The global encryption software market size is anticipated to reach USD 20.44 billion by 2026 according to a new research published by Polaris Market Research. The report “Encryption Software Market Share, Size, Trends, Industry Analysis Report By Deployment Model (On-Premise, Cloud-Based); By Application (File Encryption, Disk Encryption, Database Encryption, Cloud Encryption, Communication Encryption, Others); By Organization Size (Large Enterprises, Small and Medium Businesses); By End-User (BFSI, Healthcare, Aerospace and Defense, Government and Public Utilities, Retail, Others); By Regions, Segments & Forecast, 2019 – 2026” provides strong market indices and taps on future growth parameters.
In 2018, the BFSI segment dominated the global market in terms of revenue. North America was the leading contributor to global revenue in 2018. An urgency to protect critical data and growing number of data lapses has boosted the adoption of encryption software. The widespread growth of mobile devices and increasing trend of BYOD further support the growth of this market. The rising spread of virtualization, cloud and big data analytics has supported market growth over the years. Growing investments in technological advancements by vendors, coupled with growing demand for cloud-based encryption software would accelerate the growth of encryption software market during forecast period. However high costs related to advanced encryption solutions and an awareness shortage among small and medium enterprises hinder growth. Growing demand from developing economies and technological advancements are expected to provide several growth opportunities in the future.
North America generated highest revenue for market in 2018 and is expected to lead the global market throughout forecast period. The increase in number of cyber-attacks and growing number of data breaches drive the market growth. A growing trend of BYOD, IoT, big data analytics and virtualization evinces the need of encryption software for data protection and data loss. A rising penetration of mobile devices and technological advancements bolster growth in the region. A greater spending on data protection in BFSI and defense sectors in the region promotes growth in the region.
A rushing request from emerging economies, expanding adoption of the software by BFSI sector and flooding demand for cloud-based encryption solutions are factors boosting growth of product during forecast period.
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Enormous walks in strong innovation, data loss among enterprises has made encryption software very crucial for safe data transmissions. Furthermore, as undertakings are pushing forward with distributed computing, the product has become all the more important to prevent data slips by safeguarding touchy information.
Asia Pacific is expected to display highest CAGR during forecast period owing to urging need for data integrity at all levels in the industries in developing countries of the region.
The companies 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.
Polaris Market research has segmented the encryption software market report on the basis of deployment, application, organization size, end-use and region.
- Encryption Software Deployment Model Outlook (Revenue USD Millions 2015 – 2026)
- Cloud- Based
- Encryption Software Application Outlook (Revenue USD Millions 2015 – 2026)
- File Encryption
- Disk Encryption
- Database Encryption
- Cloud Encryption
- Communication Encryption
- Encryption Software Organization Size Outlook (Revenue USD Millions 2015 – 2026)
- Large Enterprises
- Small Enterprises
- Medium Enterprises
- Encryption Software End-user Outlook (Revenue USD Millions 2015 – 2026)
- Aerospace and Defense
- Government and Public Utilities
- Encryption Software Regional Outlook (Revenue USD Millions 2015 – 2026)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
- North America