Global Encryption Software Market

Global Encryption Software Market Size, Share, Growth Analysis, By Component Type(Solutions and Services), By Usages Type(Encryption for Data-in-transit, and Encryption for Data-at-rest), By Deployment(Cloud and On-premises), By Application(Folder Encryption, Disk Encryption), By End User(BFSI, Healthcare) - Industry Forecast 2024-2031


Report ID: SQMIG45F2067 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 147 | Figures: 78

Global Encryption Software Market Insights

Encryption Software Market size was valued at USD 10.9 billion in 2019 and is poised to grow from USD 12.56 billion in 2023 to USD 38.95 billion by 2031, growing at a CAGR of 15.2% in the forecast period (2024-2031).

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 2019. 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.

US Encryption Software Market is poised to grow at a sustainable CAGR for the next forecast year.

Market snapshot - 2024-2031

Global Market Size

USD 10.9 billion

Largest Segment

Cloud

Fastest Growth

Cloud

Growth Rate

15.2% CAGR

Global Encryption Software Market ($ Bn)
Country Share for North America Region (%)
Global Encryption Software Market By Deployment ($ Bn)
Global Encryption Software Market By Deployment (%)

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Global Encryption Software Market Segmental Analysis

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.

Encryption Software Market 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.

Encryption Software Market 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.

Global Encryption Software Market By Deployment, 2023 (%)

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Global Encryption Software Market Regional Insights

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.

Global Encryption Software Market By Region, 2024-2031
  • Largest
  • Fastest

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Global Encryption Software Market Dynamics

Encryption Software Market Drivers

Increasing need for securing remote offices and achieving secure cloud multi-tenancy

  • In the Internet of Things, cloud computing is crucial for connecting end users to cloud servers so they may access various services. Cloud computing is typically used by IoT devices to store and process data. Procedures for data encryption and authentication are crucial in preventing unauthorized access to cloud applications. Additionally, the most common method for exchanging various types of data in cloud computing would be through multi-tenancy architecture, it allows data sharing among multiple organizations. Multi-tenancy is a high-level architectural pattern that is often hosted on the vendor's servers because it includes sharing client data by only one instance in a single software product.

Stringent regulatory standards and compliance to privacy laws

  • The most of standards and compliance regulations in use today place a major emphasis on protecting private data throughout transactions, while it is being sent over networks, and while it is at rest. The use of the proper encryption technology helps to improve overall security posture while conforming to data security and privacy requirements. Encryption software suppliers provide user access restrictions and data encryption features to help customers comply with a number of data security and data privacy standards, including PCI-DSS, HIPAA, GDPR, and the California Consumer Privacy Act (CCPA).

Encryption Software Market Restraints

Increasing data transfer cost

  • Data encryption can be quite expensive due to the growing demand for systems with more processing power and upgrading capabilities to carry out such activities and maintain encrypted data. Reduced system operations can be quite harmful in the absence of adequate systems. Expenses for hiring a technical specialist to decrypt the data are additional when the data is encrypted. Additionally, the necessity to process and store data necessitates the use of a separate encryption server and specialized hardware to manage all the keys required to protect sensitive information from unauthorized access. The market's expected revenue growth would be restricted by the rise in operating and cost of installation which arise out of this.

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Global Encryption Software Market Competitive Landscape

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.

Encryption Software Market Top Player’s Company Profiles

  • Microsoft Corporation
  • IBM Corporation
  • Symantec Corporation
  • McAfee, LLC
  • Trend Micro Incorporated
  • Sophos Ltd.
  • Check Point Software Technologies Ltd.
  • Dell Technologies, Inc.
  • Cisco Systems, Inc.
  • WinMagic Inc.
  • PKWARE, Inc.
  • Thales Group
  • Entrust Datacard Corporation
  • CipherCloud, Inc.
  • ESET, spol. s r.o.
  • Bitdefender LLC
  • Vera Security, Inc.
  • Cryptomathic A/S
  • Jetico Inc.
  • Cryptzone AB

Encryption Software Market Recent Developments

  • In April 2022, to provide network communications and the defense industry with high-security encryption solutions, Thales teamed up with TheGreenBow. TheGreenBow's Windows Enterprise VPN clients are used in conjunction with Thales Gateway's IPsec Mistral encryption technology as the solution. The new approach is intended to assist safeguard local government entities, hospitals, and other healthcare facilities, including clinics and hospitals, against unwanted access. Additionally, it provides complete data security over all types of networks, including 10 Gbps real-time data Centre traffic and satellite links.

