PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1358997
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1358997
Encryption Software Market Forecasts to 2030 - Global Analysis By Component (Solution, Software and Other Components), Deployment Mode, Enterprise Size, Application, End User and By Geography
According to Stratistics MRC, the Global Encryption Software Market is accounted for $15.3 billion in 2023 and is expected to reach $50.2 billion by 2030 growing at a CAGR of 18.5% during the forecast period. Organizations employ encryption software as a tool to safeguard data transfers from one remote location to another. This particular kind of software encrypts and decrypts data using mathematical formulas. Encryption is used to safeguard the confidentiality, integrity, and authenticity of data and prevent unauthorized access to sensitive information. Text, files, emails, and other sorts of data can all be secured using this software.
According to Interstate Technology & Regulatory Council (ITRC), the estimated number of data breaches witnessed by enterprises in the United States has grown from 1473 breaches in 2019 to 614 breaches in 2013.
Market Dynamics:
Driver:
Increasing trend for encryption software
Data breaches are happening more frequently all the time. Both the volume and complexity of breaches have grown. The complexity of threats that are becoming more prevalent forces enterprises to deploy more thorough, secure, and dependable security technologies, which in turn fuels the growth of the encryption software industry. Therefore, corporations are increasingly implementing encryption software to protect sensitive data from assaults that are more sophisticated and complicated.
Restraint:
Utilization of open-source and pirated encryption technologies
The use of unlicensed and open-source platforms has grown in recent years, owing to their accessibility of download through the internet and other platforms. Some companies still use pirated software to save money despite the risks that come with it. This may prompt ransom ware attacks on crucial corporate data by outside parties. As a result, one of the main obstacles to the market's expansion is the continued usage of unlicensed encryption software.
Opportunity:
Increased compliance regulations
Most standards and compliance rules place a significant emphasis on ensuring the privacy of data while it is in use, traveling across networks, and at rest. Expanded Compliance Requirements Enterprises must improve their data security protocols in order to comply with strict federal and state laws on data privacy and compliance. As the number of strict requirements rises, businesses are implementing a variety of data security technologies to guarantee that sensitive information about customers and staff is always safeguarded.
Threat:
High costs of encryption software solutions
The high cost of establishing encryption software solutions is the biggest challenge that organizations face when employing these solutions. The costs of timely maintenance and upgrades can add to the overall increase in an organization's costs. Due to the per-user license fees, continuing maintenance fees, and other related soft costs like updating the encryption software and providing technical assistance for users, low-budget enterprises find it expensive to implement these solutions.
COVID-19 Impact:
Adopting fast digital transformation methods as a result of COVID-19 has increased the volume of data kept in the clouds, resulting in additional difficulties such as performance, availability, and security, necessitating the adoption of encryption software solutions and services. Additionally, as a result of the epidemic, organizations are placing more and more emphasis on centrally managing various cloud resources. Data security is therefore becoming more and more crucial. BYOD consumption would rise during the epidemic, and there would be regulatory compliances to support market expansion.
The software segment is expected to be the largest during the forecast period
The software segment is expected to be the largest during the forecast period. Businesses produce enormous volumes of crucial data through the expansion of digital channels, which is then kept on servers or in the cloud. Businesses can secure this data and safeguard the confidentiality of digital data by using encryption software. The segment's expansion is primarily attributed to banks and financial institutions using encryption software more frequently.
The disk encryption segment is expected to have the highest CAGR during the forecast period
The disk encryption segment is expected to have the highest CAGR during the forecast period. Disks that have been encrypted are secure since only authorized users may access their contents, even if they are lost or stolen. The BYOD trend has made it easier to exchange crucial data on employees' devices, and its popularity is expanding. These drives are frequently the target of malware attacks and data theft. This has increased the demand for reliable encryption.
Region with largest share:
North America is projected to hold the largest market share during the forecast period. With the regional internet's growing use, the usage of encryption solutions is probably going to rise. Additionally, the rising mobile wireless network has increased the vulnerability surrounding data protection, making encryption technology a crucial and necessary component of every organization in the area. Additionally, it is anticipated that the requirement to follow increasingly strict laws will promote regional growth.
Region with highest CAGR:
Asia Pacific is projected to hold the highest CAGR over the forecast period due to the shortage of data storage technologies that will insist enterprises store their data on the cloud server. This increases the possibility of data loss and theft while also increasing the demand for encryption technologies in the region. The increasing use of BYOD, cloud computing, and IoT has increased demand for encryption applications in the region. Rapid changes and retail business expansion are what are fueling the market's growth.
