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Encryption Software Market Size And Forecast
Encryption Software Market size was valued at USD 10,881.9 Million in 2022 and is projected to reach USD 39702.42 Million by 2030, growing at a CAGR of 20.3% from 2023 to 2030.
The encryption software industry’s growth is supported by the increasing uptake of data encryption solutions for meeting regulatory compliance. Encryption of data has become a legal mandate for business operations in several nations for ensuring adequate privacy of customer data. Furthermore, the proliferation of big data analytics has led to an increased usage of this software by major internet services to ensure the privacy of their users’ data. Burgeoning cyber-attacks and mobile theft are prompting regulatory bodies to mandate standards related to data transfer and its security. The Global Encryption Software Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.
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Global Encryption Software Market Definition
Data encryption is the method of converting data from a readable format to an encoded format that can only be read or processed with the assistance of a decryption key. Data encryption ensures the confidentiality of user information sent over the network in a simple and efficient manner. There are two primary approaches for data encryption symmetric-key and asymmetric key methods.
The symmetric key method utilizes the use of the same key for both data encryption and decryption, whereas the asymmetric method utilizes two separate keys at both ends for encrypting and decrypting. Encryption is crucial for more than surfing. Encrypting all sensitive documents on your desktop prevents a hacker or laptop thief from transforming their possession into identity theft, bank account takeover, or worse.
Encryption software can be used on all active data flowing over the internet or private networks and inactive data stored on physical devices, looking to supplement organizations’ existing cybersecurity protocols. Because encrypted data is resistant to hacking in cases of data theft or intrusion into physical devices, companies can reduce their reliance on traditional cybersecurity methodologies.
Encryption software helps protect the confidentiality of the information stored in folders and files, as well as data traveling over channels or data in transit, in accordance with an organization’s security and compliance requirements. Using the software, it decrypts and encrypts data at rest and data in transit. As a result, encryption software adds to the security of confidential data by making the data unreadable even to the person authorized. As a consequence of the increasing frequency of cyber-attacks, the implementation of encryption software is predicted to increase.
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Global Encryption Software Market Overview
The growth of the Encryption Software Market is being fueled by an increase in the development of data-centered technology and the growing adoption of electronic data-driven devices in the market. Enhancing cyber-attacks and data proliferation all over the world have organizational process assets to take the necessary steps and invest in developing data encryption platforms to protect their data.
The increased digitalization has resulted in a rise in the amount of personal data collected daily, which must be secured. The need for people to safeguard sensitive and personal data generated by electronic devices has led to the expansion of the Encryption Software Market. Furthermore, data encryption protects businesses from the legal implications of data breach notification regulations. A few nations around the world have enacted data breach notification laws that oblige businesses to notify every party impacted by data theft or breach.
These regulations make allowances for data that has been strongly encrypted using certified methods, greatly reducing an enterprise’s brand damage after a major cyberattack. Moreover, while the widespread use of personal computers has simplified life in many ways, it has also increased the likelihood of security breaches. The rising number of computer hackers trying to break into organizational, industrial, or government networks with the intention of stealing vital information for monetary gain has been the main factor in the greater adoption of encryption software.
Furthermore, the rising trend of bringing your own device (BYOD) policies at work, as well as increased mobile device penetration all over enterprises, have risen the risk of data loss among organizations. As an outcome, trying to implement encryption software has become critical for safe data transmission. However, complexities in encryption key management, readily accessible pirated and open-source encryption software, stringent restrictions on the import and sale of encryption software, and a lack of awareness about encrypting data solutions are predicted to limit the global Encryption Software Market’s growth.
Global Encryption Software Market Segmentation Analysis
The Global Encryption Software Market is Segmented on the basis of Component, Application, And Geography.
Encryption Software Market, By Component
- Software
- Services
Based on Component, The market is bifurcated into Software and Services. One of the most rapid advancement solutions for end-point data security is software-based encryption. Encryption software and services allow the user to verify that they are communicating with the appropriate individuals, but they also create potential unintentional vulnerabilities and raise the possibility that communications systems will be abused or misused.
Encryption software is being quickly adopted by software businesses all over the world in order to enhance company proficiency and data security. Companies are increasingly interested in software-based encryption solutions to achieve compliance, better data security, and greater operational flexibility due to increasing fears about data breaches and privacy regulatory standards. Furthermore, the global market for encryption software is profiting from the increasing adoption of latest technologies such as cloud computing.
Encryption Software Market, By Application
- Cloud Encryption
- Communication Encryption
- Database Encryption
- Disk Encryption
- File/Folder Encryption
Based on Application, The market is bifurcated into Cloud Encryption, Communication Encryption, Database Encryption, Disk Encryption, and File/Folder Encryption. The cloud encryption segment is the fastest-growing segment in the market, due to increasing demand for securing sensitive data across the globe. Organizations across the globe have been adopting cloud at a rapid pace and are categorically embracing diverse cloud environments, ranging from private and hybrid to public for the storage of their vast data. Most of the vendors in the Encryption Software Market offer cloud-based encryption software to gain significant profits and effectively secure and ensure data privacy. The adoption of cloud encryption software solutions is expected to grow, owing to their benefits, such as easy data maintenance, cost-effectiveness, scalability, and effective management.
Encryption Software Market, By Geography
- North America
- Europe
- Asia Pacific
- Rest of the world
Based on Regional Analysis, The Global Encryption Software Market is classified into North America, Europe, Asia Pacific, and Rest of the world. North America is predicted to hold the largest market share in the global encryption software market in the forecast period, while Asia Pacific (APAC) is anticipated to grow at the fastest CAGR. The leading market growth rate in APAC can be credited to heavy investments made by the private and public sectors in obtaining sensitive data, resulting in a higher demand for encryption software used to protect and ensure the privacy of data. North America is expected to be the top region in terms of encryption software development and adoption. The increasing need to adhere to strict regulations compliances, as well as the increased presence
Key Players
The “Global Encryption Software Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are McAfee, Microsoft Corporation, Symantec, Thales e-Security Inc., IBM Corporation, Trend Micro, Sophos Group plc, Check Point, Micro Focus, Dell Inc. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.
Key Developments
- Thales Group, the parent company of Thales e-Security, completed the acquisition of Gemalto, a pioneer in digital identification and security, in April 2019. The purchase would result in the formation of a world-class leader with an unrivalled portfolio of digital identification and security solutions based on technologies such as biometry, data protection, and, more generally, cybersecurity.
- To provide clients with the most complete and robust security solutions, Symantec teamed with Fortinet, a leading supplier of integrated and automated cybersecurity solutions, in December 2018. The collaboration would offer important security controls across endpoint, network, and cloud environments, which are crucial for applying the Zero Trust security paradigm.
- In May 2018, IBM and Cisco cooperated to integrate IBM’s security suite into Cisco’s security solutions for quicker, more accurate threat detection and response. The partnership would increase product interaction, service integration, and threat intelligence.
Report Scope
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| STUDY PERIOD |
2019-2030 |
| BASE YEAR |
2022 |
| FORECAST PERIOD |
2023-2030 |
| HISTORICAL PERIOD |
2019-2021 |
| UNIT |
Value (USD Million) |
| KEY COMPANIES PROFILED |
McAfee, Microsoft Corporation, Symantec, Thales e-Security Inc., IBM Corporation, Trend Micro, Sophos Group plc, Check Point, Micro Focus, Dell Inc. |
| SEGMENTS COVERED |
|
| CUSTOMIZATION SCOPE |
Free report customization (equivalent up to 4 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope |
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