Encryption Software Market Predicted to Garner $42.26 Billion by 2030 : Report by Allied Market Research

According to the report, the global encryption software industry was estimated at $9.43 billion in 2020, and is anticipated to hit $42.26 billion by 2030, registering a CAGR of 16.5% from 2021 to 2030.

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The key players profiled in the encryption software market analysis are Amazon Web Services, Inc. (AWS), Check Point Software Technologies, Cisco System, Inc., F-Secure, Fortinet, Inc., IBM Corporation, Microsoft Corporation, Oracle Corporation, Palo Alto Networks, Inc., and Trend Micro Incorporated.

On the basis of region, North America contributed to the major market share in terms of revenue in 2020, holding more than one-third of the global encryption software industry. This growth is driven by the implementation of several government initiatives, which have helped the region expand its IT security investment.

Asia-Pacific, simultaneously, is projected to cite the fastest CAGR of 19.8% from 2021 to 2030. This is attributed to heavy investments made by private and public sectors for securing sensitive data, which is resulting into increased demand for encryption software used to secure and ensure the privacy of data.

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On the basis of component, the software segment accounted for the highest market share in 2020, generating more than two-thirds of the global encryption software market. This is because organizations in the BFSI and IT & telecom industry are increasingly adopting this software to enhance their operational efficiency and provide advance security to the organizations assets and data. The service segment, on the other hand, is anticipated to cite the fastest CAGR of 18.9% from 2021 to 2030, due to rise in demand for cloud-based encryption software services.

Surge in data breaches and rise in compliance regulation activities among organizations drive the growth of the encryption software market. On the other hand, lack of awareness about encryption software and limited use of encrypted device in some countries impede the growth to some extent. However, growing demand for cloud-based encryption software is expected to create lucrative opportunities in the industry.

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