Encryption Software Market Size is Expected to Grow $16.5 billion by 2024 at a CAGR of 17.0%

Encryption Software Market Size is Expected to Grow $16.5 billion by 2024 at a CAGR of 17.0%

“IBM (US), Microsoft (US), Symantec (US), Thales e-Security (France), Trend Micro (Japan), Sophos (UK), Check Point (Israel), Micro Focus (UK), McAfee (US), Dell (US), WinMagic (US), ESET (US), Cryptomathic (Denmark), Bitdefender (Romania), Stormshield (Fr”
Encryption Software Market by Component (Software and Services), Application (Disk Encryption, File/Folder Encryption, Communication Encryption, Cloud Encryption), Deployment Mode, Enterprise Size, Vertical, and Region – Global Forecast to 2024

MarketsandMarkets forecasts the global Encryption Software Market size to grow from USD 7.5 billion in 2019 to USD 16.5 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 17.0% during 2019–2024. An increasing focus on adhering to stringent mandatory regulatory standards and data privacy compliances and rising concerns about loss of critical data are major growth drivers for the market.

Encryption software helps enterprise maintain data integrity and privacy, secure data transmissions, ensure compliance, and protect its critical data and infrastructure from unauthorized access. Additionally, a need for compliance of stringent regulations such as Health Insurance Portability and Accountability Act (HIPAA), Federal Information Processing Standards (FIPS), and Payment Card Industry Data Security Standard (PCI DSS) encourages enterprises to adopt encryption software to achieve complete security of data.

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The encryption software market by application is further segmented into disk encryption, file/folder encryption, database encryption, communication encryption, and cloud encryption. The cloud encryption application is expected to grow at the highest CAGR during the forecast period. It safeguards data stored in the cloud by converting it into ciphertext and efficiently protects it from unauthorized personnel. Organizations across the world have been adopting the cloud at a rapid pace and are categorically embracing diverse cloud environments, ranging from private and hybrid to public for the storage of their vast data. Also, many advantages associated with the adoption of the cloud, such as improved flexibility and scalability, faster deployments, and enhanced mobility, which encourage cloud adoption.

The encryption software market by deployment mode is divided into 2 segments: cloud and on-premises. The cloud deployment mode is expected to grow at a higher CAGR during the forecast period, while the on-premises deployment mode is expected to hold a larger market size. The cloud deployment helps SMEs save costs related to hardware, software, storage, and technical staff. The cloud-based platform offers a unified way in the form of SaaS-based security services to secure business applications, which are beneficial for organizations with strict budgets for security investments. The cloud deployment type is the most preferred method for mobile device encryption and offers increased scalability, speed, 24/7 services, and improved IT security.

Asia Pacific (APAC) is expected to hold the largest market size in the global encryption software market during the forecast period. The high growth rate in APAC is attributed to the increasing technological adoption in countries, such as India, China, Australia, and New Zealand. APAC has been one of the fastest growing markets in terms of mobile workforce expansion and is witnessing the rising adoption of mobile devices. Large enterprises and SMEs in APAC countries are recognizing the significance of data security. Advancements in mobility and rising cloud adoption in APAC coupled with mandatory compliance to government regulations for resolving data security issues have compelled the companies in the region to adopt encryption solutions.

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Major encryption software vendors include IBM (US), Microsoft (US), Symantec (US), Thales e-Security (France), Trend Micro (Japan), Sophos (UK), Check Point (Israel), Micro Focus (UK), McAfee (US), Dell (US), WinMagic (US), ESET (US), Cryptomathic (Denmark), Bitdefender (Romania), Stormshield (France), and CipherCloud (US). These key players have adopted various organic and inorganic growth strategies to sustain their positions and increase their market shares in the global encryption software market.

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