According to a research report “Encryption Software Market with COVID-19 Impact Analysis, by Component, Application (Disk Encryption, File/Folder Encryption, Communication Encryption, & Cloud Encryption), Deployment Mode, Organization Size, Vertical & Region – Global Forecast to 2026″ published by MarketsandMarkets, the global Encryption software market size is expected to grow from USD 10.9 billion in 2021 to USD 22.1 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 15.2% from 2021 to 2026.
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An increase in the adoption of Encryption software solutions in IT and Telecommunications companies are expected to boost the growth of the Encryption software market. Additionally, Encryption software market is expected to witness rapid growth worldwide due to various factors such as Stringent regulatory standards and data privacy compliances, Rising concerns pertaining to loss of critical data and Exponential increase in adopting cloud and virtualization technologies.
By deployment mode, on premises segment to hold the largest market size during the forecast period
Due to criticality, confidentiality, risk, or trust issues, technology leaders host encryption solutions on-premises. The emergence of APTs, phishing, malware, and zero-day exploits has heralded enterprises and industries to nurture in-house IT skills and build on-premises technologies and platforms. The overall cost of an in-house IT team is more than cloud-based encryption software.
Data security tops the list of concerns that hold companies back from cloud adoption. Enterprises are migrating to the cloud to stay competitive, but not all are comfortable with moving sensitive data – and opt to keep their personal and regulated data on-premises. The on-premises deployment mode is majorly used by critical information industries due to the high security associated with managing sensitive data in-house. Organizations that manage large volumes of sensitive data, especially government agencies, financial companies, and healthcare, still rely on-premises solutions – due to concerns around data security and privacy. Data protection regulations and standards, such as the GDPR, HIPAA, and PCI-DSS, significantly impact how organizations can handle personal information.
In vertical, IT and Telecommunications to grow at the highest CAGR during the forecast period
The telecommunications vertical is a key target for hackers due to the vast amount of personal data being managed on cell phones, satellites, and the Internet. IT deals with computers and networking devices to produce, process, preserve and protect various forms of electronic data. It has created security issues and regulatory compliances that affect the working of the companies in the vertical. Thus, communication service providers have adopted encryption technologies to provide services to their customers without any hindrances.
During the COVID-19 pandemic, cell phone and internet usage have significantly increased worldwide. The increasing use of mobile has enabled users to access their emails and other files through their devices from anywhere. It has also increased the threat of cyberattacks. IT companies deploy many services through web and mobile applications. Online financial transactions in the vertical have significantly increased and become lucrative targets for cybercriminals. The companies in the vertical are adopting encryption solutions to provide their customers with risk-free services. Moreover, they are delivering encrypted services to their customers using mobile and cloud technologies. The use of encryption software has enabled users to save their important information on their mobile devices and use it through the cloud without any risk. The encryption solutions help telecommunication companies enhance their services and provide secure information to customers while also assisting in complying with regulations, such as AES, PCI DSS, and GDPR.
In region, APAC to grow at the highest CAGR during the forecast period
Across the Asia Pacific, there are a number of prosperous economies with well-developed cyber ecosystems. The economies include India, China, Australia, and New Zealand. The region has been one of the fastest-growing markets in terms of mobile workforce expansion and is witnessing the rising adoption of mobile devices. The Asia Pacific is expected to invest more in security due to the increasing threat of spear phishing, malware, ransomware, and BEC attacks. Alarming statistics uncovered by FireEye revealed that the Asia Pacific countries are more susceptible to advanced cyberattacks than the world. According to the Malwarebytes Threat Intelligence report released in April 2020, APT groups that use COVID-19-themed mails as a lure have grown significantly. The Australian Cyber Security Centre (ACSC) have also identified a rise in APT attacks against healthcare institutions and medical research facilities including vaccine development centers amid COVID-19. The large enterprises and SMEs in this region recognize the significance of data security. Organizations in this region are also increasingly focusing on building long-term relationships with their users by providing security to their sensitive data and delivering customized experiences. They are now more receptive toward adopting dedicated encryption solutions to protect their critical and sensitive business data from commercial espionage, cyber threats, and computer hackers.
The increasing advancements in mobility and cloud solutions, coupled with mandatory compliance to government regulations, have compelled companies in the region to adopt encryption solutions. Moreover, with the rising intensity and complexity of cyberattacks, the data security concerns of the businesses in the region have further heightened. Various eminent security vendors, such as Trend Micro, IBM, and Thales, are expanding their presence in the region to capitalize on the enormous demand for security software.
Major vendors in the global Encryption software market include IBM (US), Microsoft (US), Broadcom (US), Sophos (UK), Thales (France), McAfee (US), Trend Micro (Japan), Dell (US), Check Point (Israel), Micro Focus (UK), PKWare (US), ESET (Slovakia), Boxcryptor (Germany), WinMagic (US), Cryptomathic (Denmark), Bitdefender (Romania), Stormshield (France), Cisco (US), HPE (US), Bitglass (US), Baffle (US), Fortanix (US), Enveil (US), Nord Security (Panama), PreVeil (US).
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