Encryption Software Market Segmentation by Component (Software and Services); by Deployment Model (On-Premise and Cloud); by Organization Size (Large Enterprises, and Small & Medium Enterprises); by Function (Disk Encryption, Communication Encryption, File/Folder Encryption, and Cloud Encryption); by Industry Vertical (BFSI, IT/Telecom, Government & Public, Retail, Healthcare, Aerospace & Defense, Media & Entertainment, and Others)-Global Demand Analysis & Opportunity Outlook 2031

Global Encryption Software Market Highlights Over 2022 - 2031

The global encryption software market is estimated to garner around USD 23 billion in revenue by 2031 by growing at a CAGR of nearly 16% over the forecast period, i.e., 2022 – 2031.  The growth of the market can be attributed to rising number of data breaches. Increasing data breaches across industry verticals have significantly increased the need for data protection policies and technologies for businesses to store and secure their critical data. This is expected to boost the demand for encryption software in upcoming years.

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Encryption software enhances the security of data from unauthorized users. It is an application used by various organizations to protect the data while transferring from one remote location to another. It is increasingly being adopted by organizations globally to address their concerns regarding data security and to ensure that sensitive data of the customers as well as employees is protected at all times. Increased compliance regulations among the organizations for data privacy, and adoption of bring-your-own-devices (BYOD) policy are also driving the market growth.

The COVID-19 pandemic has had a positive impact on the encryption software market as the software startups witnessed a rise in demand for employee productivity tracking tools and data protection services, as employees started working from home.

However, lack of awareness regarding encryption software and restricted use of encrypted devices in certain countries are the key factors restraining the growth of the market. Furthermore, easy availability of pirated and open-source encryption software over the internet is also hindering the market growth.

The market is segmented by function into disk encryption, communication encryption, file/folder encryption, and cloud encryption, out of which, the disk encryption segment is anticipated to hold the major share over the forecast period. Encrypted disks are safe even if they get stolen or misplaced; the access to their content remains limited to authorized users.

Based on deployment model, the market is segmented into on-premise and cloud, out of which the cloud segment is estimated to witness the highest growth over the forecast period. The growth of the segment can be attributed to increasing adoption of cloud encryption solutions by various industries over growing cloud migration.

Global Encryption Software Market Regional Synopsis

Regionally, the global encryption software market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and Middle East & Africa region. The market in North America region is estimated to witness significant growth to be the dominant region over the forecast period owing to the increasing adoption of stringent regulatory compliances, existence of high number of encryption software vendors, and increasing government support.

Furthermore, the market in Asia Pacific region is projected to grow at the highest rate owing to high demand for encryption software on the back of large investments made by private and public sectors for protecting sensitive data and ensuring data privacy.

Market Segmentation

Our in-depth analysis of the global encryption software market includes the following segments:

By Component

• Software

• Services

By Deployment Model

• On-premise

• Cloud

By Organization Size

• Large Enterprise

• Small & Medium Enterprises

By Function

• Disk Encryption

• Communication Encryption

• File/Folder Encryption

• Cloud Encryption

By Industry Vertical

• BFSI

• IT/Telecom

• Government & Public

• Retail

• Healthcare

• Aerospace & Defense

• Media & Entertainment

• Others

Growth Drivers and Challenges Impacting the Growth of the Global Encryption Software Market

Growth Drivers

• Rising number of data breaches

• Increased compliance regulations among the organizations for data privacy

• Adoption of bring-your-own-devices (BYOD) policy

Challenges

• Lack of awareness regarding encryption software

• Restricted use of encrypted devices in certain countries

• Easy availability of pirated and open-source encryption software over the internet

Key Companies Dominating the Global Encryption Software Market

Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global encryption software market that are included in our report are Amazon Web Services, Inc., Check Point Software Technologies Ltd, Thales, Zettaset, Cisco Systems, Inc., F-Secure, Fortinet, Inc., IBM, Microsoft, Oracle, and Trend Micro Incorporated, and others.

Latest Developments in the Global Encryption Software Market:

• January 2018: Thales signed a Cloud Service Provider agreement with Saudi Telecom Company (STC) for ICT businesses in Saudi Arabia. Under this agreement, Thales launched a cloud encryption service for enterprise customers that allows them to protect and control their data in the cloud.

• March 2020: Zettaset released a software-defined encryption solution, Zettaset XCrypt Kubernetes Encryption, which is purpose-built to provide an advanced layer of transparent, high performance encryption to sensitive data wherever it resides.

Key Reasons to Buy Our Report

• The report covers detailed analysis comprising market share attained by each market segment and its sub-segments.

• It covers market dynamics including growth drivers, trends, potential opportunities, price trend analysis and challenges that impact the market growth.

• The report includes detailed company profiles of the major players dominating the market.

• We use effective research methodologies to calculate the market numbers and provide value-added assessment for overall growth.

We provide customized reports as per the clients’ requirement helping them to see possible and unexpected challenges and unforeseen opportunities in order to help them reach their goal.

Geography Analysis:

The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:

• North America (U.S. & Canada) Market Size, Y-O-Y Growth, Market Players Analysis & Opportunity Outlook
• Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC(Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market Size, Y-O-Y Growth Market Players Analys  & Opportunity Outlook
• Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Middle East and Africa  (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market Size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook

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