Global Encryption Software Key Market Trends

  • One of the major consumers of cloud encryption software is the telecommunication industry. One of the most pressing concerns confronting the telecom and IT industry, which is driving the market, is data security. The IT and telecom industries have integrated cloud technologies at the most fundamental levels. Cloud services are being used by the telecom sector to speed up and streamline procedures. The market for cloud encryption software is being driven by the industry's focus on speedier growth thanks to cloud capabilities. Cloud computing is also being implemented widely in the IT sector. The companies are finding it easier to reduce costs while also increasing efficiency that now processes and computing are sourced on clouds. Additionally, the cloud system in these industries is addressing the issue of data management. Cloud technology is becoming increasingly important in the telecom and IT sectors thanks to on-demand services and reduced operating costs. The market for cloud encryption software is anticipated to expand further due to the rise in data breaches and cybercrimes.

Global Encryption Software Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.

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.

Report Metric Details
Market size value in 2023 USD 10.9 billion
Market size value in 2031 USD 38.95 billion
Growth Rate 15.2%
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Component Type
    • Solutions and Services
  • Usages Type
    • Encryption for Data-in-transit, and Encryption for Data-at-rest
  • Deployment
    • Cloud and On-premises
  • Application
    • Folder Encryption, Disk Encryption, Database Encryption, Network Traffic Encryption, Web Communication Encryption, Cloud Encryption, and Others
  • End User
    • BFSI, Healthcare, Government & Public Utilities, Telecom & IT, Aerospace & Defense, Media & Entertainment, and Others
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)
Companies covered
  • Microsoft Corporation
  • IBM Corporation
  • Symantec Corporation
  • McAfee, LLC
  • Trend Micro Incorporated
  • Sophos Ltd.
  • Check Point Software Technologies Ltd.
  • Dell Technologies, Inc.
  • Cisco Systems, Inc.
  • WinMagic Inc.
  • PKWARE, Inc.
  • Thales Group
  • Entrust Datacard Corporation
  • CipherCloud, Inc.
  • ESET, spol. s r.o.
  • Bitdefender LLC
  • Vera Security, Inc.
  • Cryptomathic A/S
  • Jetico Inc.
  • Cryptzone AB
Customization scope

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Historical Year 2019

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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Global Encryption Software Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Global Encryption Software Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

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.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Encryption Software Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Global Encryption Software Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Encryption Software Market size was valued at USD 10.9 billion in 2019 and is poised to grow from USD 12.56 billion in 2023 to USD 38.95 billion by 2031, growing at a CAGR of 15.2% in the forecast period (2024-2031).

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. 'Microsoft Corporation', 'IBM Corporation', 'Symantec Corporation', 'McAfee, LLC', 'Trend Micro Incorporated', 'Sophos Ltd.', 'Check Point Software Technologies Ltd.', 'Dell Technologies, Inc.', 'Cisco Systems, Inc.', 'WinMagic Inc.', 'PKWARE, Inc.', 'Thales Group', 'Entrust Datacard Corporation', 'CipherCloud, Inc.', 'ESET, spol. s r.o.', 'Bitdefender LLC', 'Vera Security, Inc.', 'Cryptomathic A/S', 'Jetico Inc.', 'Cryptzone AB'

In the Internet of Things, cloud computing is crucial for connecting end users to cloud servers so they may access various services. Cloud computing is typically used by IoT devices to store and process data. Procedures for data encryption and authentication are crucial in preventing unauthorized access to cloud applications. Additionally, the most common method for exchanging various types of data in cloud computing would be through multi-tenancy architecture, it allows data sharing among multiple organizations. Multi-tenancy is a high-level architectural pattern that is often hosted on the vendor's servers because it includes sharing client data by only one instance in a single software product.

One of the major consumers of cloud encryption software is the telecommunication industry. One of the most pressing concerns confronting the telecom and IT industry, which is driving the market, is data security. The IT and telecom industries have integrated cloud technologies at the most fundamental levels. Cloud services are being used by the telecom sector to speed up and streamline procedures. The market for cloud encryption software is being driven by the industry's focus on speedier growth thanks to cloud capabilities. Cloud computing is also being implemented widely in the IT sector. The companies are finding it easier to reduce costs while also increasing efficiency that now processes and computing are sourced on clouds. Additionally, the cloud system in these industries is addressing the issue of data management. Cloud technology is becoming increasingly important in the telecom and IT sectors thanks to on-demand services and reduced operating costs. The market for cloud encryption software is anticipated to expand further due to the rise in data breaches and cybercrimes.

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.

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