Encryption Software Market Global Industry Analysis and Forecast Till 2027
Recent developments in the mobile technology in terms of software and hardware, their distribution among businesses, and the increasing penetration of smartphones are further projected to offshoot the demand over the coming years. The increased number of enterprises moving toward cloud computing, combined with the Big data, demand the protection of sensitive data, thus raising the deployment for encryption software.
Encryption Software Market: Drivers and Challenges
Industry verticals such as healthcare and BFSI, have to comply with demanding regulations, like HIPPA, DSS, and PCI, which have mandated the implementation of data security solution. This has led to the adoption of encryption software across the globe. Additionally, on account of rapid digitization and increased usage of the Internet, the intellectual property of the enterprises, and users alike has become vulnerable to theft and intrusion. These security risks require companies to implement encryption software to protect the data. Encryption software enables the organizations to protect their intellectual property and other sensitive data, which is expected to boost growth over the forecast period.
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The U.S. government has developed Advanced Encryption Standard (AES) as a standard, and most of the encryption software now follow the AES. Even those that support other algorithms tend to recommend using AES.
Although these encryption software offer significant benefits, their adoption may experience challenges terms of budget. The deployment options for these solutions are complex and time-consuming; however, the benefits offered by them often overshadow the challenges pertaining to complexity and the time associated with their deployment.
Encryption Software Market: Segmentation
Network traffic encryption
By Deployment Type:
The on-premise segment emerged as a dominant deployment segment in encryption software. However, the cloud-based segment is estimated to grow substantially, owing to expanding cloud infrastructure and several companies adopting cloud storage solutions.
Also, developments in the IT & telecom sector, such as the emergence of BYOD and CYOD, are anticipated to significantly impact the growth over the coming years. The establishment of new businesses in the emerging economies is further expected to push the demand for cloud-based encryption software.
By User Type:
Small and Medium Enterprises (SMEs)
By Industry Vertical:
Government & Public Sector
IT & Telecom
Aerospace & Defense
The BFSI segment captured a sizeable market share. The increasing number of cyber-attacks and the dynamic nature of security industry have demanded the protection of sensitive financial data from cracks with minimum risk and maximum returns. As the banking institutions move towards cloud, the segment showcases a higher potential for the deployment of these encryption software.
Banks traditionally follow techniques such as DVDs, email, and others for the data transfer, which pose a high risk of data crack, thereby growing the opportunities in the BFSI industry for encryption software. Additionally, high dependency on online transactions and the need to safeguard the same are anticipated to increase demand of encryption software in the BFSI sector over the coming years.
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The encryption software ecosystem comprises major vendors such as Microsoft Corporation, Sophos Ltd., CheckPoint Software Technologies Ltd., Trend Micro Inc., Symantec Corporation, IBM Corporation, SAS Institute Inc., Intel Security Group (McAfee), EMC Corporation, and WinMagic Inc. to name a few.
North America accounted for the major market share due to the presence of the well-established IT & telecom sector in the region and the generation of huge amount of data that needs to be protected. Moreover, the increasing concerns about security, owing to the utilization of the Internet and personal computers in the private sector, are expected to escalate the demand in this region over the coming years.
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