Cyber threats and unethical security breaches are escalating rapidly, with the emergence of innovative hacking techniques that allow hackers to break the security barriers easily. Encryption software solutions offer advanced data security for critical data, data at rest, data in transit, and data in use, internal and external to the organization, thus minimizing any possibility of data theft or abuse. Moreover, the increasing adoption of the Bring Your Own Device (BYOD) trend among organizations across various industry verticals is expected to have further boosted the demand for encryption software solutions. MarketsandMarkets expects the encryption software market size to grow from USD 3.87 billion in 2017 to USD 12.96 billion by 2022, at a Compound Annual Growth Rate (CAGR) of 27.4%.
The services segment is expected to grow at the fastest rate among components. Among encryption services, the managed services segment is expected to grow at the highest CAGR. Small and Medium-sized Enterprises (SMEs) are showing increased inclination toward third-party encryption software vendors and outsourcing services to support their business requirements and focus on their core business functions. This is expected to have resulted in higher demands for managed services.
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The cloud encryption application is expected to grow at the highest CAGR during the forecast period. Organizations are increasingly suffering from advanced cyber threats and unethical data breaches, due to the absence of encryption software to safeguard the data residing on the cloud. Moreover, with the rising number of companies ready to adopt cloud-based storage and applications for various business processes, the market for cloud encryption is also expected to be growing.
The telecom and IT is believed to be the fastest-growing vertical in this market, as the companies in this sector are rapidly adopting encryption software to provide risk-free services to their customers. Furthermore, this vertical involves a high usage of cloud-based applications for its business operations, which is why it is frequently attacked by cybercriminals. Furthermore, the increasing use of mobile has allowed users to access their emails and other files through their personal devices from anywhere. This has also increased the threat of cyber-attacks. Thus, encryption solutions are helping telecom and IT companies in enhancing their services and providing secure information to customers while also complying with regulations.
The Asia Pacific (APAC) region is expected to grow at the highest CAGR during the forecast period, as the enterprises in this region are deploying encryption solutions and services to protect themselves from advanced cyber-attacks and security breaches. North America is expected to contribute to the largest market share in the overall encryption software market.
The major growth factors that are expected to further drive the adoption of the encryption software market include the rising concerns of critical data loss in the on-premises environment, risks related to cloud environments due to big data analytics, and the regulations to increase the adoption of encryption solutions.
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