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

Encryption Software Market

Global Encryption Software Market: By Component: Software, Services; By Application: Disk Encryption, File/Folder Encryption, Others; By Deployment Mode; By Enterprise Size; By Industry; Regional Analysis; Historical Market and Forecast (2018-2028); Market Dynamics: SWOT Analysis; Competitive Landscape; Industry Events and Developments

Global Encryption Software Market Outlook

The global encryption software market stood at a value of around USD 11 billion in 2022. The market is further expected to grow at a CAGR of 16.4% in the forecast period of 2023-2028 to attain a value of USD 27.1 billion by 2028.

 

Global Encryption Software Market

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Cloud Encryption Segment to Account for a Significant Market Share of the Global Encryption Software Industry

Based on application, the cloud encryption segment is predicted to hold a significant market share in the encryption software industry. This growth can be attributed to the increased implementation of cloud technology in major industry verticals such as the healthcare and retail industry to consolidate business processes, provide access and storage to a wide range of data, and improve work efficiency. In addition, the increased demand for data security to mitigate the risk of data theft and leak is further aiding the market growth. Cloud encryption helps to encode the data as it travels to improve the security of stored data. These factors are expected to contribute to the overall market growth in the forecast period.

 

North America to Occupy a Significant Market Share in the Global Encryption Software Industry

North America is estimated to hold a significant share of the encryption software industry in the forecast period. This growth can be attributed to the presence of leading market players in the region. In addition, the heightened adoption of digital solutions across industry verticals is leading to an increased demand for encryption software to help in the protection of digital data. Moreover, the increased investment in the development of encryption software technology is also expected to positively impact the market growth in the coming years.

 

Encryption Software: Market Segmentation

Encryption software provides digital data protection by utilising the concept of cryptography. This software helps to prevent any unauthorised access to any digital data. Through this technology, the data is converted into ciphertexts, which can only be accessed through a key or password. The encrypted file has to be decrypted in order to access it and obtain the data. This helps to ensure the safety of digitally stored information and keep it safe from any incidences of theft.

 

Global Encryption Software Market By Application

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By component, the market is divided into:

  • Software 
  • Services

Among these, the services segment can be further categorised based on type into professional services and managed services.

On the basis of application, the market can be segmented into:

  • Disk Encryption 
  • File/Folder Encryption
  • Database Encryption 
  • Communication Encryption
  • Cloud Encryption

Based on deployment mode, the industry can be bifurcated into:

  • On-Premise 
  • Cloud

On the basis of enterprise size, the market can be distributed into:

  • Small and Medium-Sized Enterprises
  • Large Enterprises

Based on industry, the market can be categorised into:

  • Banking, Financial Services, and Insurance
  • Aerospace and Defence
  • Government and Public Utilities
  • IT and Telecommunication
  • Healthcare 
  • Retail 
  • Others

The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

 

Global Encryption Software Market By Region

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Heightened Digitalisation and the Growing Internet Penetration to Drive the Global Encryption Software Industry

Organisations, big and small, are exceedingly investing in employing digital solutions in their business operations to improve their productivity and expand their distribution channels while streamlining the varied processes involved. The growing internet penetration and increased digitalisation with heightened adoption of internet of things (IoT)  across different industry verticals are expected to enhance the demand for encryption software technology. Moreover, with the growing trend of remote working facilities and the usage of enterprise mobility solutions such as smartphones and tablets, the risk for data leaks and data theft has also increased. Consequently, enterprises are investing in quality encryption software mechanisms to mitigate the risk of data theft, especially in cloud-based operations. In addition, the rising awareness pertaining to encryption technology is also contributing to its popularity in the market. These factors are estimated to positively impact the market growth in the forecast period.

 

Key Industry Players in the Global Encryption Software Market

The report gives a detailed analysis of the following key players in the global encryption software market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

  • IBM Corporation
  • Microsoft Corporation
  • NortonLifeLock Inc.
  • Trend Micro Inc.
  • Micro Focus International Plc
  • Others

The comprehensive EMR report provides an in-depth assessment of the industry based on the Porter's five forces model and SWOT analysis.

