Surge in data breaches and rise in compliance regulation activities among organizations drive the growth of the encryption software market.
PORTLAND, Ore., April 4, 2022 /PRNewswire/ — Allied Market Research published a report, titled, “Encryption Software Market by Component (Software and Services), Deployment Model (On-premise and Cloud), Enterprise Size (Large Enterprises and Small & Medium Enterprises), Function (Disk Encryption, Communication Encryption, File/Folder Encryption, and Cloud Encryption), and Industry Vertical (Banking, Financial Services, and Insurance (BFSI), IT/Telecom, Government & Public, Retail, Healthcare, Aerospace & Defense, Media & Entertainment, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030.” According to the report, the global encryption software industry was estimated at $9.43 billion in 2020, and is anticipated to hit $42.26 billion by 2030, registering a CAGR of 16.5% from 2021 to 2030.
Drivers, restraints, and opportunities
Surge in data breaches and rise in compliance regulation activities among organizations drive the growth of the encryption software market. On the other hand, lack of awareness about encryption software and limited use of encrypted device in some countries impede the growth to some extent. However, growing demand for cloud-based encryption software is expected to create lucrative opportunities in the industry.
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Covid-19 Scenario
- The outbreak of the pandemic gave way to the trend of work-from-home movements, which in turn, led to growing inclination toward the adoption of cloud based software. This factor impacted the global encryption software market positively.
- This drift is also most likely to continue post pandemic as well.
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The software segment to maintain the lion’s share
On the basis of component, the software segment accounted for the highest market share in 2020, generating more than two-thirds of the global encryption software market. This is because organizations in the BFSI and IT & telecom industry are increasingly adopting this software to enhance their operational efficiency and provide advance security to the organizations assets and data. The service segment, on the other hand, is anticipated to cite the fastest CAGR of 18.9% from 2021 to 2030, due to rise in demand for cloud-based encryption software services.
The on-premise segment to lead the trail
On the basis of deployment model, the on-premise segment generated the highest share in 2020, holding nearly three-fifths global encryption software market. The on-premise deployment mode is considered widely useful in large enterprises, as it involves a significant investment to implement, and organizations need to purchase interconnected servers as well as software to manage the system. The cloud segment, however, is expected to cite the fastest CAGR of 19.4% from 2021 to 2030. A paradigm shift in the deployment methods from on-premise to cloud-based models has been the major factor driving the adoption of cloud-based encryption software models among SMEs and some large-scale organizations as well.
North America to dominate by 2030
On the basis of region, North America contributed to the major market share in terms of revenue in 2020, holding more than one-third of the global encryption software industry. This growth is driven by the implementation of several government initiatives, which have helped the region expand its IT security investment. Asia-Pacific, simultaneously, is projected to cite the fastest CAGR of 19.8% from 2021 to 2030. This is attributed to heavy investments made by private and public sectors for securing sensitive data, which is resulting into increased demand for encryption software used to secure and ensure the privacy of data.
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Prominent market players-
- Check Point Software Technologies
- Microsoft Corporation
- Cisco System, Inc.
- F-Secure
- Trend Micro Incorporated
- Fortinet, Inc.
- Amazon Web Services, Inc. (AWS)
- IBM Corporation
- Oracle Corporation
- Palo Alto Networks, Inc.
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