Encryption Software Market Size Soars as Businesses Prioritize Data Protection | Forecast to Exceed USD 42.26 Billion by 2030

The market for encryption software worldwide was estimated at $9,434.76 million in 2020 and is anticipated to increase at a CAGR of 16.5% from 2021 to 2030, reaching $42.26 billion.

Depending on the security and compliance requirements of an organization, the primary function of encryption software is to safeguard the secrecy of the data contained in files, folders, and drives, as well as the data transmission through wireless networks or data-in-transit. To do this, a message or plain text is transformed into cipher text, a coded communication that can only be read by authorized individuals.

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Depending on industry vertical, banking, financial services, and insurance sector (BFSI) segment dominated the market in 2020. The major factors that drive the adoption of encryption software solution in the BFSI sector include rise in number of cyber-attacks and increase in need to protect sensitive financial data from breaches with maximum returns and minimum risk.

However, the IT and telecom segment is expected to grow at the highest rate during the forecast period, owing to rise in trend of bring-your-own-device (BYOD) in number organizations is opportunistic for the market. Mobile telephones and laptops are being increasingly used by government as well as commercial organizations for business and personal purposes.

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With the escalating frequency and sophistication of cyberattacks, organizations across industries are increasingly prioritizing data security. Encryption software has emerged as a critical tool in safeguarding sensitive information. As a result, the market is experiencing a surge in demand as businesses seek robust encryption solutions to protect their data assets from breaches, ransomware attacks, and other cyber threats.

The regulatory landscape for data protection has become more stringent globally. Compliance requirements such as GDPR in Europe and CCPA in California have compelled organizations to implement encryption as a fundamental data protection measure. This trend has fueled the adoption of encryption software, especially among enterprises dealing with personal and sensitive customer data.

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As cloud adoption continues to grow, encryption of data in transit and at rest within cloud environments has become paramount. Encryption software providers are developing advanced cloud-native solutions to meet the specific needs of cloud users. This includes end-to-end encryption, secure key management, and integration with cloud service providers, enhancing data security in the cloud.

With the theoretical threat posed by quantum computing to current encryption algorithms, there is a growing emphasis on post-quantum encryption solutions. Companies are investing in research and development to develop encryption software that can withstand the potential computational power of quantum computers, ensuring long-term data security.

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Region wise, North America dominated the encryption software market size in 2020. The major factors that drive the growth of the market in this region include increase in demand for encryption software to secure and ensure privacy of data by the private and public sectors. However, Asia-Pacific is expected to witness the highest growth rate during the forecast period due to increase in number of encryption software vendors and growing government support in the developing countries of Asia-Pacific.

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.

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