 

REPORT FEATURES DETAILS
Base Year 2022
Historical Period 2018-2022
Forecast Period 2023-2028
Scope of the Report Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- Component, Application, Deployment Mode, Enterprise Size, Industry, Region
Breakup by Component Software, Services
Breakup by Application Disk Encryption, File/Folder Encryption, Database Encryption, Communication Encryption, Cloud Encryption
Breakup by Deployment Mode On-Premise, Cloud
Breakup by Enterprise Size Small and Medium-Sized Enterprises, Large Enterprises
Breakup by Industry Banking, Financial Services, and Insurance, Aerospace and Defence, Government and Public Utilities, IT and Telecommunication, Healthcare, Retail, Others
Breakup by Region North America, Europe, Asia Pacific, Latin America, Middle East and Africa
Market Dynamics SWOT, Porter's Five Forces, Key Indicators for Price and Demand
Competitive Landscape Market Structure, Company Profiles- Company Overview, Product Portfolio, Demographic Reach and Achievements, Certifications
Companies Covered IBM Corporation, Microsoft Corporation, NortonLifeLock Inc., Trend Micro Inc., Micro Focus International Plc, Others
Report Price and Purchase Option Explore our purchase options that are best suited to your resources and industry needs.
Delivery Format Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option.

 

*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.

