The Worldwide Encryption Software Industry is Expected to Reach $22.1 Billion by 2026

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Apr 21, 2022, 10:00 ET

DUBLIN, April 21, 2022 /PRNewswire/ -- The "Encryption Software Market with COVID-19 Impact Analysis, by Component, Application (Disk Encryption, File/Folder Encryption, Communication Encryption, & Cloud Encryption), Deployment Mode, Organization Size, Vertical & Region - Global Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.

The global Encryption software market size is expected to grow from USD 10.9 Billion in 2021 to USD 22.1 Billion by 2026, at a Compound Annual Growth Rate (CAGR) of 15.2% from 2021 to 2026.

The major factors fueling the Encryption software market include Stringent regulatory standards and data privacy compliances, Rising concerns pertaining to loss of critical data and Exponential increase in adopting cloud and virtualization technologies.

Services to grow at a higher CAGR during the forecast period

Advancements in the skills of hackers, intruders, and masqueraders, accompanied by weaker security solutions, have resulted in the need for strong encryption capabilities for organizations to strengthen their security portfolio. However, implementing encryption solutions alone is not adequate for enterprises to secure their devices. To tackle their specific needs, there is a strong requirement for related services in the encryption software market. The encryption software services market is segmented into two major types: professional services and managed services. Professional and managed services enhance the security portfolio of enterprises and safeguard their system from unauthorized access, exploitation, and data loss

In organization size segment, Large organizations to have a higher market share during the forecast period

Large corporations and critical government infrastructures have strong resilience to cyber threats, with a robust strategy to mitigate risks compared to SMEs. Large enterprises are the early adopters of encryption, as they use a huge amount of confidential data of consumers and have many business applications susceptible to cyberattacks.

The expansive use of corporate data by a wide-ranging workforce has also increased the threat of the wrong usage of data, unauthorized access, and data thefts. Moreover, the misuse, loss, and theft of business documents can affect the working and profitability of businesses. Thus, to protect business information from cyberattacks, data thefts, and unauthorized access, large enterprises are considering adopting encryption solutions. The encryption software market growth among large enterprises is expected to be driven by factors, such as the increased need for digitalization due to a rise in online banking services and eCommerce activities.

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights
4.1 Brief Overview of Market
4.2 Market, by Application, 2021
4.3 Encryption Software Market, by Vertical, 2021
4.4 Market Investment Scenario

5 Market Overview and Industry Trends
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Stringent Regulatory Standards and Data Privacy Compliances
5.2.1.2 Rising Concerns Pertaining to Critical Data Loss
5.2.1.2.1 Data at Rest
5.2.1.2.2 Data in Transit
5.2.1.2.3 Data in Use
5.2.1.3 Exponential Increase in Adopting Cloud and Virtualization Technologies
5.2.1.4 Rising Data Breach Incidents to Spur Market Growth
5.2.2 Restraints
5.2.2.1 High Costs of Encryption Software Solutions
5.2.2.2 Availability of Free, Open-Source, and Pirated Encryption Software
5.2.2.3 Budgetary Constraints
5.2.3 Opportunities
5.2.3.1 Surge in Byod and IoT Trends
5.2.3.2 Rise in Demand for Integrated Data Protection Solutions and Eaas Among Smes
5.2.3.3 Increased Adoption of Encryption Software Across Verticals
5.2.4 Challenges
5.2.4.1 Complexities in Effective Management and Usage of Encryption Key
5.2.4.2 Lack of Skilled Workforce Among Enterprises
5.3 Impact of COVID-19 on Market Dynamics
5.3.1 Drivers and Opportunities
5.3.2 Restraints and Challenges
5.4 Encryption Ecosystem
5.5 Value Chain Analysis
5.6 Patent Analysis
5.7 Key Conferences & Events in 2022-2023
5.8 Trends and Disruptions Impacting Customers
5.9 Average Selling Price/Pricing Model of Encryption Software Market
5.10 Technology Analysis
5.11 Use Cases
5.12 Regulatory Implications
5.13 Porter's Five Forces Analysis

6 Encryption Software Market, by Component
6.1 Introduction
6.2 Software
6.2.1 Software: Market Drivers
6.2.2 Software: COVID-19 Impact
6.3 Services
6.3.1 Services: Market Drivers
6.3.2 Services: COVID-19 Impact
6.3.3 Professional Services
6.3.3.1 Support and Maintenance Services
6.3.3.2 Training and Education Services
6.3.3.3 Consulting Services
6.3.4 Managed Services

