Encryption Software Market by Component (Software and Services), Application (Disk Encryption, File/Folder Encryption, Communication Encryption, Cloud Encryption), Deployment Mode, Enterprise Size, Vertical, and Region - Global Forecast to 2024
The global encryption software market size to grow at a Compound Annual Growth Rate (CAGR) of 17.0% during the forecast period
MarketsandMarkets forecasts the global encryption software market size to grow from USD 7.5 billion in 2019 to USD 16.5 billion by 2024, at a CAGR of 17.0% during 2019–2024. Major growth drivers for the encryption software market include stringent regulatory standards and data privacy compliances, rising concerns about loss of critical data and exponential increase in the adoption of cloud and virtualization technologies. Budgetary constraints and availability of free, open source, and pirated encryption software may restrain the growth of the encryption software market.
Services segment to grow at a higher CAGR during the forecast period
The encryption software market is segmented on the basis of component (software and services). The services segment is expected to grow at a faster pace during the forecast period. There is a strong requirement for encryption software related services to tackle specific needs. The encryption services enhance the security portfolio of enterprises and safeguard their system from unauthorized access, exploitation, and data loss.
The cloud encryption segment to grow at the highest CAGR during the forecast period
The encryption software market by application has subsegments of disk encryption, file/folder encryption, database encryption, communication encryption, and cloud encryption. The cloud encryption segment to grow at the highest CAGR during the forecast period, owing to the increasing number of organizations moving toward the cloud for achieving cost savings, agility, and flexibility, although this is also making their critical data more vulnerable to cyberattacks. Hence, the cloud encryption segment is growing at the highest rate among all encryption software applications.
Asia Pacific (APAC) to grow at the highest CAGR during the forecast period
APAC is expected to grow at the highest CAGR during the forecast period. The increasing investments by the tech companies in major APAC countries, such as China, India, Australia, and New Zealand, and growing government regulations are expected to drive the growth of the market in APAC.
In-depth interviews were conducted with Chief Executive Officers (CEOs), innovation and technology directors, hedge fund managers, and executives from various key organizations operating in the encryption software market.
By Company: Tier I: 35%, Tier II: 45%, and Tier III: 20%
By Designation: C-Level: 35%, Director-Level: 25%, and Others: 40%
By Region: North America: 45%, APAC: 20%, Europe: 30%, RoW (MEA and Latin America): 5%
The report includes the study of the key players offering encryption software solutions. It profiles major vendors in the global encryption software market. The major vendors include IBM (US), Microsoft (US), Symantec (US), Thales e-Security (France), Trend Micro (Japan), Sophos (UK), Check Point (Israel), Micro Focus (UK), McAfee (US), Dell (US), WinMagic (US), ESET (US), Cryptomathic (Denmark), Bitdefender (Romania), Stormshield (France), and CipherCloud (US). It also includes an in-depth competitive analysis of the key players in the encryption software market, along with their company profiles, business overviews, product offerings, recent developments, and market strategies.
The report segments the global encryption software market by component, services, application, deployment mode, enterprise size, and region. The encryption software market by application has disk encryption, file/folder encryption, database encryption, communication encryption, and cloud encryption categories. The component segment comprises software and services. The services segment has professional services and managed services. The encryption software market by deployment mode covers cloud and on-premises. On the basis of enterprise size, the encryption software market has Small and Medium-sized Enterprises (SMEs) and large enterprises segments. The report also covers the encryption software market with respect to 5 major regions: North America, Europe, APAC, Latin America, and Middle East and Africa (MEA).
The report would help the market leaders and new entrants in the global encryption software market in the following ways:
1. The report segments the market into various subsegments; hence, it covers the market comprehensively. It provides the closest approximations of the revenue numbers for the overall market and its subsegments. The market numbers are further split across trading types and regions.
2. It helps in understanding the overall growth of the market. It also provides information about key market drivers, restraints, challenges, and opportunities.
3. It helps stakeholders in understanding their competitors better and gaining more insights to strengthen their positions in the market. The study also presents the positioning of the key players based on their product offerings and business strategies.
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