
12.2 Market Share Analysis
12.3 Competitive Scenario
12.3.1 Mergers & Acquisitions
12.3.2 Agreements, Collaborations, & Partnerships
12.3.3 New Product Launches & Enhancements
12.3.4 Investments & funding
13 Company Profiles
13.1 Cisco Systems, Inc.
13.2 Check Point Software Technologies Ltd
13.3 Dell EMC Corporation
13.4 IBM Corporation
13.5 McAfee
13.6 Microsoft Corporation
13.7 Oracle Corporation
13.8 Sophos Group PLC
13.9 Broadcom, Inc.
13.10 Trend Micro, Inc.
13.11 WinMagic, Inc
13.12 Amazon Web Services Inc.
13.13 F-Secure
13.14 Fortinet Inc.
13.15 Palo Alto Networks Inc.
13.16 Ciphercloud
13.17 ESET, spol. s r.o
13.18 MicroFocus
13.19 Panda Security
13.20 Proofpoint
13.21 Thales eSecurity
13.22 SAS Institute Inc
14 Appendix
14.1 Questionnaire
1.1 Study Objectives
1.2 Market Definition
1.3 Currency
1.4 Years Considered
1.5 Language
1.6 Key Shareholders
2 Research Methodology
2.1 Research Process
2.2 Data Collection and Validation
2.2.1 Secondary Research
2.2.2 Primary Research
2.3 Market Size Estimation
2.4 Assumptions of the Study
2.5 Limitations of the Study
3 Executive Summary
4 Market Overview
4.1 Introduction
4.2 Market Dynamics
4.2.1 Drivers
4.2.2 Restraints
4.2.3 Opportunities
4.2.4 Challenges
4.3 Trends
5 Market Analysis
5.1 Porter’s Five Forces Analysis
5.2 Impact of COVID-19
5.3 Ansoff Matrix Analysis
6 Global Encryption Software Market, By Component
6.1 Introduction
6.2 Software
6.3 Services
6.3.1 Professional Services
6.3.1.1 Consulting Services
6.3.1.2 Training and Education Services
6.3.1.3 Support and Maintenance Services
6.3.2 Managed Services
7 Global Encryption Software Market, By Application
7.1 Introduction
7.2 Disk Encryption
7.3 File/Folder Encryption
7.4 Database Encryption
7.5 Communication Encryption
7.6 Cloud Encryption
8 Global Encryption Software Market, By Deployment
8.1 Introduction
8.2 Cloud-based
8.3 On-premise
9 Global Encryption Software Market, By Organization Size
9.1 Introduction
9.2 Small and Medium-sized Enterprises
9.3 Large enterprises
10 Global Encryption Software Market, By Industry Vertical
10.1 Introduction
10.2 BFSI
10.3 IT & Telecom
10.4 Retail
10.5 G&PA
10.6 Healthcare
10.7 Defense & Aerospace
10.8 Education
10.9 Manufacturing
11 Global Encryption Software Market, By Geography
11.1 Introduction
11.2 North America
11.2.1 US
11.2.2 Canada
11.2.3 Mexico
11.3 South America
11.3.1 Brazil
11.3.2 Argentina
11.4 Europe
11.4.1 UK
11.4.2 France
11.4.3 Germany
11.4.4 Italy
11.4.5 Spain
11.4.6 Rest of Europe
11.5 Asia-Pacific
11.5.1 China
11.5.2 Japan
11.5.3 India
11.5.4 Indonesia
11.5.5 Malaysia
11.5.6 South Korea
11.5.7 Australia
11.5.8 Russia
11.5.9 Rest of APAC
11.6 Rest of the World
11.6.1 Qatar
11.6.2 Saudi Arabia
11.6.3 South Africa
11.6.4 United Arab Emirates
11.6.5 Latin America
12 Competitive Landscape
12.1 Competitive Quadrant
12.2 Market Share Analysis
12.3 Competitive Scenario
12.3.1 Mergers & Acquisitions
12.3.2 Agreements, Collaborations, & Partnerships
12.3.3 New Product Launches & Enhancements
12.3.4 Investments & funding
13 Company Profiles
13.1 Cisco Systems, Inc.
13.2 Check Point Software Technologies Ltd
13.3 Dell EMC Corporation
13.4 IBM Corporation
13.5 McAfee
13.6 Microsoft Corporation
13.7 Oracle Corporation
13.8 Sophos Group PLC
13.9 Broadcom, Inc.
13.10 Trend Micro, Inc.
13.11 WinMagic, Inc
13.12 Amazon Web Services Inc.
13.13 F-Secure
13.14 Fortinet Inc.
13.15 Palo Alto Networks Inc.
13.16 Ciphercloud
13.17 ESET, spol. s r.o
13.18 MicroFocus
13.19 Panda Security
13.20 Proofpoint
13.21 Thales eSecurity
13.22 SAS Institute Inc
14 Appendix
14.1 Questionnaire
Note: Product cover images may vary from those shown
- Cisco Systems, Inc.
- Check Point Software Technologies Ltd
- Dell EMC Corporation
- IBM Corporation
- McAfee
- Microsoft Corporation
- Oracle Corporation
- Sophos Group PLC
- Broadcom, Inc.
- Trend Micro, Inc.
- WinMagic, Inc
- Amazon Web S
Note: Product cover images may vary from those shown
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