According to a recent report published by Allied Market Research, titled, Encryption Software Market  by Component, Deployment Model, Organization Size, Functionand Industry Vertical : Opportunity Analysis and Industry Forecast, 2020 – 2027,” The global encryption software market was valued at $6.82 billion in 2019, and is projected to reach $22.74 billion by 2027, growing at a CAGR of 16.3% from 2020 to 2027.

Growing number of complexity and data breaches and increased compliance regulation among the organizations drives the growth of the encryption software market. In addition, surge in adoption of bring your own device (BYOD) and increased mobility fuels the growth of the market. However, lack of awareness about encryption software and limiting the use of encrypted device in some countries hampers the growth of the market. Furthermore, rise in demand for cloud-based encryption software is expected to provide lucrative opportunities for the growth of the market.

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By industry vertical, the global encryption softwaremarket was led by the BFSI segment in 2019 and is projected to maintain its dominance during the forecast period. The major factors that drive the adoption of encryption software solution in the BFSI sector include rising number of cyber attacks and increasing need to protect sensitive financial data from breaches with maximum returns and minimum risk. However, the retail segment is expected to grow at the highest rate during the forecast period, owing Toriesin online transaction in the retail industry and increase in demand for encryption software by retail SMEs.

Region wise, the encryption software market was dominated by North America in 2019 and is expected to retain its position during the forecast period. The major factorsthat drivethe growth of the market in this region include increase in demand by the private and public sector of encryption software to secure and ensure privacy of data. However, Asia-Pacific is expected to witness the highest growth rate during the forecast period due to increasing presence of encryption software vendors, and growing government support in the developing countries of Asia-Pacific.

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Key Findings of the Study

  • On the basis of component, the software segment led the encryption softwaremarket, in terms of revenue in 2019.
  • By deployment model, the on-premise segment accounted for the highest encryption software market share in 2019.
  • Region wise, North America generated the highest revenue in 2019.
  • Depending on function, the cloud encryption segment is anticipated to exhibit substantial growth during the forecast period.

The key players profiled in the encryption software market analysis are Amazon Web Services, Inc. (AWS), Check Point Software Technologies, Cisco System, Inc., F-Secure, Fortinet, Inc., IBM Corporation, Microsoft Corporation, Oracle Corporation, Palo Alto Networks, Inc. and Trend Micro Incorporated.
 

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