The encryption software market is anticipated to reach over $11,600 million by 2026 according to a new research published by Polaris Market Research. In 2017, the BFSI segment dominated the global market, in terms of revenue. North America was to be the leading contributor to the global market revenue in 2017.
The growing need for protection of critical data, and increasing number of data breaches has boosted the adoption of encryption software. The rising penetration of mobile devices, and increasing trend of BYOD to primarily support the growth of encryption software market during the forecast period. Similarly, the rising adoption of virtualization, cloud, and big data analytics has also positively influenced the encryption software market growth over the years. Furthermore, increasing investments by vendors in technological advancements coupled with growing demand for cloud-based encryption software would accelerate the growth of this market during the forecast period. However, high costs and complexities associated with advanced encryption solutions, and lack of awareness among small and medium enterprises hinder the market growth during the forecast period. Growing demand from emerging economies, ad technological advancements are expected to provide numerous growth opportunities in the coming years.
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North America generated the highest revenue in the market in 2017, and is expected to lead the global encryption software market throughout the forecast period. The increase in number of cyber-attacks, and growing number of data breaches to drive this market growth in North America. The growing trend of BYOD, IoT, big data analytics, and virtualization necessitates the need of encryption software for data protection and data loss. The growing penetration of mobile devices, and technological advancements further support market growth in the region. The increasing spending on data protection in BFSI and defense sectors in the region further to also promote encryption software market growth in coming years. However, Asia-Pacific is expected to grow at the highest CAGR during the forecast period owing to growing need for data privacy across various industries in the developing countries of the region.
The major players in the encryption software market include Microsoft Corporation, Symantec Corporation, IBM Corporation, EMC Corporation, Cisco Systems, Inc., Intel Security, Check Point Software Technologies Ltd., Oracle Corporation, Trend Micro, Inc., and Sophos Group PLC among others. These companies launch new products and collaborate with other market leaders to innovate and launch new products to meet the increasing needs and requirements of consumers.