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Global Encryption Software Market to Grow at a CAGR of 16.3% During 2021-2026, Aided by the Increased Digitalisation

According to a new report by EMR titled, ‘Global Encryption Software Market Report and Forecast 2021-2026’, the market attained a value of USD 7.93 billion in 2020. It is expected to witness a healthy growth in the forecast period, growing at a CAGR of 16.3% between 2021 and 2026 to reach USD 19.55 billion by 2026.

The global encryption software industry is being driven by rapid digitalisation, such as the heightened adoption of the internet of things (IoT) across various industry verticals. In addition, the rapid technological advancements, such as the cloud-based deployment models, are exceedingly being deployed to help with the processing and analysis of a large volume of data, which is also contributing to the market growth. This is leading to the increased demand for encryption software since more and more data is becoming digitalised, thus, posing a risk of data theft and leak. These factors are predicted to drive the market growth in the coming years.

The rising demand for data security among organisations is motivating market players to develop encryption software with improved security features with the use of emerging technologies. This is estimated to significantly catalyse the industry growth in the forecast period. For instance, in December 2020, IBM Corporation (NYSE: IBM) announced the launch of IBM Security Homomorphic Encryption Services, which enables its clients to utilise the fully homomorphic encryption (FHE), an emerging technology that enables encryption of data even during processing within the cloud or any third-party environment. The new service offers companies with technical support and testing opportunities to develop prototypes of FHE based applications. Furthermore, another leading encryption software vendor, Microsoft Corporation (NASDAQ: MSFT), in July 2020, announced the new addition of Double Key Encryption and other features in its Microsoft 365. This feature will allow organisations to better protect their digital data, as it generates two keys for accessing the encrypted data. These developments are expected to positively impact the growth of the encryption software industry in the forecast period.

Market Breakup by Component, Application, Deployment Mode, Enterprise Size, Industry, and Region:

  • The market is divided based on component into software and services. Among these, the services segment can be further distributed based on type into professional services and managed services.
  • Based on application, the market can be distributed into disk encryption, file/folder encryption, database encryption, communication encryption, and cloud encryption.
  • On the basis of deployment mode, the industry is segregated into on-premise and cloud.
  • The industry is segmented, on the basis of enterprise size, into small and medium-sized enterprises and large enterprises.
  • On the basis of industry, the market can be categorised into banking, financial services and insurance, aerospace and defence, government and public utilities, IT and telecommunication, healthcare, retail, and others.
  • Region-wise, the global market for encryption software can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The global market for encryption software is being driven by the increased digitalisation globally.
  • The rising trends of remote working and implementation of cloud technology have significantly contributed to the market expansion.
  • Increased adoption of encryption software by organisations across industry verticals is also aiding the industry growth.
  • The rising technological advancements and the development of better encryption software are expected to further propel the market growth.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for encryption software for the periods (2016-2020) and (2021-2026).
  • The report also offers historical (2016-2020) and forecast (2021-2026) market information for the components, applications, deployment modes, enterprise sizes, industries, and regions of encryption software.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global encryption software market are IBM Corporation, Microsoft Corporation, NortonLifeLock Inc., Trend Micro Inc., Micro Focus International Plc, and others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.

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