Key players in the market:
Some of the key players in Encryption Software market include: IBM Corporation, Check Point Software Technologies, Cisco Systems, Inc., Dell, Inc., Fortinet, Inc., International Business Machines Corporation, McAfee, LLC, Microsoft Corporation, NortonLifeLock Inc., Palo Alto Networks Inc., Symantec Corporation, Thales Group, Trend Micro Incorporated, Vera Security, Inc., WinMagic Inc., CipherCloud, Sophos Ltd. and Bitdefender.
Key Developments:
In March 2022, Unified Key Orchestrator, a multi-cloud key management solution made available as a managed service by IBM Cloud Hyper Protect Crypto Services, was officially launched.
In February 2022, Sophos, a cybersecurity player, announced plans for new data centers in Mumbai, India, and Sao Paulo, Brazil, in March and May, respectively.
Components Covered:
- Service
- Software
- Other Components
Deployment Models Covered:
- Cloud
- On-premise
Enterprise Sizes Covered:
- Large Enterprises
- Small & Medium Enterprises
Applications Covered:
- Network Traffic Encryption
- Cloud Encryption
- Web Communication Encryption
- Database Encryption
- File Encryption
- Disk Encryption
- Other Applications
End Users Covered:
- Defense & Aerospace
- IT and Telecommunications
- Retail
- Healthcare
- Manufacturing
- Education
- Banking, Finance, Security, and Insurance (BFSI)
- Energy and Utilities
- Government
- Media & Entertainment
- Other End Users
Regions Covered:
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- Italy
- France
- Spain
- Rest of Europe
- Asia Pacific
- Japan
- China
- India
- Australia
- New Zealand
- South Korea
- Rest of Asia Pacific
- South America
- Argentina
- Brazil
- Chile
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- UAE
- Qatar
- South Africa
- Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
- Company Profiling
- Comprehensive profiling of additional market players (up to 3)
- SWOT Analysis of key players (up to 3)
- Regional Segmentation
- Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
- Competitive Benchmarking
- Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
- 2.1 Abstract
- 2.2 Stake Holders
- 2.3 Research Scope
- 2.4 Research Methodology
- 2.4.1 Data Mining
- 2.4.2 Data Analysis
- 2.4.3 Data Validation
- 2.4.4 Research Approach
- 2.5 Research Sources
- 2.5.1 Primary Research Sources
- 2.5.2 Secondary Research Sources
- 2.5.3 Assumptions
3 Market Trend Analysis
- 3.1 Introduction
- 3.2 Drivers
- 3.3 Restraints
- 3.4 Opportunities
- 3.5 Threats
- 3.6 Application Analysis
- 3.7 End User Analysis
- 3.8 Emerging Markets
- 3.9 Impact of Covid-19
4 Porters Five Force Analysis
- 4.1 Bargaining power of suppliers
- 4.2 Bargaining power of buyers
- 4.3 Threat of substitutes
- 4.4 Threat of new entrants
- 4.5 Competitive rivalry
5 Global Encryption Software Market, By Component
- 5.1 Introduction
- 5.2 Service
- 5.2.1 Managed Service
- 5.2.2 Integration & Maintenance
- 5.2.3 Training & Consulting
- 5.3 Software
- 5.3.1 Cloud Encryption
- 5.3.2 Email Encryption
- 5.3.3 Endpoint Encryption
- 5.4 Other Components
6 Global Encryption Software Market, By Deployment Model
- 6.1 Introduction
- 6.2 Cloud
- 6.3 On-premise
7 Global Encryption Software Market, By Enterprise Size
- 7.1 Introduction
- 7.2 Large Enterprises
- 7.3 Small & Medium Enterprises
8 Global Encryption Software Market, By Application
- 8.1 Introduction
- 8.2 Network Traffic Encryption
- 8.3 Cloud Encryption
- 8.4 Web Communication Encryption
- 8.5 Database Encryption
- 8.6 File Encryption
- 8.7 Disk Encryption
- 8.8 Other Applications
9 Global Encryption Software Market, By End User
- 9.1 Introduction
- 9.2 Defense & Aerospace
- 9.3 IT and Telecommunications
