Encryption Software Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Growth Factors of Encryption Software Market
The Encryption software market size was valued at USD 8.82 billion in 2019. The market is projected to grow from USD 24.94 billion in 2027, exhibiting a CAGR of 14.1% during the forecast period of 2020-2027.
The COVID-19 pandemic negatively impacted the encryption software program marketplace due to disrupted commercial enterprise operations and budget cuts. Many companies, particularly small and medium firms (SMEs), deprioritized cybersecurity investments as they struggled with reduced revenues. The fast shift to far flung paintings also caused an unplanned surge in unsecured gadgets and networks, increasing vulnerabilities. Additionally, the lack of understanding and education on encryption tools amongst employees similarly uncovered sensitive records to cyber threats. Despite the growing demand for cybersecurity, the financial stress and behind schedule adoption slowed the market's boom all through the pandemic, highlighting the need for less expensive, scalable encryption answers.
A trend in the encryption software market is the growing adoption of end-to-quit encryption (E2EE) throughout industries. With rising concerns about information breaches and privateness guidelines like GDPR and CCPA, organizations are enforcing E2EE to shield sensitive communications and facts. This fashion is specially distinguished in sectors like healthcare, finance, and faraway work structures, wherein secure facts switch is important. Additionally, user-pleasant encryption solutions are gaining traction to inspire adoption among non-technical users. As cybersecurity threats evolve, the demand for sturdy, on hand encryption software keeps to grow, riding innovation and shaping the future of records safety.
A key driving factor in the encryption software market is the increasing stringency of facts protection policies international. Laws like the GDPR in Europe, CCPA within the United States, and similar regulations in other regions mandate businesses to make sure robust records security features, which includes encryption. These regulations impose hefty fines for non-compliance, prompting corporations to undertake superior encryption answers to guard sensitive records and make certain felony adherence. Additionally, the developing frequency of cyberattacks and facts breaches has heightened attention amongst groups about the importance of encryption, using call for reliable, scalable encryption software to defend patron statistics and enterprise operations.
Comprehensive Analysis of Encryption Software Market
The Encryption software market growth is rising at an exponential rate due to its marketplace segmentation. This market expansion correctly affords a detailed local assessments thinking about the dominant supply and call for forces that effect the enterprise. These segmentations are methodically segregated by component include software, services, by application include disk encryption, database encryption, cloud encryption, folder encryption, and others, by enterprise size include large enterprises, small and medium sized enterprises (SMEs), by deployment model include on-premises, cloud, by industry vertical include it and telecommunications, banking, finance, security and insurance (BFSI), healthcare and life sciences, manufacturing, retail, government, energy and utilities, and others.
The North America location lead the Encryption software market share percentage via benefitting a marketplace size of USD 3.20 billion due to the adoption of encryption solutions.
The top players in the market play a crucial role in the industry assuring market growth and setting market standards. These players include, IBM corporation, symantec corporation, thales group, microsoft corporation, trend micro incorporated, dell technologies, inc., sophos ltd.
January 2018: Thales Group partnered with Saudi Telecom Company (STC) to release a cloud encryption answer for businesses in Saudi Arabia. This collaboration empowers agencies to guard and manipulate their cloud-saved facts, making sure strong security and compliance. The initiative addresses the developing call for steady cloud solutions inside the digital transformation technology.
Segmentation Table
ATTRIBUTE DETAILS
Study Period 2018-2027
Base Year 2019
Forecast Period 2020-2027
Historical Period 2018
Unit Value (USD billion)
Segmentation Component; Application; Enterprise Size; Deployment Model; Industry Vertical; and Geography
By Component
Software
Services
By Application
Disk Encryption
Database Encryption
Cloud Encryption
Folder Encryption
Others (EndPoint Encryption, Communication Encryption, Etc.)
By Enterprise Size
Large Enterprises
Small and Medium Sized Enterprises (SMEs)
By Deployment Model
On-Premises
Cloud
By Industry Vertical
IT and Telecommunications
Banking, Finance, Security, and Insurance (BFSI)
Healthcare and Life Sciences
Manufacturing
Retail
Government
Energy and Utilities
Others (Oil and Gas, Etc.)
By Geography
North America (By Component; Application; Enterprise Size; Deployment Model; Industry Vertical; and Country)
United States (By Application)
Canada (By Application)
Mexico (By Application)
South America (By Component; Application; Enterprise Size; Deployment Model; Industry Vertical; and Country)
Brazil (By Application)
Argentina (By Application)
Rest of South America
Europe (By Component; Application; Enterprise Size; Deployment Model; Industry Vertical; and Country)
United Kingdom (By Application)
Germany (By Application)
France (By Application)
Italy (By Application)
Spain (By Application)
Russia (By Application)
Benelux (By Application)
Nordics (By Application)
Rest of Europe
The Middle East & Africa (By Component; Application; Enterprise Size; Deployment Model; Industry Vertical; and Country)
Turkey (By Application)
Israel (By Application)
GCC (By Application)
North Africa (By Application)
South Africa (By Application)
Rest of the Middle East & Africa
Asia Pacific (By Component; Application; Enterprise Size; Deployment Model; Industry Vertical; and Country)
China (By Application)
Japan (By Application)
India (By Application)
South Korea (By Application)
ASEAN (By Application)
Oceania (By Application)
Rest of Asia Pacific