Growth of Global Encryption Software Market Share May Hit USD 20.44 Bn by 2026, With 15.9% CAGR: Polaris Market Research

The global encryption software market size is anticipated to reach USD 20.44 Billion by 2026, at a CAGR of 15.9% according to new research published by Polaris Market Research. 

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 a growing number of data lapses has boosted the adoption of encryption software. The widespread growth of mobile devices and the 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 the encryption software market during the 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.

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North America generated the highest revenue for the market in 2018 and is expected to lead the global market throughout the forecast period. The increase in the number of cyber-attacks and a growing number of data breaches drive the market growth. A growing trend of BYOD, IoT, big data analytics, and virtualization evinces the need for encryption software for data protection and data loss. 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 the BFSI sector, and flooding demand for cloud-based encryption solutions are factors boosting the growth of products during the 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 the highest CAGR during the forecast period owing to the urging the need for data integrity at all levels in the industries in developing countries of the region.

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Top Market Players

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.

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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)
    • On-Premise
    • Cloud-Based
  • Encryption Software Application Outlook (Revenue USD Millions 2015 – 2026)
    • File Encryption
    • Disk Encryption
    • Database Encryption
    • Cloud Encryption
    • Communication Encryption
    • Others
  • 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)
    • BFSI
    • Healthcare
    • Aerospace and Defense
    • Government and Public Utilities
    • Retail
    • Others

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