1    Preface
2    Report Coverage – Key Segmentation and Scope
3    Report Description
    3.1    Market Definition and Outlook
    3.2    Properties and Applications
    3.3    Market Analysis
    3.4    Key Players
4    Key Assumptions
5    Executive Summary
    5.1    Overview
    5.2    Key Drivers
    5.3    Key Developments
    5.4    Competitive Structure
    5.5    Key Industrial Trends
6    Snapshot
    6.1    Global
    6.2    Regional
7    Opportunities and Challenges in the Market
8    Global Encryption Software Market Analysis
    8.1    Key Industry Highlights
    8.2    Global Encryption Software Historical Market (2018-2022) 
    8.3    Global Encryption Software Market Forecast (2023-2028)
    8.4    Global Encryption Software Market by Component
        8.4.1    Software
            8.4.1.1    Historical Trend (2018-2022)
            8.4.1.2    Forecast Trend (2023-2028)
        8.4.2    Services
            8.4.2.1    Historical Trend (2018-2022)
            8.4.2.2    Forecast Trend (2023-2028)
            8.4.2.3    Breakup by Type
                8.4.2.3.1    Professional Services
                8.4.2.3.2    Managed Services
    8.5    Global Encryption Software Market by Application
        8.5.1    Disk Encryption
            8.5.1.1    Historical Trend (2018-2022)
            8.5.1.2    Forecast Trend (2023-2028)
        8.5.2    File/Folder Encryption
            8.5.2.1    Historical Trend (2018-2022)
            8.5.2.2    Forecast Trend (2023-2028)
        8.5.3    Database Encryption
            8.5.3.1    Historical Trend (2018-2022)
            8.5.3.2    Forecast Trend (2023-2028)
        8.5.4    Communication Encryption
            8.5.4.1    Historical Trend (2018-2022)
            8.5.4.2    Forecast Trend (2023-2028)
        8.5.5    Cloud Encryption
            8.5.5.1    Historical Trend (2018-2022)
            8.5.5.2    Forecast Trend (2023-2028)
    8.6    Global Encryption Software Market by Deployment Mode
        8.6.1    On-Premise
            8.6.1.1    Historical Trend (2018-2022)
            8.6.1.2    Forecast Trend (2023-2028)
        8.6.2    Cloud
            8.6.2.1    Historical Trend (2018-2022)
            8.6.2.2    Forecast Trend (2023-2028)
    8.7    Global Encryption Software Market by Enterprise Size
        8.7.1    Small and Medium-Sized Enterprises
            8.7.1.1    Historical Trend (2018-2022)
            8.7.1.2    Forecast Trend (2023-2028)
        8.7.2    Large Enterprises
            8.7.2.1    Historical Trend (2018-2022)
            8.7.2.2    Forecast Trend (2023-2028)
    8.8    Global Encryption Software Market by Industry
        8.8.1    Banking, Financial Services, and Insurance
            8.8.1.1    Historical Trend (2018-2022)
            8.8.1.2    Forecast Trend (2023-2028)
        8.8.2    Aerospace and Defence
            8.8.2.1    Historical Trend (2018-2022)
            8.8.2.2    Forecast Trend (2023-2028)
        8.8.3    Government and Public Utilities
            8.8.3.1    Historical Trend (2018-2022)
            8.8.3.2    Forecast Trend (2023-2028)
        8.8.4    IT and Telecommunication
            8.8.4.1    Historical Trend (2018-2022)
            8.8.4.2    Forecast Trend (2023-2028)
        8.8.5    Healthcare
            8.8.5.1    Historical Trend (2018-2022)
            8.8.5.2    Forecast Trend (2023-2028)
        8.8.6    Retail
            8.8.6.1    Historical Trend (2018-2022)
            8.8.6.2    Forecast Trend (2023-2028)
        8.8.7    Others   
    8.9    Global Encryption Software Market by Region
        8.9.1    North America
            8.9.1.1    Historical Trend (2018-2022) 
            8.9.1.2    Forecast Trend (2023-2028)
        8.9.2    Europe
            8.9.2.1    Historical Trend (2018-2022) 
            8.9.2.2    Forecast Trend (2023-2028)
        8.9.3    Asia Pacific
            8.9.3.1    Historical Trend (2018-2022) 
            8.9.3.2    Forecast Trend (2023-2028)
        8.9.4    Latin America
              8.9.4.1    Historical Trend (2018-2022) 
              8.9.4.2    Forecast Trend (2023-2028)
        8.9.5    Middle East and Africa
            8.9.5.1    Historical Trend (2018-2022) 
