Market Research Future (MRFR) has published a cooked research report on the “Global Encryption Software Market” that contains information from 2018 to 2030. The Encryption Software market is estimated to register a CAGR of 16.40% during the forecast period of 2023 to 2032.
MRFR recognizes the following companies as the key players in the global Encryption Software market— McAfee, Microsoft Corporation, Symantec, Thales e-Security Inc., IBM Corporation, Trend Micro, Sophos Group plc, Check Point, Micro Focus, Dell Inc.
Market Highlights
The global Encryption Software market is accounted to register a CAGR of 16.40% during the forecast period and is estimated to reach USD 15.69 billion by 2032.
The Encryption Software market refers to the industry focused on developing and providing software solutions that encrypt data to protect it from unauthorized access or interception. Encryption software ensures the confidentiality and integrity of sensitive information by converting it into unreadable formats, safeguarding it from cyber threats and potential breaches.
Segment Analysis
The global Encryption Software market has been segmented based on Component and Application.
On the basis of Component, the market is segmented into Software and Services. Software-based encryption is one of the end-point data security technologies that is advancing the most quickly. The usage of encryption software and services enables users to confirm that they are speaking with the right people, but they also increase the risk of unintended weaknesses and exploitation of communications networks.
Based on Application, the global Encryption Software market has been segmented into Cloud Encryption, Communication Encryption, Database Encryption, Disk Encryption, and File/Folder Encryption. Due to increased global demand for secure storage of sensitive data, the cloud encryption industry is the one with the quickest growth.
Based on Deployment Model, the global Encryption Software market has been segmented into On-Premises and Cloud. The widespread adoption of the internet of things (IoT) coupled with the growth of digital channels such as social media has enhanced business functioning and data collected through endpoints
Regional Analysis
The global Encryption Software market, based on region, has been divided into the North America, Europe, Asia-Pacific, and Rest of the World. North America consists of US and Canada. The Europe Encryption Software market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The Encryption Software market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World Encryption Software market comprises of Middle East, Africa, and Latin America.
The North America Encryption Software Market dominated this market in 2022. With the regional internet's growing use, the usage of encryption solutions is probably going to rise. Additionally, the developing mobile wireless network has increased the vulnerability surrounding data protection, making encryption technology a crucial and necessary component of every organisation in the area.
Additionally, Europe now holds the largest market share due to the region's well-established IT and telecom sector and the generation of enormous amounts of data that must be secured. The use of personal computers and the Internet in the private sector is also anticipated to increase demand for encryption solutions in this area over the ensuing years.
The region with the largest projected market share growth is Asia Pacific. The lack of data storage technologies that will force businesses to store their data on cloud servers will cause the Asia Pacific industry to expand during the next years. The likelihood of data loss and theft increases as a result, driving up the demand for encryption technologies in the area.
Key Findings of the Study