7 Encryption Software Market, by Application
7.1 Introduction
7.2 Disk Encryption
7.2.1 Disk Encryption: Market Drivers
7.2.2 Disk Encryption: COVID-19 Impact
7.3 File/Folder Encryption
7.3.1 File/Folder Encryption: Market Drivers
7.3.2 File/Folder Encryption: COVID-19 Impact
7.4 Database Encryption
7.4.1 Database Encryption: Market Drivers
7.4.2 Database Encryption: COVID-19 Impact
7.5 Communication Encryption
7.5.1 Communication Encryption: Market Drivers
7.5.2 Communication Encryption: COVID-19 Impact
7.6 Cloud Encryption
7.6.1 Cloud Encryption: Market Drivers
7.6.2 Cloud Encryption: COVID-19 Impact

8 Encryption Software Market, by Deployment Mode
8.1 Introduction
8.2 On-Premises
8.2.1 On-Premises: Market Drivers
8.2.2 On-Premises: COVID-19 Impact
8.3 Cloud
8.3.1 Cloud: Market Drivers
8.3.2 Cloud: COVID-19 Impact

9 Encryption Software Market, by Organization Size
9.1 Introduction
9.2 Small and Medium-Sized Enterprises
9.2.1 Small and Medium-Sized Enterprises: Market Drivers
9.2.2 Small and Medium-Sized Enterprises: COVID-19 Impact
9.3 Large Enterprises
9.3.1 Large Enterprises: Market Drivers
9.3.2 Large Enterprises: COVID-19 Impact

10 Encryption Software Market, by Vertical
10.1 Introduction
10.2 Banking, Financial Services, and Insurance
10.2.1 Banking, Financial Services, and Insurance: Market Drivers
10.2.2 Banking, Financial Services, and Insurance: COVID-19 Impact
10.3 Aerospace and Defense
10.3.1 Aerospace and Defense: Market Drivers
10.3.2 Aerospace and Defense: COVID-19 Impact
10.4 Government and Public Utilities
10.4.1 Government and Public Utilities: Market Drivers
10.4.2 Government and Public Utilities: COVID-19 Impact
10.5 It and Telecommunications
10.5.1 It and Telecommunications: Market Drivers
10.5.2 It and Telecommunications: COVID-19 Impact
10.6 Healthcare
10.6.1 Healthcare: Market Drivers
10.6.2 Healthcare: COVID-19 Impact
10.7 Retail
10.7.1 Retail: Market Drivers
10.7.2 Retail: COVID-19 Impact
10.8 Other Verticals

11 Encryption Software Market, by Region

12 Competitive Landscape
12.1 Overview
12.2 Historical Revenue Analysis
12.3 Market Share Analysis of Leading Players
12.4 Market Structure
12.5 Ranking of Key Players
12.6 Recent Developments
12.7 Market Evaluation Framework
12.8 Company Evaluation Quadrant
12.8.1 Company Evaluation Quadrant Definitions and Methodology
12.9 Competitive Benchmarking
12.9.1 Company Footprint
12.10 Competitive Leadership Mapping
12.10.1 Stars
12.10.2 Emerging Leaders
12.10.3 Pervasive Players
12.10.4 Participants
12.11 Competitive Scenario
12.12 Startup/Sme Evaluation Quadrant
12.12.1 Progressive Companies
12.12.2 Responsive Companies
12.12.3 Dynamic Companies
12.12.4 Starting Blocks
12.12.5 Competitive Benchmarking

13 Company Profiling
13.1 Introduction
13.2 Major Players
13.2.1 Ibm
13.2.2 Microsoft
13.2.3 Broadcom
13.2.4 Sophos
13.2.5 Thales
13.2.6 Mcafee
13.2.7 Trend Micro
13.2.8 Dell
13.2.9 Check Point
13.2.10 Micro Focus
13.3 Other Players
13.3.1 Pkware
13.3.2 Eset
13.3.3 Boxcryptor
13.3.4 Winmagic
13.3.5 Cryptomathic
13.3.6 Bitdefender
13.3.7 Stormshield
13.3.8 Cisco
13.3.9 Hpe
13.3.10 Bitglass
13.4 Startup Players
13.4.1 Baffle
13.4.2 Fortanix
13.4.3 Enveil
13.4.4 Nordsecurity
13.4.5 Preveil