Encryption Software Market Share, Size, Trends, Industry Analysis Report By Deployment Model (On-Premise, Cloud-Based); By Application (File Encryption, Disk Encryption, Database Encryption, Cloud Encryption, Communication Encryption, Others); By Organization Size (Large Enterprises, Small and Medium Businesses); By End-User (BFSI, Healthcare, Aerospace and Defense, Government and Public Utilities, Retail, Others); By Regions, Segments & Forecast, 2019 - 2026
- Published Date:Jun-2019
- Pages: 101
- Format: PDF
- Report ID: PM1403
- Base Year: 2018
- Historical Data: 2016-2017
Report Summary
The global encryption software market size was valued at 6.26 billion in 2018 and anticipated to grow at a CAGR of 15.9% during the forecast period. This software is a security program used to keep confidentiality of data during transit and at rest. This function is enabled by the software by encrypting content of a data object, file, network packet or application to protect it from unauthorized users. The software accomplishes it by encrypting each data packet or file with a key which is later decrypted into the original form at the end of transit. The key is shared with sender and receiver. The purpose of this software is to preserve data integrity without any loss, even if data is compromised, as it cannot be retrieved without the encryption key. The different types of software used for data protection include file, email, disk and network among others.
The increasing need for data privacy and rising concerns regarding vital data loss drive the growth of the market. The growing trend of Bring Your Own device (BYOD) and Internet of Things (IoT) further support market growth. The growing adoption of cloud, big data and virtualization further increases the need for encryption to ensure critical data safety. Furthermore, driving regulations in place that ensure necessary adoption of this software and increasing mobility are factors expected to support market growth during forecast period.
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Other factors that drive the market include technological advancements, growing number of data lapses and increasing need to protect Intellectual Property. However high cost and complexities associated with product and an awareness shortage among small and medium enterprises hinders market growth.
A hastening demand from emerging economies, increasing adoption of the software by BFSI sector and surging demand for cloud-based encryption solutions are factors boosting growth of product during forecast period.
Gigantic strides in mobile technology, breaking down in business at a molecular level and driving penetration of smart phones are likely to push growth of encryption software market in forecast period. Growing mobile pervasiveness across organizations has witnessed data loss among enterprises which has made encryption software very indispensable for safe data transmissions. Furthermore, as enterprises are moving forward with cloud computing, the product has become all the more meaningful to prevent data lapses by safeguarding sensitive data.
Numerous industry verticals such as BFSI and healthcare have to strictly observe industry regulations such as HIPAA and PCI DSS which require data security solutions to be implemented. In such a scenario, encryption software solution is a must have dictum.
Encryption Software Market Scope
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By Deployment Model |
By Application |
By Organization Size |
By End-User |
By Region |
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The global encryption software market is segmented on the basis of deployment model, application, end-user, organizations size and region.
Deployment Model Outlook
On the basis of deployment model, the encryption software market is segmented into on-premise and cloud based. The cloud-based segment is expected to grow at the highest rate during forecast period owing to big attraction towards virtualization, IoT and big data analytics. The growth of cloud-based software in BFSI sector and healthcare sector commands high growth for cloud-based segment.
Application Outlook
The application segment is channelized into file, disk, database, cloud and others. The disk encryption segment dominated global market in 2018. However, cloud encryption segment will prevail over market growth during forecast period.
Furthermore, rapid digital expansion across the globe and with widespread internet usage, employees and organizations alike are susceptible to data infringement and hence these solutions will be needed to protect individual data rights issues. Purchase and execution of these solutions require huge costs which can cause serious deterrent to market growth.
Organization Size Outlook
The organization size segment is classified into large enterprises, and small and medium businesses. The small and medium businesses are expected to grow significantly during forecast period owing to growing awareness regarding rich benefits of the product and introduction of affordable solutions by market players aimed at small business needs.
End-User Outlook
The end-user segment is categorized into BFSI, healthcare, aerospace and defense, Government and public utilities, retail and others. The BFSI segment accounted for the highest share in the market in 2018. Data is the most important entity in the banking and financial institutions and has to be safeguarded at all costs, hence the product software from this segment is in great demand.
Regional Outlook
North America dominated market in 2018. A well-laid out telecom and IT sector in the region and generation of massive amounts of data that came under scrutiny was contributing to its dominance. Sudden upswing in encrypted Internet traffic due to confirming to HTTPS by social media companies such as Facebook and Twitter are expected to boost market growth over the forecast period.
Competitive Landscape
The leading market players 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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