The global encryption software market is expected to witness robust growth, expanding at a CAGR of 15.3% during the forecast period from 2018 to 2026. The projected growth is largely credited to rising concerns with respect to data security. Encryption is a process used to make data secure so that the probability of it being intercepted by an unauthorized person becomes minimal. In a bid to improve data security and boost business proficiency, encryption solutions are witnessing incremental adoption among business organizations across different industry verticals. Encryption software also facilitates the protection of confidential information stored in a database and data in transit according to the security and compliance requirements of an organization. Many businesses around the world are embracing encryption solutions to address growing concerns about data privacy and to comply with data safety regulations.
Encryption software empowers organizations to enhance the security of their archived and backup data that resides on their storage systems. Compliance regulations coupled with the proliferation of publicized data loss are driving the need for customers to encrypt their data in transit, and regulations coupled with the proliferation of publicized data loss are driving the need for customers to encrypt their data in transit and at rest. Furthermore, the growing number of cyber-attacks and the resulting demand for advanced security solutions to protect sensitive data is a major factors driving the growth of the encryption software market. With the continual surge in the number of data thefts and breaches and the increased penetration of mobile devices, end-point security has become one of the key considerations for business organizations worldwide. The increasing use of mobile technology has enhanced the adoption of encryption services and solutions for controlling and securing data from theft. In addition, the ongoing trend of “bring your own device” (BYOD) policies at work has elevated the risk of data loss among organizations. This, in turn, is spurring the implementation of encryption software, which is essential for securing data transmission.
The use of encryption software has grown incrementally over the last few years. This software is deployed for the encryption of data in file systems and databases and for data being transferred over internal and public networks. On the other hand, the lack of a skilled workforce and the complexities involved in the management of encryption keys are expected to somewhat restrain the growth of the encryption software market, especially in the first half of the forecast period.
The global encryption software market is segmented on the following basis:
By Deployment Type
- Aerospace & Defense
- Banking, Financial Services, and Insurance (BFSI)
- Government and Public Utilities
- IT & Telecom
- Others (education, manufacturing, media, entertainment, etc.)
- North America
- rest of North America
- Rest of Europe
- Rest of Asia Pacific
Rest of the World
- Middle East and Africa
- Latin America
Key players identified for the encryption software market include, but are not limited to:
CipherCloud, Cisco Systems, Inc., Dell, Inc., ESET, LLC, Gemalto NV, International Business Machines Corporation, McAfee, LLC, Microsoft Corporation, PKWARE, Inc., SAS Institute Inc., Sophos Ltd., Symantec Corporation, Thales eSecurity, Trend Micro Inc., and WinMagic Inc. are among others.