Report ID: SQSG45F2034 | Region: Global | Published Date: February, 2023 | Pages: 165 | Tables: 155 | Figures: 78Global Mobile Device Management Market
Report ID: SQMIG45F2067 | Region: Global | Published Date: February, 2023 | Pages: 157 | Tables: 147 | Figures: 78
Global Encryption Software Market size was valued at USD 10.9 billion in 2021 and is poised to grow from USD 12.56 billion in 2022 to USD 38.95 billion by 2030, growing at a CAGR of 15.2% in the forecast period (2023-2030).
As Internet of Things (IoT) and Bring Your Own Device (BYOD) are much important to businesses, data security issues are growing. Additionally, this has resulted in an increase in cyberattacks, corporate espionage, data breaches, theft, and losses in companies, which is set to increase the need for concerns that affect data and ensure compliance.
The demand for encryption software is likely to grow owing to advancements in mobile technology, in both terms of hardware and software, as well as their acceptance by businesses and growing smartphone penetration. The risk of data loss among organizations has risen due to the growing use of mobile devices, making the adoption of encryption software essential for secure data transmission. Additionally, as businesses move more and more to the cloud, there is a greater need to protect sensitive data, thus supports up the deployment of the software. Specific industrial verticals, including BFSI and healthcare, adhere to stringent regulations, such as PCI DSS and HIPPA, which require the implementation of data security solutions.
North America dominated the market in 2021. The region's dominance is a result of the establishment of a well-established IT and telecom sector and the generation of massive amounts of information that must be safeguarded. Over the course of the forecast period, it is anticipated that the substantial surge in encrypted internet traffic brought on by leading companies implementing HTTPS, including Facebook, Twitter, and Netflix, to favor the market.
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Global Encryption Software market is segmented on the basis of Component Type, Usages Type, Deployment, Application, End Use, and region. By Component Type, the market is segmented into Solutions, and Services. By Usages Type, the market is segmented into Encryption for Data-in-transit, and Encryption for Data-at-rest. By Deployment, the market is segmented into Cloud, and On-premises. By Application, the market is segmented into Folder Encryption, Disk Encryption, Database Encryption, Network Traffic Encryption, Web Communication Encryption, Cloud Encryption, and Others. By End use, the market is segmented into BFSI, Healthcare, Government & Public Utilities, Telecom & IT, Aerospace & Defense, Media & Entertainment, and Others. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis by Component Type
The global encryption software market is segmented into solutions and services based on component type. Due to the increasing demand for protecting the privacy and data protection of service users and organizations’ information, the solutions segment is anticipated to experience substantial revenue growth over the course of the forecast period. The solutions make sure that companies can secure sensitive data and protect digital information privacy. This is managed by using powerful algorithms to secure the data being sent. Once data has been received, it can be decrypted using a key that the originator has provided. Solutions are often used in the BFSI and healthcare sectors to protect extremely sensitive data. Additionally, by enhancing the integrity of stored data and protecting it from cybercriminals, solutions increase customer trust.
Analysis by Deployment
The global continuous testing market is segmented into cloud and on-premises deployment types. Over the forecast period, the cloud segment is expected to exhibit consistent revenue growth. This is due to end-to-end protection of sensitive data, including customer data, across all users, devices, and network is becoming ever more important. These security measures stop unauthorized users from accessing files that are saved in cloud storage or reading data that is transferred to and from cloud storage. Cloud storage providers to offer platforms for data-at-rest encryption include AWS, Google Cloud, Dropbox, and Microsoft Azure, among others.
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The North American market is anticipated to have the largest revenue share in the global market during the forecast period, according to regional analysis. The industry is predicted to experience rapid expansion in terms of market revenue in the area due to the increasing presence of key market players such Microsoft, IBM Corporation, and Cisco Systems, Inc. Additionally, the adoption of encryption software to improve data safety and security has increased as a consequence of the growing IT industries in countries such as the U.S. and Canada, which is expected to fuel market revenue in the region.
During the forecast period, the revenue CAGR for the Asia Pacific market is expected to be particularly high. The absence of storage infrastructure in the region, which encourages companies to store data in the cloud, is blamed for the growth of the Asia Pacific market. In the coming years, the manufacturing, IT & telecom, and retail sectors' rapid advancements, particularly in China and India, are likely to be the primary growth drivers.
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Increasing need for securing remote offices and achieving secure cloud multi-tenancy
Stringent regulatory standards and compliance to privacy laws
Increasing data transfer cost
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Information around each competitor is part of the market's competitive landscape for encryption software. The information provided includes a company overview, financials, revenue generated, market potential, investments in R&D, new market initiatives, geographical presence, company strengths and weaknesses, product introduction, product width and breadth, and application dominance. The firms' market concentration on encryption software is all that is addressed by the aforementioned data points.
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According to global encryption software market, some of the driving factors include rapid rise of cloud adoption and virtualization, as well as the strict regulations supporting an increase in the implementation of cloud-based encryption solutions.The data has been much easier to protect in the previous. To protect and secure the data, there were security features on the market. The servers stored the data, which was received from enterprise-controlled, IT-approved devices and applications.
|Market size value in 2021||USD 10.9 billion|
|Market size value in 2030||USD 12.56 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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For the Global Encryption Software Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Encryption Software Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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