What is the global market size of Encryption Software Market?

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).

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 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.

Global Encryption Software Market Report Snapshots

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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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Global Encryption Software Market Dynamics

Global Encryption Software Market Report Snapshots

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