- 9.4 Retail
- 9.5 Healthcare
- 9.6 Manufacturing
- 9.7 Education
- 9.8 Banking, Finance, Security, and Insurance (BFSI)
- 9.9 Energy and Utilities
- 9.10 Government
- 9.11 Media & Entertainment
- 9.12 Other End Users
10 Global Encryption Software Market, By Geography
- 10.1 Introduction
- 10.2 North America
- 10.2.1 US
- 10.2.2 Canada
- 10.2.3 Mexico
- 10.3 Europe
- 10.3.1 Germany
- 10.3.2 UK
- 10.3.3 Italy
- 10.3.4 France
- 10.3.5 Spain
- 10.3.6 Rest of Europe
- 10.4 Asia Pacific
- 10.4.1 Japan
- 10.4.2 China
- 10.4.3 India
- 10.4.4 Australia
- 10.4.5 New Zealand
- 10.4.6 South Korea
- 10.4.7 Rest of Asia Pacific
- 10.5 South America
- 10.5.1 Argentina
- 10.5.2 Brazil
- 10.5.3 Chile
- 10.5.4 Rest of South America
- 10.6 Middle East & Africa
- 10.6.1 Saudi Arabia
- 10.6.2 UAE
- 10.6.3 Qatar
- 10.6.4 South Africa
- 10.6.5 Rest of Middle East & Africa
11 Key Developments
- 11.1 Agreements, Partnerships, Collaborations and Joint Ventures
- 11.2 Acquisitions & Mergers
- 11.3 New Product Launch
- 11.4 Expansions
- 11.5 Other Key Strategies
12 Company Profiling
- 12.1 IBM Corporation
- 12.2 Check Point Software Technologies
- 12.3 Cisco Systems, Inc.
- 12.4 Dell, Inc.
- 12.5 Fortinet, Inc.
- 12.6 International Business Machines Corporation
- 12.7 McAfee, LLC
- 12.8 Microsoft Corporation
- 12.9 NortonLifeLock Inc.
- 12.10 Palo Alto Networks Inc.
- 12.11 Symantec Corporation
- 12.12 Thales Group
- 12.13 Trend Micro Incorporated
- 12.14 Vera Security, Inc.
- 12.15 WinMagic Inc.
- 12.16 CipherCloud
- 12.17 Sophos Ltd.
- 12.18 Bitdefender
List of Tables
- Table 1 Global Encryption Software Market Outlook, By Region (2021-2030) ($MN)
- Table 2 Global Encryption Software Market Outlook, By Component (2021-2030) ($MN)
- Table 3 Global Encryption Software Market Outlook, By Service (2021-2030) ($MN)
- Table 4 Global Encryption Software Market Outlook, By Managed Service (2021-2030) ($MN)
- Table 5 Global Encryption Software Market Outlook, By Integration & Maintenance (2021-2030) ($MN)
- Table 6 Global Encryption Software Market Outlook, By Training & Consulting (2021-2030) ($MN)
- Table 7 Global Encryption Software Market Outlook, By Software (2021-2030) ($MN)
- Table 8 Global Encryption Software Market Outlook, By Cloud Encryption (2021-2030) ($MN)
- Table 9 Global Encryption Software Market Outlook, By Email Encryption (2021-2030) ($MN)
- Table 10 Global Encryption Software Market Outlook, By Endpoint Encryption (2021-2030) ($MN)
- Table 11 Global Encryption Software Market Outlook, By Other Components (2021-2030) ($MN)
- Table 12 Global Encryption Software Market Outlook, By Deployment Model (2021-2030) ($MN)
- Table 13 Global Encryption Software Market Outlook, By Cloud (2021-2030) ($MN)
- Table 14 Global Encryption Software Market Outlook, By On-premise (2021-2030) ($MN)
- Table 15 Global Encryption Software Market Outlook, By Enterprise Size (2021-2030) ($MN)
- Table 16 Global Encryption Software Market Outlook, By Large Enterprises (2021-2030) ($MN)
- Table 17 Global Encryption Software Market Outlook, By Small & Medium Enterprises (2021-2030) ($MN)
- Table 18 Global Encryption Software Market Outlook, By Application (2021-2030) ($MN)
- Table 19 Global Encryption Software Market Outlook, By Network Traffic Encryption (2021-2030) ($MN)
- Table 20 Global Encryption Software Market Outlook, By Cloud Encryption (2021-2030) ($MN)
- Table 21 Global Encryption Software Market Outlook, By Web Communication Encryption (2021-2030) ($MN)
- Table 22 Global Encryption Software Market Outlook, By Database Encryption (2021-2030) ($MN)
- Table 23 Global Encryption Software Market Outlook, By File Encryption (2021-2030) ($MN)
