Encryption Software Market Grows at a CAGR of 15.2% | Key player IBM, Microsoft, Broadcom, Sophos, Thales

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“IBM (US), Microsoft (US), Broadcom (US), Sophos (UK), Thales (France), McAfee (US), Trend Micro (Japan), Dell (US) United States), Check Point (Israel), Micro Focus (United Kingdom), PKWare (United States), ESET (Slovakia), Boxcryptor (Germany), WinMagic (United States), Cryptomathic (Denmark), Bitdefender (Romania ), Stormshield (France), Cisco (United States), HPE (United States), Bitglass (United States), Baffle (United States), Fortanix (United States).

Encryption Software Market with COVID-19 Impact Analysis, by Component, Application (Disk Encryption, File/Folder Encryption, Communication Encryption, and Cloud Encryption), Deployment Mode, Organization Size, Vertical, and Region – Global forecasts until 2026

The global encryption software market size is expected to grow from USD 10.9 billion in 2021 to USD 22.1 billion by 2026, at a compound annual growth rate (CAGR) of 15.2% from 2021 to 2026. Encryption software helps to perform various functions such as protecting data from security breaches and hacker activities, stopping attacks such as malware contagious files and other possible infections for unsecured data.

By Deployment Mode, On-Premises Segment to Hold Largest Market Size Over Forecast Period

Due to criticality, privacy, risk, or trust issues, technology leaders are hosting encryption solutions on-premises. The emergence of APTs, phishing, malware, and zero-day exploits has prompted businesses and industries to develop their in-house IT skills and build on-premise technologies and platforms. The overall cost of an in-house IT team is higher than that of cloud-based encryption software.

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Data security is high on the list of concerns that keep businesses from adopting the cloud. Businesses are moving to the cloud to stay competitive, but not all are comfortable with moving sensitive data and are choosing to keep their personal and regulated data on-premises. On-premises deployment mode is primarily used by critical information industries due to the high security associated with handling sensitive data internally. Organizations that manage large volumes of sensitive data, especially government agencies, financial companies, and healthcare, still rely on on-premises solutions, due to concerns about data security and privacy. Data protection regulations and standards, such as GDPR, HIPAA, and PCI-DSS, have a significant impact on how organizations can handle personal information.

In the industry vertical, IT and telecommunications is expected to grow at the highest CAGR during the forecast period

The telecommunications vertical is a key target for hackers due to the large amount of personal data managed on cellphones, satellites and the Internet. Computing deals with computers and networking devices to produce, process, store and protect various forms of electronic data. This has created security issues and regulatory compliances that affect the operation of vertical businesses. Thus, communication service providers have adopted encryption technologies to provide services to their customers without any hindrance.

During the COVID-19 pandemic, mobile phone and internet usage has increased dramatically around the world. The increasing use of mobile has made it possible for users to access their emails and other files through their devices from anywhere. It also increased the threat of cyberattacks. IT companies deploy many services through web and mobile applications. Online financial transactions in the vertical industry have grown significantly and become lucrative targets for cybercriminals. Businesses in the vertical industry are adopting encryption solutions to provide risk-free services to their customers. Moreover, they provide encrypted services to their customers using mobile and cloud technologies. The use of encryption software has enabled users to save their important information on their mobile devices and use it through the cloud without any risk. Encryption solutions help telecommunications companies improve their services and provide secure information to customers while helping them comply with regulations such as AES, PCI DSS and GDPR.

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IBM (US), Microsoft (US), Broadcom (US), Sophos (UK), Thales (France), McAfee (US), Trend Micro (Japan), Dell (US) United States), Check Point (Israel), Micro Focus (United Kingdom), PKWare (United States), ESET (Slovakia), Boxcryptor (Germany), WinMagic (United States), Cryptomathic (Denmark), Bitdefender (Romania) , Stormshield (France), Cisco (United States), HPE (United States), Bitglass (United States), Baffle (United States), Fortanix (United States), Enveil (United States), Nord Security (Panama), PreVeil (United States).

These players have adopted various growth strategies, such as partnerships, agreements and collaborations, new product launches and product enhancements, and acquisitions, to expand their presence in the encryption software market. Partnerships, agreements and collaborations, new product launches were the strategies most adopted by the major players from 2018 to 2021 to innovate their offers and expand their customer base.

Founded in 1911 and headquartered in New York, USA, IBM is a multinational computer consulting and technology company. It operates through five business segments: Global Technology Services, Global Business Services, Software, Systems and Technology, and Global Finance. IBM offers various cybersecurity products which include endpoint protection, network protection, mainframe security, application security, data security, intelligence and operations security, advanced fraud protection and security cloud and mobile. Its cybersecurity services include data security services, security intelligence and operations, consulting, secure engineering and application security, and security strategy risk and compliance. The company’s offerings help users protect their critical infrastructure against advanced threats and vulnerabilities.

IBM provides its solutions to various vertical industries, such as IT and telecommunications, healthcare and life sciences, government, automotive, manufacturing, food manufacturing and consumer goods, chemicals and petroleum, electronics, energy and power, media and entertainment, mining, retail, BFSI, travel and transportation, and education. The company operates in more than 175 countries, including North America, Europe, Asia-Pacific, Middle East & Africa and Latin America regions.

Microsoft was founded in 1975 and is based in Washington, USA. It is a global leader in providing software products and various licensing suites. The company designs and develops various cloud-based software solutions and hardware products.

Microsoft offers various solutions for cloud, mobility and productivity. The Company’s major business revenue segments include Windows PC operating system, Microsoft Office system, Xbox platform, server products and tools, product consulting and support services, Azure based on IoT and Windows 10 solutions. The Microsoft Azure IoT suite provides infrastructure and architecture-ready deployable platforms that help businesses easily secure their networks. In the encryption software market, the company provides solutions, such as Azure Information Protection and Office 365 Message Encryption, as well as other security-related services.

Microsoft also provides support and consulting services to customers for its cloud and security solutions. The company serves a wide customer base, present in more than 100 countries in North America, Asia-Pacific, Latin America, the Middle East and Africa and Europe. It also offers its products to various industries, including healthcare, government, BFSI, and education.

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