Global Encryption Software Market: Market Research by Knowledge Sourcing Intelligence

The encryption software market is anticipated to grow at a decent CAGR. Encryption software is used for preventing unauthorized access to confidential and sensitive data in different organization globally. The demand for encryption software is growing on account of the rising incidence of a data breach which could significantly impact the operations of an organization. Simultaneously, government regulation focusing on information protection of sensitive data is further supplementing the growth of the market. However, the tendency of some organizations using their own encryption techniques to protect the data is limiting the adoption of encryption software. The growing trend of digitalization is leading to mounting concerns regarding the security of the data to ensure smooth business operations. In fact, the organizations are continuously increasing their IT security budget globally as well. Moreover, the number of data breach incidences globally is growing considerably.

Global Encryption Software Market Forecast

Global Encryption Software Market by Geography:

The U.S. encryption software market is projected to grow at a CAGR of X.XX%, rising from US$ XX.XX billion in 2016 to US$ XX.XX billion in 2022. Growing number of cyber-attacks in industries such as BFSI and healthcare is significantly boosting the demand for encryption software in the U.S. Recent cyber-attacks including NotPetya in 2017 and cybersecurity breach at the Office of Personnel Management (OPM) in 2015 require U.S. government to deploy advanced security measures, both end-to-end and storage, thus positively impacting the growth of encryption software market in the country. Strict industry regulations in the U.S. also contribute to the growth of the encryption software market such that global vendors are launching products that are strictly compliant with regulatory standards. For example, European IT service company, Atos launched comprehensive data encryption software, the Trustway Data Protection Suite, in October 2017 which adheres to the U.S. Health Insurance Portability and Accountability Act (HIPAA) along with other regulations being applicable worldwide. High spending on security solutions and services by the large public as well as private organizations in the U.S. is also fueling the demand for encryption software in the country. The U.S. Department of Interior spent more than US$200,000 on cyber in 2016 out of which telecommunications, hosting services, and end-user services were the main consumers while Homeland Security spent US$1.7 million during the same year.

Sample View of Global Encryption Software Market by Geography

Global Encryption Software Market by End-User:

By end user, the global encryption software market is segmented as BFSI, government, manufacturing, communications, and technology, retail, healthcare, and others. BFSI held a significant market share owing to the enforcement and continuous amendments in regulations regarding data privacy. The demand for encryption software in the BFSI sector will be driven by additional expenditure to protect the data and avoid any incidence of hacking. Retail and government industries will witness impressive growth in the coming years owing to rising incidences of hacking. The increasing number of cashless transactions will boost the demand for encryption software over the forecast period. The market research provides a detailed analysis by global encryption software market on the basis of the various segment like- by geography, by end-user, etc.

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A considerable surge is being observed towards the encryption software adoption due to numerous advantages offered by the different solutions.