New York, United States , Dec. 13, 2023 (GLOBE NEWSWIRE) -- The Encryption Software Market Size is to Grow from USD 13.1 Billion in 2022 to USD 48.1 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 13.8% during the projected period.
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Advances in mobile technology in terms of hardware and software, as well as its spread throughout organizations and increased adoption of smartphones are anticipated to propel demand for encryption software. Because of the rising use of mobile devices in enterprises, the risk of data loss has increased, making encryption software deployment critical for safe data transmission. Furthermore, as businesses migrate to cloud computing, the need to protect sensitive data develops, resulting in increased software deployment. In recent years, data and security breaches have become more widespread. Businesses all across the world utilize encryption software as a primary defensive strategy against data and security breaches. Ransomware cannot breach cryptographic security techniques, ensuring the safety of systems and datasets. Encryption techniques such as encryption and steganography are used to improve data security, preventing cyber adversaries from conquering data. During the forecast period, this is expected to fuel the expansion of the encryption software market. The primary obstacle that businesses face when installing encryption software solutions is the expensive cost of implementing so. Software encryption solutions can assist both consumers and businesses in lowering the risk of data loss. The incredible data explosion generated by the adoption of encryption software solutions has significantly increased firms' overall overhead expenses.
COVID-19 Impact
The COVID-19 outbreak had a positive impact on the global encryption software market because there was an immediate increase in the volume of data kept in the cloud as a result of rapid digital transformation methods because organizations were increasingly focusing on centrally controlling different cloud resources. As a result, data security has become more essential during the COVID-19 pandemic.
Browse key industry insights spread across 200 pages with 150 market data tables and figures & charts from the report on "Global Encryption Software Market Size, Share, and COVID-19 Impact Analysis, By Application (Disk, Cloud, Network Traffic Encryption, Others), By Deployment (On-premise, Cloud), By Enterprise Size (Large Enterprises, SMEs), By End-Use (BFSI, IT & Telecom, Retail, Government & Public Affairs G&PA, Healthcare, Defense & Aerospace, Education, Manufacturing, Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032".
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The cloud segment dominates the market with the largest revenue share over the forecast period.
Based on application, the global encryption software market is segmented into disk, cloud, network traffic encryption, and others. Among these, the cloud segment is dominating the market with the largest revenue share over the forecast period. Many businesses, including BFSI, retail, and others, depend on data storage. Demand for cloud encryption solutions is likely to expand as more businesses shift to the cloud, owing to the flexibility it gives in terms of scalability and usage policy.
The cloud segment is witnessing significant CAGR growth over the forecast period.
Based on deployment, the global encryption software market is segmented into on-premise and cloud. Among these, the cloud segment is witnessing significant CAGR growth over the forecast period. The rise of CYOD (Choose Your Own Device) and BYOD in the IT & telecom sector is anticipated to have a significant impact on overall market growth during the same time period. The formation of new businesses in emerging economies is likely to boost demand for cloud-based solutions.
The small & medium enterprise segment SME is expected to hold the rapid revenue growth of the global Encryption Software market during the forecast period.
Based on the enterprise size, the global encryption software market is classified into large enterprises and small & medium enterprises SMEs. Among these, the small & medium enterprise SME segment expected to grow at a rapid pace during the forecast period. SMEs are heavily utilizing encryption software to comply with regulations and reduce fraud risk. BYOD trends, cloud-based services, and mobile technologies have increased SMEs' profitability while also supporting them in strengthening their entire organizational structures. Data has shifted from corporate networks to personal devices such as laptops and smartphones as the use of mobile devices has increased, increasing the amount of fraudulent data, cyberattacks, data loss, and the risk of identity theft.
The BFSI segment is projected to grow at the highest CAGR in the market during the forecast period.
Based on end-uses, the global encryption software market is segmented into BFSI, IT & Telecom, retail, government & public affairs (G&PA), healthcare, defense & aerospace, education, manufacturing, and others. Among these, the BFSI segment grows at highest CAGR growth over the forecast period. With the volatile nature of the security industry and the increasing frequency of cyberattacks, there is a greater need to protect sensitive financial data while optimizing revenue and limiting risk. The industry expects growing use of these security solutions as banking institutions eventually adopt cloud solutions. Traditional data transfer methods used by banks, such as email and DVDs, pose a considerable danger of data breach, presenting development opportunities in the banking and financial industry.
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North America dominates the market with the largest market share over the forecast period.
North America is dominating the largest market share over the forecast period. The region's use of encryption solutions is expected to increase due to increased internet use. Furthermore, the growing mobile wireless network has raised data security vulnerabilities, making encryption technology an essential component of every organization in the region. Furthermore, the growing requirement to comply with severe laws, combined with the presence of key encryption software vendors, is projected to drive regional market expansion. Asia-Pacific market is expected to grow the fastest during the forecast period. Organizations will be required to store their data on a cloud server due to growing research and development activities in the encryption software sector, as well as a lack of data storage technologies. It raises the possibility of data loss or theft, raising the need for encryption technology in the region. The region's use of encryption solutions is expected to increase due to increased internet use.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Encryption Software Market include IBM Corporation, Symantec Corporation, Thales Group, Microsoft Corporation, Trend Micro Incorporated, Dell Technologies, Inc., Sophos Ltd., Check Point Software Technologies, McAfee, Inc., WinMagic, Bitdefender, CipherCloud, ESET, Zettaset, Inc., and among others.
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Recent Market Developments
In June 2023, IBM has released a new tool to assist businesses in tracking greenhouse gas emissions across cloud services and improving sustainability as they transition to hybrid and multi-cloud settings. Everyone can now use the IBM Cloud Carbon Calculator and the AI-powered dashboard. It can assist clients in gaining access to emissions data for a wide range of IBM Cloud functions, including AI, high-performance computing (HPC), and financial services.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2022 to 2032. Spherical Insights has segmented the global encryption software market based on the below-mentioned segments:
Encryption Software Market, Application Analysis
- Disk
- Cloud
- Network Traffic Encryption
- Others
Encryption Software Market, Deployment Analysis
- On-premise
- Cloud
Encryption Software Market, Enterprise Size Analysis
- Large Enterprises
- Small & Medium Enterprises
Encryption Software Market, End-Use Analysis
- BFSI
- IT & Telecom
- Retail
- Government & Public Affairs (G&PA)
- Healthcare
- Defense & Aerospace
- Education
- Manufacturing
- Others
Encryption Software Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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