The Global Encryption Software market is forecast to reach USD 29.47 Billion by 2028, according to a new report by Reports and Data. Significant advancements in mobile technology and its incorporation in the functioning of different business have increased the risk of data theft. Such an increase in the risk of data theft and proportional rise in use of mobile technology have made the incorporation of encryption software in the functioning of technology a necessity. Increased incorporate of encryption software in the operation of mobile technology have a positive impact on the growth of the industry. Use of mobile technology is not restricted to different businesses, but it witnesses a significant rise in personal use. Mobile technology is being highly dependent and used by individuals for storing and transmitting personal and sensitive data that is susceptible to the risk of data loss and data theft. Increased use of mobile technology has a significant impact on the expansion of encryption software market.

With developments in information and communication technology [ICT] and the ease that it provides in functioning, it has been incorporated in different sectors like banking and healthcare industry, among others. In these industries, protection of private data of users becomes essential. Stringent government data protection policies regulate the need for protection of private data of users. Hence, increased incorporation of ICT in various industries and the associated need for protecting private data of service user’s result in boosting the growth of the sector.

In context to region, North America leads the market. Factors like the presence of a large number of vendors providing encryption software and associated services, technological advancement, and incorporation of encryption software have resulted in the dominance of North America in this market.

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Further key findings from the report suggest

The Encryption Software market held a market share of USD 9,785.3 Million in the year 2020. It is forecasted to grow at a rate of 14.6% during the forecast period.
In regards to the component of encryption software, Solutions segment can be seen to generate higher revenue of USD 1.80 Billion in 2020 with a CAGR of 14.4% during the forecast period. Factors like the effectiveness of encryption software in ascertaining the service user’s autonomy and protect their data, results in significant use of this software for solutions that contributes to revenue generated by this segment.
In context to usages, Encryption for Data-at-rest segment can be seen to occupy the larger market share that is forecasted to hold 64% of the market by 2028 with a growth rate of 14.4% during the forecast period. As this software is effective in protecting confidential data by making the data unreadable, it results in its extensive use for data-at-rest that contributes to the market share of this segment.
In regards to deployment, On-premise segment can be seen to yield a higher revenue of USD 1.89 Billion in 2020 with a growth rate of 14.4% during the forecast period. The revenue generated by this segment has been the result of an increased requirement of developing the security system of different organizations because of high incorporation of information technology in its functioning.
In regards to end-use, BFSI segment generated the highest revenue of USD 1.14 Billion in 2020 with the growth rate of 15.0% during the forecast period. The requirement for strong security in this sector and rise in the instance of cyber-attack, have made it essential for BFSI segment to protect sensitive financial data that has resulted in increased use of this software in this segment, contributing to the revenue generated by it.
In regards to region, North America can be seen to lead the market that is forecasted to occupy 30% of the market by 2028 with a CAGR of 15.1% during the forecast period. Technological advancements in this region, along with quick incorporation of the encryption software in the functioning of different industries operating in this region contributes to its market share.
Key participants include IBM Corporation, Microsoft Corporation, Symantec Corporation, Intel Security, EMC Corporation, Sophos Holdings Ltd, Check Point Software Technologies, McAfee, Proofpoint, and Trend Micro.
Segments covered in the report:

Component Type Outlook (Revenue, USD Billion; 2016-2026)

Services
Solutions

Usages type Outlook (Revenue, USD Billion; 2016-2026)

Encryption for Data-in-transit
Encryption for Data-at-rest

Deployment type Outlook (Revenue, USD Billion; 2016-2026)

Cloud-based
On-premise

Application area Type Outlook (Revenue, USD Billion; 2016-2026)

Folder Encryption
Disk Encryption
Database Encryption
Network Traffic Encryption
Web Communication Encryption
Cloud Encryption
Others

End-use Type Outlook (Revenue, USD Billion; 2016-2026)

BFSI
Healthcare
Public sector
Others

On the basis of regional analysis, the market is segmented into key geographical regions such as North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. According to the analysis, North America is expected to dominate the market with the highest market share. Asia-Pacific is anticipated to show a significant growth rate owing to rising development and population demands.

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Beneficial Aspects of the Report:

Global and region forecast of the Encryption Software market from 2020-2027
In-depth analysis of market dynamics, industry outlook, market size based on types and applications
Details of value chain analysis, supply and demand ratio, production and consumption patterns
SWOT Analysis, Porter’s Five Forces Analysis, Feasibility Analysis, and Investment Return Analysis to provide a better understanding of the market and competitive players
Detailed insights on competitive landscape and emerging market trends

Research Methodology:

The market report is formulated on the basis of data obtained through extensive primary and secondary research. The data is further validated and verified by industry experts, research analysts, and professionals. The report considers regional demand and supply ratio, investments, market dynamics, capacity, end-use industry trends, and consumer behavior to generate a forecast report. The data is collected from verified sources such as government policies, regulatory published materials, journals, trade magazines, and verified data sources. The report uses advanced analytical tools such as SWOT Analysis, Porter’s Five Forces Analysis, Feasibility Analysis, and Investment Return Analysis to provide an accurate insight into the market scenario and competitive landscape. This report provides beneficial information to companies and new players to make lucrative business decisions. The market estimates and forecast data have been thoroughly verified through exhaustive primary research.

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