Global Encryption Software Market Size to Reach USD 52.74 Billion in 2032 | Emergen Research
Rising concern among organizations about critical data loss is a key factor driving the encryption software market revenue growth
Vancouver, Aug. 29, 2023 (GLOBE NEWSWIRE) — The size of the worldwide market for encryption software achieved a value of USD 11.82 Billion in the year 2022. As indicated by the most recent assessment conducted by Emergen Research, it is projected that this market will experience a Compound Annual Growth Rate (CAGR) of 16.2% in terms of revenue throughout the anticipated period. A primary driver behind the escalating revenue in this market is the increasing apprehension among organizations regarding the potential loss of crucial data. Growing apprehension among businesses regarding the potential loss of vital data is propelling the expansion of the encryption software market. Organizations are increasingly acknowledging the significance of encryption as a safeguard against cyber threats, data breaches, and various security vulnerabilities. Encryption software serves to shield data at rest and in transit, ensuring the protection of sensitive information even if it falls into unauthorized hands. This is notably crucial in the modern digital era, where companies accumulate and store substantial volumes of data, rendering them attractive targets for cybercriminals.
The frequency of cyberattacks and data breaches has shown a rapid escalation in recent years. Projections indicate that cybercrime could lead to a global economic loss of USD 10.5 trillion by 2025, reflecting a year-on-year surge of 15%. This underscores the increasing susceptibility of businesses, as even those with robust cybersecurity measures are susceptible to cyber threats. To illustrate, in January 2023, MailChimp, an email marketing platform, disclosed a data breach due to a social engineering attack, granting unauthorized individuals access to an internal customer support tool. Similarly, in December 2022, Uber, a U.S.-based mobility service company, reported a hacker known as ‘UberLeaks’ had accessed personal data of over 70,000 employees. This breach stemmed from a security vulnerability at Teqtivity, a third-party vendor offering tech asset management services, whose mobile device management system was compromised. The surge in cyberattacks underscores the heightened demand for encryption software.
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The increasing adoption of Bring Your Own Device (BYOD) practices in workplaces is fueling the need for encryption software. As employees utilize personal devices for work-related tasks, ensuring the protection of sensitive company data from unauthorized access becomes paramount. Encryption software provides an additional layer of security by converting data into an indecipherable format accessible only to authorized users. This is particularly crucial for firms handling sensitive information, such as financial data or customer personal data. In the context of BYOD, companies are recognizing the necessity to secure data both when stationary and during transmission. Consequently, there’s a strong demand for encryption software compatible with various devices, including laptops, smartphones, and tablets.
The prevalence of free and pirated iterations of encryption software could impede market revenue growth. Accessible availability of free and pirated software may reduce the demand for paid versions. Consequently, companies engaged in encryption software development may experience declines in sales and revenue due to the ready availability of cost-free alternatives. This circumstance can pose challenges for these firms to sustain innovation and enhancement of their software offerings, potentially restraining revenue expansion within the encryption software market.
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Scope of Research
|Market size in 2022||USD 11.82 Billion|
|Revenue forecast to 2032||USD 52.74 Billion|
|Base year for estimation||2022|
|Quantitative units||Revenue in USD Billion and CAGR in % from 2023 to 2032|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Segments covered||Component, deployment, organization size, application, end-use, and region|
|Regional scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Country scope||U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, U.A.E., South Africa, Turkey, and Rest of MEA|
|Key companies profiled||Microsoft Corporation, IBM, Oracle, Broadcom, Sophos Ltd., Check Point Software Technologies, Trend Micro Incorporated, Fortinet, Inc., Cisco Systems, Inc., CyberRes, a Micro Focus line of business, PKWARE, Inc., and McAfee, LLC|
|Customization scope||10 hours of free customization and expert consultation|
Major Companies and Competitive Landscape
The global encryption software market is fragmented, with large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective encryption software. Some of the major companies included in the global encryption software market report are:
- Microsoft Corporation
- The International Business Machines Corporation (IBM)
- Oracle Corporation
- Broadcom Inc.
- Sophos Ltd.
- Check Point Software Technologies
- Trend Micro Incorporated
- Fortinet, Inc.