            8.9.5.2    Forecast Trend (2023-2028)
9    North America Encryption Software Market Analysis
    9.1    United States of America 
        9.1.1    Historical Trend (2018-2022) 
        9.1.2    Forecast Trend (2023-2028)
    9.2    Canada
        9.2.1    Historical Trend (2018-2022) 
        9.2.2    Forecast Trend (2023-2028)
10    Europe Encryption Software Market Analysis
    10.1    United Kingdom
        10.1.1    Historical Trend (2018-2022) 
        10.1.2    Forecast Trend (2023-2028)
    10.2    Germany
        10.2.1    Historical Trend (2018-2022) 
        10.2.2    Forecast Trend (2023-2028)
    10.3    France
        10.3.1    Historical Trend (2018-2022) 
        10.3.2    Forecast Trend (2023-2028)
    10.4    Italy
        10.4.1    Historical Trend (2018-2022) 
        10.4.2    Forecast Trend (2023-2028)
    10.5   Others
11    Asia Pacific Encryption Software Market Analysis
    11.1    China
        11.1.1    Historical Trend (2018-2022) 
        11.1.2    Forecast Trend (2023-2028)
    11.2    Japan
        11.2.1    Historical Trend (2018-2022) 
        11.2.2    Forecast Trend (2023-2028)
    11.3    India
        11.3.1    Historical Trend (2018-2022) 
        11.3.2    Forecast Trend (2023-2028)
    11.4    ASEAN
        11.4.1    Historical Trend (2018-2022) 
        11.4.2    Forecast Trend (2023-2028)
    11.5    Australia
        11.5.1    Historical Trend (2018-2022) 
        11.5.2    Forecast Trend (2023-2028)
    11.6    Others
12    Latin America Encryption Software Market Analysis
    12.1    Brazil
        12.1.1    Historical Trend (2018-2022) 
        12.1.2    Forecast Trend (2023-2028)
    12.2    Argentina
        12.2.1    Historical Trend (2018-2022) 
        12.2.2    Forecast Trend (2023-2028)
    12.3    Mexico
        12.3.1    Historical Trend (2018-2022) 
        12.3.2    Forecast Trend (2023-2028)
    12.4    Others
13    Middle East and Africa  Encryption Software Market Analysis
    13.1    Saudi Arabia
        13.1.1    Historical Trend (2018-2022) 
        13.1.2    Forecast Trend (2023-2028)
    13.2    United Arab Emirates
        13.2.1    Historical Trend (2018-2022) 
        13.2.2    Forecast Trend (2023-2028)
    13.3    Nigeria
        13.3.1    Historical Trend (2018-2022) 
        13.3.2    Forecast Trend (2023-2028)
    13.4    South Africa
        13.4.1    Historical Trend (2018-2022) 
        13.4.2    Forecast Trend (2023-2028)
    13.5    Others
14    Market Dynamics
    14.1    SWOT Analysis
        14.1.1    Strengths
        14.1.2    Weaknesses
        14.1.3    Opportunities
        14.1.4    Threats
    14.2    Porter’s Five Forces Analysis
        14.2.1    Supplier’s Power
        14.2.2    Buyer’s Power
        14.2.3    Threat of New Entrants
        14.2.4    Degree of Rivalry
        14.2.5    Threat of Substitutes
    14.3    Key Indicators for Demand
    14.4    Key Indicators for Price
15    Competitive Landscape
    15.1    Market Structure
    15.2    Company Profiles
        15.2.1    IBM Corporation
            15.2.1.1    Company Overview
            15.2.1.2    Product Portfolio
            15.2.1.3    Demographic Reach and Achievements
            15.2.1.4    Certifications
        15.2.2    Microsoft Corporation
            15.2.2.1    Company Overview
            15.2.2.2    Product Portfolio
            15.2.2.3    Demographic Reach and Achievements
            15.2.2.4    Certifications
        15.2.3    NortonLifeLock Inc.
            15.2.3.1    Company Overview
            15.2.3.2    Product Portfolio
            15.2.3.3    Demographic Reach and Achievements
            15.2.3.4    Certifications
        15.2.4    Trend Micro Inc.
            15.2.4.1    Company Overview
            15.2.4.2    Product Portfolio
            15.2.4.3    Demographic Reach and Achievements
            15.2.4.4    Certifications
        15.2.5    Micro Focus International Plc
            15.2.5.1    Company Overview
            15.2.5.2    Product Portfolio
            15.2.5.3    Demographic Reach and Achievements
            15.2.5.4    Certifications
        15.2.6    Others
16    Key Trends and Developments in the Market

