Encryption Software Market to Surpass USD 21.6 Billion by 2028 as World Witnesses Huge Surge in Cyber-Attacks and Data Breaches
The encryption software market reached USD 8.2 billion in 2021 and is anticipated to surpass USD 21.6 billion by 2028, exhibiting a CAGR of 14.4% during the forecast period (2022-2028).
Westford, USA, Jan. 18, 2023 (GLOBE NEWSWIRE) — Increasing ICT usage across industries and the corresponding necessity to secure service users’ private data has resulted in higher demand for encryption software, which is likely to fuel market revenue growth. Organizations employ encryption software to protect their data while sharing it from one remote place to another. The encryption software’s primary goal is to protect data from unauthorized users. Furthermore, many enterprises worldwide adopt encryption to address their growing worries about data security and privacy compliance standards.
Cyber-attacks and data losses have escalated due to increased reliance on mobile technologies. According to SkyQuest’s market insight, 4G technology occupied 61% of the mobile technology market in 2021, and 5G technology has already started rolling out in several countries. As a result, the integration of encryption software has become a critical component of data security and secure data transfer in the twenty-first century.
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Large Enterprise Segment to Drive High Software Adoption Due to Need for Robust Strategy to Mitigate Security Threats
As per SkyQuest’s market insights, the large enterprise segment accounted for a dominant share of 34.5% in 2021 and is predicted to post a higher CAGR of 17.3% during the forecast period. Encryption software is expected to gain high traction among large enterprises due to increased digitalization coupled with growing online banking services and e-commerce operations. In addition, large enterprises and leading government infrastructures are more resilient to cyber assaults than SMEs, thanks to a sophisticated risk-mitigation plan.
Large organizations are early encryption users because they employ many personal consumer data and have various business applications vulnerable to cyber-attacks. In addition, a diverse workforce’s widespread use of company data has also increased the risk of data misuse, unlawful access, and data theft. North America held the dominant position in the category and is projected to continue in the same position in the coming years.
SkyQuest’s most recent encryption software market report thoroughly examines the industry’s major drivers, restraints, segmentation, trends, competitive landscape, and other critical elements. The report comprehensively analyses the entire market and its segments and sub-segments using accurate classifications. Furthermore, thorough analysis and evaluation are carried out utilizing trustworthy primary and secondary data sources and feedback from industry professionals.
Solution Segment’s Growth to Take a Giant Leap in the Encryption Software Market
As per SkyQuest’s estimates, the solution segment held 54% of revenue share in 2021 and is expected to witness a high revenue share growth to surpass 63% by 2028. The solutions segment is likely to grow at a high rate throughout the forecast period due to the growing requirement to ensure the privacy and data protection of service users and organizations’ information. The solutions provide that enterprises can secure sensitive data while protecting digital information privacy. It is implemented by using complicated algorithms to scramble the data being delivered. After the data has been received, it can be decrypted with the help of a key provided by the originator.
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Solutions for securing extremely sensitive data are widely used in the BFSI and healthcare industries. Furthermore, solutions boost client trust by boosting the integrity of stored data and protecting it from fraudsters. Europe and North America, as IT hubs, are particularly vulnerable to cyber-attacks. As a result, they have made more data security investments to mitigate such disasters.
The encryption software market research examines segment growth. It assists you in identifying different pockets of growth and market approaches to discover your primary application areas and the difference in your target markets. Market research evaluates complex data in simple terms and presents the industry’s past and current position and predicted market size and trends.
Key Developments in Encryption Software Market
- SandboxAQ, a provider of artificial intelligence and quantum computing solutions, announced the acquisition of Cryptosense SA, a provider of cyber security and encryption analysis tools, for an unknown sum. Cryptosense’s service handles compliance issues before deployment, including detecting and remedying potentially dangerous flaws. In addition, the system integrates into continuous integration/continuous delivery and supports software, hardware, and cloud cryptographic services.
- IronCore Labs, the premier provider of data security for modern cloud applications, has announced the release of Cloaked Search 2.0, an encrypted search proxy that safeguards data in Elasticsearch and OpenSearch. Cloaked Search encrypts sensitive information before it is sent to the search service. Only those who have the correct key can search the data. The search index is worthless to unauthorized users who do not have the key, including cloud platform administrators.
- Echoworx, the market leader in cloud-based email and statement encryption, announced a collaboration with Saepio Information Security to provide next-generation safe delivery of confidential and sensitive information to any email recipient. Cybercrime and data breach dangers are continuously evolving; having cyber and information security that changes with it is critical for keeping data safe and meeting client needs and regulatory obligations.
- Dropbox has announced intentions to deliver end-to-end encryption to its corporate users by acquiring “critical assets” from the German cloud security company Boxcryptor. Dropbox can access the keys and view any content that passes through. In addition, Boxcryptor adds an extra layer of protection on the client side with so-called “zero knowledge” encryption, allowing the user complete discretion over who can decode their data.
The research report on the encryption software market includes accessible prospects for stakeholders to invest in micro markets and a complete analysis of key companies’ competitive landscape and product offerings. Furthermore, the researchers conducted a comparative study of the market growth rate with product sales to help business owners identify the success or failure of a particular product or service.
Key Questions Answered in Encryption Software Market Report
- What is the projected market size and CAGR for the encryption software market for the forecast period?
- Which region’s market is likely to take a dominant market share during the forecast period?
- What recent industry developments will impact the market’s future growth?
- What are leading participants considering as the best strategy for their business expansion?
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Prominent Players in Encryption Software Market
- Amazon Web Services, Inc. (AWS)
- Cisco System, Inc.
- F-Secure
- Check Point Software Technologies
- IBM Corporation
- Fortinet, Inc.
- Oracle Corporation
- Microsoft Corporation
- Trend Micro Incorporated
- Palo Alto Networks, Inc.
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