- Cisco Systems, Inc.
- CyberRes, a Micro Focus line of business
- PKWARE, Inc.
- McAfee, LLC
- On 22 July 2021, Sophos, which is a leading global provider of next-generation cybersecurity, announced that it has acquired Braintrace, which will enhance Sophos’ Adaptive Cybersecurity Ecosystem with Braintrace’s unique Network Detection and Response (NDR) technology. Braintrace’s NDR technology offers in-depth insight into network traffic patterns, including encrypted traffic, without the need for Man-in-the-Middle (MitM) decryption. As part of the acquisition, the developers, data scientists, and security analysts from Braintrace have joined Sophos’ global Managed Threat Response (MTR) and Rapid Response teams to help strengthen the company’s cybersecurity offerings.
- On 23 July 2020, Microsoft unveiled a variety of new security solutions, such as an endpoint data loss prevention product and ‘Double Key Encryption’ for Microsoft 365 users. These offerings include Microsoft Endpoint Data Loss Prevention, enhancements to Insider Risk Management and Compliance Communications for Microsoft 365, and new third-party integrations for Azure Sentinel, Microsoft’s cloud Security Information and Event Management (SIEM) product. Microsoft’s Endpoint Data Loss Prevention (DLP) builds on the existing DLP functionalities for Microsoft 365 cloud services such as SharePoint, Teams, and OneDrive, and expands them to include users’ devices.
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Some Key Highlights from the Report
- The Small & Medium Sized Enterprises (SMEs) segment is expected to register a steady revenue growth rate over the forecast period due to rising adoption of this software among SMEs. Small and medium-sized businesses are just as likely to be targeted by cybercriminals as larger organizations. Encryption software helps to protect SMEs from cyber threats by making it more difficult for hackers to access sensitive data.
- The communication encryption segment is expected to account for significantly large revenue share over the forecast period due to rising adoption of these types of encryption among organizations. Communication encryption helps to protect sensitive information during transmission by converting it into an unreadable format that can only be accessed by authorized users. This helps to prevent unauthorized access and protect against cyber threats such as hacking, eavesdropping, and man-in-the-middle attacks. For example, in October 2021, Google Fi offered end-to-end encryption on voice calls to U.S. subscribers. Google Fi is a Google telecommunications service that allows users to make phone calls, send SMS messages, and access data via cellular networks and Wi-Fi.
- The market in Asia Pacific is expected to register a significantly fast revenue growth rate during the forecast period due to rising adoption of mobile devices, the Internet of Things (IoT), and cloud computing in countries across the region, especially in China, Japan, and India. Need for encryption technology to safeguard sensitive information stored on cloud servers is increasing due to rapid adoption of cloud computing across the region. China is quickly embracing cloud computing and currently holds the second-largest market for it across the globe, following the U.S., which creates high demand for encryption software in this country.
- On 17 December 2020, IBM launched a new service that enables companies to test and experiment with Fully Homomorphic Encryption (FHE), which is an innovative technology that allows data to stay encrypted even when being processed or analyzed in the cloud or third-party settings. The new IBM Homomorphic Encryption solution provides companies education, professional support, and a testing environment to develop prototype applications that can benefit from FHE.
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Emergen Research has segmented the global encryption software market on the basis of component, deployment, organization size, application, end-use, and region:
- Component (Revenue, USD Billion; 2019-2032)
- Professional Services
- Managed Services
- Deployment Outlook (Revenue, USD Billion; 2019-2032)
- Organization Size Outlook (Revenue, USD Billion; 2019-2032)
- Large Enterprises
- Small & Medium Sized Enterprises (SMEs)
- Application Outlook (Revenue, USD Billion; 2019-2032)
- Disk Encryption
- File/Folder Encryption
- Communication Encryption
- Data Base Encryption
- Cloud Encryption
- End-use Outlook (Revenue, USD Billion; 2019-2032)
- Banking, Financial Services, and Insurance (BFSI)
- IT & Telecom
- Government & Public
- Media & Entertainment
- Aerospace & Defense
- Regional Outlook (Revenue, USD Billion; 2019–2032)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
- North America
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