- Table 24 Global Encryption Software Market Outlook, By Disk Encryption (2021-2030) ($MN)
- Table 25 Global Encryption Software Market Outlook, By Other Applications (2021-2030) ($MN)
- Table 26 Global Encryption Software Market Outlook, By End User (2021-2030) ($MN)
- Table 27 Global Encryption Software Market Outlook, By Defense & Aerospace (2021-2030) ($MN)
- Table 28 Global Encryption Software Market Outlook, By IT and Telecommunications (2021-2030) ($MN)
- Table 29 Global Encryption Software Market Outlook, By Retail (2021-2030) ($MN)
- Table 30 Global Encryption Software Market Outlook, By Healthcare (2021-2030) ($MN)
- Table 31 Global Encryption Software Market Outlook, By Manufacturing (2021-2030) ($MN)
- Table 32 Global Encryption Software Market Outlook, By Education (2021-2030) ($MN)
- Table 33 Global Encryption Software Market Outlook, By Banking, Finance, Security, and Insurance (BFSI) (2021-2030) ($MN)
- Table 34 Global Encryption Software Market Outlook, By Energy and Utilities (2021-2030) ($MN)
- Table 35 Global Encryption Software Market Outlook, By Government (2021-2030) ($MN)
- Table 36 Global Encryption Software Market Outlook, By Media & Entertainment (2021-2030) ($MN)
- Table 37 Global Encryption Software Market Outlook, By Other End Users (2021-2030) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
Figure 1 Encryption Software - Market Segmentation
Figure 2 Research Methodology
Figure 3 Data Mining
Figure 4 Data Analysis
Figure 5 Data Validation
Figure 6 Research Pipeline
Figure 7 Research Approach
Figure 8 Research Sources
Figure 9 Encryption Software Market Scenario, Application (2023) (% Market Share)
Figure 10 Encryption Software Market Scenario, End User (2023) (% Market Share)
Figure 11 Encryption Software Market Scenario, Emerging Markets (2023) (% Market Share)
Figure 12 Porter's Five Forces Analysis - Encryption Software
Figure 13 Global Encryption Software Market Analysis & Projection, By Component (2023 VS 2030) (US$MN)
Figure 14 Global Encryption Software Market Analysis & Projection, By Service (2023 VS 2030) (US$MN)
Figure 15 Global Encryption Software Market Analysis & Projection, By Managed Service (2023 VS 2030) (US$MN)
Figure 16 Global Encryption Software Market Analysis & Projection, By Integration & Maintenance (2023 VS 2030) (US$MN)
Figure 17 Global Encryption Software Market Analysis & Projection, By Training & Consulting (2023 VS 2030) (US$MN)
Figure 18 Global Encryption Software Market Analysis & Projection, By Software (2023 VS 2030) (US$MN)
Figure 19 Global Encryption Software Market Analysis & Projection, By Cloud Encryption (2023 VS 2030) (US$MN)
Figure 20 Global Encryption Software Market Analysis & Projection, By Email Encryption (2023 VS 2030) (US$MN)
Figure 21 Global Encryption Software Market Analysis & Projection, By Endpoint Encryption (2023 VS 2030) (US$MN)
Figure 22 Global Encryption Software Market Analysis & Projection, By Other Components (2023 VS 2030) (US$MN)
Figure 23 Global Encryption Software Market Analysis & Projection, By Deployment Model (2023 VS 2030) (US$MN)
Figure 24 Global Encryption Software Market Analysis & Projection, By Cloud (2023 VS 2030) (US$MN)
Figure 25 Global Encryption Software Market Analysis & Projection, By On-premise (2023 VS 2030) (US$MN)
Figure 26 Global Encryption Software Market Analysis & Projection, By Enterprise Size (2023 VS 2030) (US$MN)
Figure 27 Global Encryption Software Market Analysis & Projection, By Large Enterprises (2023 VS 2030) (US$MN)
Figure 28 Global Encryption Software Market Analysis & Projection, By Small & Medium Enterprises (2023 VS 2030) (US$MN)
Figure 29 Global Encryption Software Market Analysis & Projection, By Application (2023 VS 2030) (US$MN)
