According to the latest report by IMARC Group, titled "Encryption Software Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global encryption software market reached a value of US$ 10.4 Billion in 2021. Encryption software refers to a software application that utilizes data encryption algorithms to protect crucial and confidential data at rest or in transit. It includes the conversion of data from a readable format to an encoded format that can only be read or processed with the use of a decryption key. It is widely used by numerous organizations to protect their data while transferring from one remote location to another. The deployment of these programs aids in enhancing the security of the data from unauthorized users while offering enhanced data protection, maintaining data integrity as well as ensuring security across various devices.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Encryption Software Market Trends:
The global market is majorly driven by the increasing incidences of data breaches and theft across the corporate segment. This has impelled numerous organizations to address their rising concerns regarding data safety by deploying encryption software solutions. Additionally, various stringent data privacy compliance regulations across multiple workplaces are also creating a positive outlook for the market. Moreover, the increasing popularity of Bring Your Own Device (BYOD) and the widespread adotion of remote working across the corporate segment have also created a rising need for the deployment of encryption solutions. The market is further driven by the widespread integration of these solutions with the Internet of Things (IoT) and the escalating preference for cloud-based encryption software. Some of the other factors contributing to the market include significant growth in the IT sector, penetration of high-speed internet connectivity and extensive research and development (R&D) activities. On account of the aforementioned factors, the market is anticipated to grow at a CAGR of
15.44% during 2022-2027.
- On the basis of the component, the market has been bifurcated into software and services.
- Based on the deployment model, the market has been divided into on-premises and cloud-based.
- On the basis of the organization size, the market has been classified into large enterprises, and small and medium enterprises.
- Based on the function, the market has been segmented into disk encryption, communication encryption, file and folder encryption, and cloud encryption.
- On the basis of the industry vertical, the market has been categorized into BFSI, aerospace and defence, IT and telecom, media and entertainment, government and public, retail, healthcare, and others.
- On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include Amazon Web Services Inc. (Amazon.com Inc), Check Point Software Technologies Ltd., Cisco System Inc., Fortinet Inc., F-Secure, International Business Machines Corporation, Microsoft Corporation, Oracle Corporation, Palo Alto Networks Inc. and Trend Micro Incorporated.
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