San Francisco, 19 April 2024: The Report Encryption Software Market Size, Share & Trends Analysis Report By Deployment (On-premise, Cloud-based), By Application (Disk Encryption, Database Encryption), By End-use, By Region, And Segment Forecasts, 2023 - 2030

The global encryption software market size is expected to reach USD 44.55 billion by 2030, expanding at a CAGR of 16.2% from 2023 to 2030, according to a new report by Grand View Research, Inc. Software enterprises around the world are rapidly adopting encryption solutions to enhance business proficiency and improve data security. Rising concerns over data breaches and privacy compliance regulations, coupled with increasing adoption of modern technologies, including cloud, Internet of Things (IoT), virtualization, and mobility are expected to fuel product demand over the next few years.

These solutions safeguard privacy of the information stored in database and data in transit as per security requirements and compliance of any business organization. This renders information unreadable even to authorized person, thus improving the security of intimate data.

Presently, encryption has become a legal requirement for several businesses in different industries to comply with international and domestic laws. For instance, in the U.S., the Gramm-Leach-Bliley Act of 1999 (GLBA) makes it mandatory for organizations to safeguard consumer confidentiality or non-public personal data, which calls for securing data and is estimated to catapult the growth of the encryption software market over the forecast period.

Additionally, an organization’s reputation or brand image is a critical part of its marketing mix and hence requires strong protection. Data security is critical as a lot of confidential customer records are at risk of being leaked in seconds. It is imperative in maintaining customer loyalty and protecting enterprises’ brand reputation. Hence, the adoption of security solutions is on a rise to prevent any incidence of data loss, theft, or leak.

Data security concerns are rising with the growing trend of the Internet of Things (IoT) and Bring Your Own Device (BYOD) among enterprises. It has further led to increased instances of cyberattacks, commercial espionage, data breaches, and theft & losses in companies, which is poised to escalate the need to protect sensitive data and ensure compliance.

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Mobile technology advancements in hardware and software, their dissemination among businesses, and the growing penetration of smartphones are likely to catapult the demand for encryption software by 2030. The growing penetration of mobile devices across organizations has augmented the risk of data loss among enterprises, which has made executing encryption software imperative for safe data transmission. Furthermore, as enterprises are increasingly moving towards cloud computing, the need to safeguard sensitive data is increasing, thus resulting in increased deployment of this software.

Encryption Software Market Report Highlights

• The BFSI segment is anticipated to witness healthy growth during the forecast period owing to aggressive adoption of encryption software in order to safeguard sensitive and confidential data
• With rising adoption of disk coding software to secure laptops and desktop by encrypting all the data at rest on a hard drive, the disk encryption segment is dominating the market
• The Asia Pacific is expected to expand at the fastest CAGR, owing to a lack of storage infrastructure, prompting organizations to store data on the cloud.  
• The global encryption software market is fragmented with presence of several new and well-established players. Companies are emphasizing on product development in compliance with regulatory standards and evolving end-use requirements to stay competitive in the market

Several industry verticals, such as BFSI and healthcare, must comply with stringent regulations, including PCI DSS and HIPAA, which require data security solutions. It translates to greater demand for encryption software globally. Furthermore, with rapid digitization and growing internet usage, enterprise and user intellectual property has become susceptible to theft and infringement. Owing to these risks, companies are required to protect the data. Encryption software enables organizations to safeguard their intellectual property and sensitive data, which is expected to boost its demand over the forecast period.

However, the purchase and implementation of these solutions involve huge costs, which can inhibit the growth of the encryption software market. Moreover, the deployment options for these solutions are time-consuming and complex. On the other hand, their benefits generally outweigh the challenges of the intricacy and time associated with their deployment.

Encryption Software Market Report Scope

Some of the major players in the market include Microsoft Corporation, Symantec, Intel Security, Sophos, Check Point Software Technologies, Trend Micro, and IBM Corporation. These companies offer data protection solutions to small- & medium-sized businesses (SBMs) and enterprises. Companies operating in the market focus on developing innovative techniques related to advanced cryptography to provide robust data security solutions.

List of Key Players in Encryption Software Market

• Bloombase
• Cisco Systems, Inc.
• Check Point Software Technologies Ltd.
• Dell Inc.
• IBM Corporation
• McAfee, LLC
• Microsoft
• Oracle
• Sophos Ltd.
• Broadcom
• Trend Micro Incorporated
• WinMagic