Figure 30 Global Encryption Software Market Analysis & Projection, By Network Traffic Encryption (2023 VS 2030) (US$MN)
Figure 31 Global Encryption Software Market Analysis & Projection, By Cloud Encryption (2023 VS 2030) (US$MN)
Figure 32 Global Encryption Software Market Analysis & Projection, By Web Communication Encryption (2023 VS 2030) (US$MN)
Figure 33 Global Encryption Software Market Analysis & Projection, By Database Encryption (2023 VS 2030) (US$MN)
Figure 34 Global Encryption Software Market Analysis & Projection, By File Encryption (2023 VS 2030) (US$MN)
Figure 35 Global Encryption Software Market Analysis & Projection, By Disk Encryption (2023 VS 2030) (US$MN)
Figure 36 Global Encryption Software Market Analysis & Projection, By Other Applications (2023 VS 2030) (US$MN)
Figure 37 Global Encryption Software Market Analysis & Projection, By End User (2023 VS 2030) (US$MN)
Figure 38 Global Encryption Software Market Analysis & Projection, By Defense & Aerospace (2023 VS 2030) (US$MN)
Figure 39 Global Encryption Software Market Analysis & Projection, By IT and Telecommunications (2023 VS 2030) (US$MN)
Figure 40 Global Encryption Software Market Analysis & Projection, By Retail (2023 VS 2030) (US$MN)
Figure 41 Global Encryption Software Market Analysis & Projection, By Healthcare (2023 VS 2030) (US$MN)
Figure 42 Global Encryption Software Market Analysis & Projection, By Manufacturing (2023 VS 2030) (US$MN)
Figure 43 Global Encryption Software Market Analysis & Projection, By Education (2023 VS 2030) (US$MN)
Figure 44 Global Encryption Software Market Analysis & Projection, By Banking, Finance, Security, and Insurance (BFSI) (2023 VS 2030) (US$MN)
Figure 45 Global Encryption Software Market Analysis & Projection, By Energy and Utilities (2023 VS 2030) (US$MN)
Figure 46 Global Encryption Software Market Analysis & Projection, By Government (2023 VS 2030) (US$MN)
Figure 47 Global Encryption Software Market Analysis & Projection, By Media & Entertainment (2023 VS 2030) (US$MN)
Figure 48 Global Encryption Software Market Analysis & Projection, By Other End Users (2023 VS 2030) (US$MN)
Figure 49 Global Encryption Software Market Analysis & Projection, By Geography (2023 VS 2030) (US$MN)
Figure 50 Global Encryption Software Market Analysis & Projection, By Country (2023 VS 2030) (US$MN)
Figure 51 Global Encryption Software Market Analysis & Projection, By North America (2023 VS 2030) (US$MN)
Figure 52 Global Encryption Software Market Analysis & Projection, By Europe (2023 VS 2030) (US$MN)
Figure 53 Global Encryption Software Market Analysis & Projection, By Asia Pacific (2023 VS 2030) (US$MN)
Figure 54 Global Encryption Software Market Analysis & Projection, By South America (2023 VS 2030) (US$MN)
Figure 55 Global Encryption Software Market Analysis & Projection, By Middle East & Africa (2023 VS 2030) (US$MN)
Figure 56 IBM Corporation - Swot Analysis
Figure 57 Check Point Software Technologies - Swot Analysis
Figure 58 Cisco Systems, Inc. - Swot Analysis
Figure 59 Dell, Inc. - Swot Analysis
Figure 60 Fortinet, Inc. - Swot Analysis
Figure 61 International Business Machines Corporation - Swot Analysis
Figure 62 McAfee, LLC - Swot Analysis
Figure 63 Microsoft Corporation - Swot Analysis
Figure 64 NortonLifeLock Inc. - Swot Analysis
Figure 65 Palo Alto Networks Inc. - Swot Analysis
Figure 66 Symantec Corporation - Swot Analysis
Figure 67 Thales Group - Swot Analysis
Figure 68 Trend Micro Incorporated - Swot Analysis
Figure 69 Vera Security, Inc. - Swot Analysis
Figure 70 WinMagic Inc. - Swot Analysis
Figure 71 CipherCloud - Swot Analysis
Figure 72 Sophos Ltd. - Swot Analysis
Figure 73 Bitdefender - Swot Analysis