 

List of Key Figures and Tables

1.    Global Encryption Software Market: Key Industry Highlights, 2018 and 2028
2.    Global Encryption Software Historical Market: Breakup by Component (USD Billion), 2018-2022
3.    Global Encryption Software Market Forecast: Breakup by Component (USD Billion), 2023-2028
4.    Global Encryption Software Historical Market: Breakup by Application (USD Billion), 2018-2022
5.    Global Encryption Software Market Forecast: Breakup by Application (USD Billion), 2023-2028
6.    Global Encryption Software Historical Market: Breakup by Deployment Type (USD Billion), 2018-2022
7.    Global Encryption Software Market Forecast: Breakup by Deployment Type (USD Billion), 2023-2028
8.    Global Encryption Software Historical Market: Breakup by Enterprise Size (USD Billion), 2018-2022
9.    Global Encryption Software Market Forecast: Breakup by Enterprise Size (USD Billion), 2023-2028
10.    Global Encryption Software Historical Market: Breakup by Industry (USD Billion), 2018-2022
11.    Global Encryption Software Market Forecast: Breakup by Industry (USD Billion), 2023-2028
12.    Global Encryption Software Historical Market: Breakup by Region (USD Billion), 2018-2022
13.    Global Encryption Software Market Forecast: Breakup by Region (USD Billion), 2023-2028
14.    North America Encryption Software Historical Market: Breakup by Country (USD Billion), 2018-2022
15.    North America Encryption Software Market Forecast: Breakup by Country (USD Billion), 2023-2028
16.    Europe Encryption Software Historical Market: Breakup by Country (USD Billion), 2018-2022
17.    Europe Encryption Software Market Forecast: Breakup by Country (USD Billion), 2023-2028
18.    Asia Pacific Encryption Software Historical Market: Breakup by Country (USD Billion), 2018-2022
19.    Asia Pacific Encryption Software Market Forecast: Breakup by Country (USD Billion), 2023-2028
20.    Latin America Encryption Software Historical Market: Breakup by Country (USD Billion), 2018-2022
21.    Latin America Encryption Software Market Forecast: Breakup by Country (USD Billion), 2023-2028
22.    Middle East and Africa Encryption Software Historical Market: Breakup by Country (USD Billion), 2018-2022
23.    Middle East and Africa Encryption Software Market Forecast: Breakup by Country (USD Billion), 2023-2028
24.    Global Encryption Software Market Structure

Key Questions Answered in the Report

What was the global encryption software market size in 2022?

In 2022, the global encryption software market attained a value of nearly USD 11 billion.

What is the growth rate of the global encryption software market?

The market is projected to grow at a CAGR of 16.4% between 2023 and 2028.

What is the forecast outlook of the market for 2023-2028?

The market is estimated to witness a healthy growth in the forecast period of 2023-2028 to reach USD 27.1 billion by 2028.

What are the major market drivers?

The major drivers of the market are increased demand for encryption software in major market verticals, growing digitalisation, rapid spread of the internet, and the increasing investments in research and development activities by leading technology companies.

What are the key trends of the market?

The key trends guiding the growth of the market include rising adoption of IoT and heightened deployment of cloud-based digital solutions.

What are the major regional markets of encryption software, according to the EMR report?

The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.

What are the significant components of encryption software in the market?

The significant components of the product are software and services.

What are the major applications in the market?

The major applications in the market are disk encryption, file/folder encryption, database encryption, communication encryption, and cloud encryption.

What are the significant deployment modes in the market?

The significant deployment modes in the market include on-premise and cloud.

What are the major enterprise sizes in the market?

The major enterprise sizes in the market are small and medium-sized enterprises and large enterprises.

What are the various industries in the market for encryption software?

The various industries in the market for encryption software are banking, financial services, and insurance, aerospace and defence, government and public utilities, IT and telecommunication, healthcare, and retail, among others.

Who are the key market players, according to the report?

The major players in the market are IBM Corporation, Microsoft Corporation, NortonLifeLock Inc., Trend Micro Inc., and Micro Focus International Plc, among others.

Analyst Review

The global encryption software market attained a value of USD 11 billion in 2022, driven by the increased digitalisation. Aided by the rapid technological advancements, the market is expected to witness a further growth in the forecast period of 2023-2028, growing at a CAGR of 16.4%. The market is projected to reach USD 27.1 billion by 2028.

EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. On the basis of component, the market can be distributed into software and services. Based on application, the industry can be segmented into disk encryption, file/folder encryption, database encryption, communication encryption, and cloud encryption. By deployment mode, the industry can be segregated into on-premise and cloud. The industry can be categorised, based on enterprise size, into small and medium-sized enterprises and large enterprises. On the basis of industry, the market can be divided into banking, financial services, and insurance, aerospace and defence , government and public utilities, IT and telecommunication, healthcare, retail, and others. The major regional markets for encryption software are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. The key players in the above market include IBM Corporation, Microsoft Corporation, NortonLifeLock Inc.,  Trend Micro Inc., Micro Focus International Plc, a nd others.

EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.

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