Encryption Software Market by Component (Software and Services (Managed Services, Professional Services )), Deployment Type (On - Cloud and On-Premise), Application (Disk Encryption, Data Encryption , File/Folder Encryption, Web Communication Encryption, Cloud Encryption, and Network Traffic Encryption), and End - Users (Healthcare, Retail, I.T. & Telecom, Government & public administration, BFSI , Manufacturing, and Others): Global Market Size Estimates and Forecast (2022-2030)

Code: BMIRE00026899 | Pages: 100 | Industry: Technology, Media and Telecommunications | Date: Oct 2022 | Type: Global

The Encryption Software market crossed US$ 11.8 billion mark in 2022 and is expected to hit US$ 42.3 billion by 2030, recording a CAGR of 17.3% during the forecast period.

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The Encryption Software market has been significantly growing with the rising trend of BYOD usage and the internet of things (IoT) trend

The growing trend of adopting BYOD policies at work and the augmented penetration of mobile and IoT devices across organizations have increased the risk of data loss among establishments. The risk of data loss has, in turn, made executing encryption software imperative for secure data transmission. The use of BYOD has resulted in issues related to data loss and increased unauthorized access to critical data, which encourages the demand for encryption software. The rising demand for encryption software in enterprises is enhancing the encryption software market revenue. Organizations are embracing social media, the Internet of Things, and the Internet of Everything– this has resulted in more data being generated and retrieved through mobile devices. The growing incidents of BYOD device thefts and physical intrusion on enterprise assets have increased the uptake of on-premises encryption software. This is projected to fuel the demand for on-premises and cloud-based encryption software deployment over the coming years.

Within the report, the encryption software market is segmented into services, deployment type, application, and end-users. On the basis of services, the encryption software market is segmented as managed services, professional services. On the basis of deployment type the encryption software market is segmented as cloud, on-premise. On the basis of application the encryption software market is segmented as disk encryption, data encryption, file/folder encryption, web communication encryption, cloud encryption, network traffic encryption. On the basis of end-users the encryption software market is segmented as healthcare, retail, it and telecom, government and public administration, BFSI, manufacturing, and others. Geographically, the encryption software market is subsegmented into North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa. The Encryption Software market in the Asia Pacific holds the highest growth rate and is expected to retain its position during the forecast period (2022-2030). The high growth is due to the presence of the most populous countries, such as China and India, in the region.

 

BFSI segment in industry vertical to hold the largest share of Encryption Software market during the forecast period (2022-2030)

Based on the industry vertical, the BFSI segment is estimated to account for a larger market share in 2022 and is expected to hold its position during the forecast period. The BFSI industry is a pioneer in implementing new technologies. The BFSI industry deals with Personally Identifiable Information (PII) such as names, addresses, and social security numbers. It also regularly handles data, such as income, collection history, credit score, and family member PII and Non-Public Personal Information, that requires utmost privacy and security to protect against any anticipated threats or hazards to the security or integrity of such records. Encryption software is often the most difficult part of securing private financial data. Financial institutions deploy encryption based on industry-tested and accepted algorithms and strong key lengths. Encryption allows banks, credit score personnel, insurance companies, fund managers, and investment advisors to protect sensitive information so that only authorized users can decode and understand it.

 

Rising compliance guidelines are one of the major factors accelerating the Encryption Software market growth.

Stringent government and state regulations on data privacy and compliance require enterprises to strengthen their data security measures. With the increase in stringent regulations, organizations are adopting various data security technologies to ensure that the sensitive data of customers and employees are always protected. Furthermore, the developed regions such as North America and Europe already have federal-level regulations requiring mandatory compliance with data privacy laws. Developing regions such as Asia-Pacific and LAMEA enact and implement more concrete data protection legislations. Similarly, the European Union Data Protection Directive lays down the framework and guidelines for data privacy and protection, driving the growth of the encryption software market.

 

Recent strategic developments in the Encryption Software market

The Encryption Software market has undergone several significant developments, and a few of these have been mentioned below:

  • In October 2021, IBM announced its collaboration with Raytheon Technologies. The collaboration with Raytheon Technologies would develop advanced A.I., quantum solutions, and cryptography for the intelligence industries and aerospace & defense.
  • In December 2020, IBM launched FHE, which enables data to remain encoded while being processed or analyzed in third-party or cloud environments.

The Encryption Software market is driven by several players by implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships. Checkpoint Software Technologies; Dell, Inc; IBM Corporation; McAfee, LLC; Microsoft Corporation; Sophos Ltd.; Symantec Corporation; Thales eSecurity (Thales S.A.); Trend Micro, Inc.; and Winmagic, Inc. are among the prominent players operating in the market.

Target audience for the report:

  • Encryption Software providers
  • Encryption Software service providers
  • Encryption Software associations, organizations, forums, and alliances
  • Venture capitalists, private equity firms, and start-up companies
  • End users of Encryption Software
  • Research institutes, organizations, and consulting companies

Scope of the report:

In this report, the Encryption Software market has been segmented on the basis of:

  • Component
    • Software
    • Services
      • Managed Services
      • Professional Services
  • Deployment Type
    • On – Cloud
    • On-Premise
  • Application
    • Disk Encryption
    • Data Encryption
    • File/Folder Encryption
    • Web Communication Encryption
    • Cloud Encryption
    • Network Traffic Encryption
  • End - Users
    • Healthcare
    • Retail
    • IT & Telecom
    • Government & public administration
    • BFSI
    • Manufacturing
    • Others
  • Region
    • North America
    • Europe
    • Asia Pacific (APAC)
    • South & Central America
    • Middle East & Africa
  • Companies profiled
    • Checkpoint Software Technologies
    • Dell, Inc
    • IBM Corporation
    • McAfee, LLC
    • Microsoft Corporation

 

The List of Companies
- Checkpoint Software Technologies
- Dell, Inc
- IBM Corporation
- McAfee, LLC
- Microsoft Corporation

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