Global Encryption Software Market Size, Status and Forecast 2021-2027

The global Encryption Software market size is projected to reach US$ 11420 million by 2027, from US$ 5956.6 million in 2020, at a Compound Annual Growth Rate (CAGR) of 9.6% during 2021-2027. The Encryption Software Market is growing due to a rise in the use of bring your own device (BYOD) and greater mobility. The surge in demand for cloud-based encryption software is likely to fuel the encryption software market expansion.

 

 

Encryption software is segmented on the basis of components (solution and services), applications, deployment types, organization sizes, verticals, and regions. The services segment is expected to grow at the highest CAGR during the forecast period and the solution segment is estimated to have the largest market size in 2017 in the market. Professional services have been widely adopted by organizations, as these services involve expert consulting, support and maintenance, and optimization and training for cybersecurity. However, the managed services segment is expected to grow at the highest CAGR during the forecast period, as managed security vendors provide extensive reporting capabilities for validating the regulatory compliance with internal security policies for the users.

As businesses progressively move to cloud computing, the necessity to protect sensitive data is growing, leading to an increase in encryption software usage. The rise in the use of bring your own device (BYOD) is expected to drive the growth of the encryption software market. The increasing use of mobile devices in businesses has increased the risk of data loss, making the use of encryption software essential for secure data transmission.

Disk encryption encrypts drives on your PCs using strong encryption techniques, preserving all data stored on the drives. Even if the drive is removed from the present computer and placed in other devices, the data on the disc is still inaccessible if the right key is not used. This feature is in turn expected to increase disk encryption thereby driving the growth of the encryption software market. Furthermore, as a result of fast digitization and increased internet usage, both corporate and individual intellectual property has become vulnerable to theft and violation. Companies are compelled to adopt solutions to protect data as a result of these security issues. This factor is expected to increase the growth of the encryption software market.

Increased compliance regulations is expected to drive the growth of the encryption software market. Enterprises must tighten their data security procedures as government and state requirements on data privacy and compliance become more stringent. Organizations are using diverse data security technology to ensure that sensitive data of customers and employees are safeguarded at all times as a result of the growing number of severe requirements. Furthermore, while developed geographies such as North America and Europe already have federal regulations requiring mandatory compliance with data privacy laws, developing geographies such as Asia-Pacific and Latin America, and the Caribbean are enacting and implementing more concrete data protection legislation

Report Metric	Details
Report Name	Encryption Software Market
The market size in 2020	USD 5956.6 Million
The revenue forecast in 2027	USD 11420 Million
Growth Rate	Compound Annual Growth Rate (CAGR) of 9.6% from 2021 to 2027
Market size available for years	2021-2027
Forecast units	Value (USD)
Segments covered	Type, End-User, Offerings, and Region
Report coverage	Revenue & volume forecast, company share, competitive landscape, growth factors, and trends
Geographic regions covered	North America, Europe, Asia Pacific, Latin America, Middle East & Africa

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