The Worldwide Encryption Software Industry is Expected to Reach $22.1 Billion by 2026 – PR Newswire

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, /PRNewswire/ -- The "Encryption Software Market with COVID-19 Impact Analysis, by Component, Application (Disk Encryption, File/Folder Encryption, Communication Encryption, & Cloud Encryption), Deployment Mode, Organization Size, Vertical & Region - Global Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.

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.

The major factors fueling the Encryption software market include Stringent regulatory standards and data privacy compliances, Rising concerns pertaining to loss of critical data and Exponential increase in adopting cloud and virtualization technologies.

Services to grow at a higher CAGR during the forecast period

Advancements in the skills of hackers, intruders, and masqueraders, accompanied by weaker security solutions, have resulted in the need for strong encryption capabilities for organizations to strengthen their security portfolio. However, implementing encryption solutions alone is not adequate for enterprises to secure their devices. To tackle their specific needs, there is a strong requirement for related services in the encryption software market. The encryption software services market is segmented into two major types: professional services and managed services. Professional and managed services enhance the security portfolio of enterprises and safeguard their system from unauthorized access, exploitation, and data loss

In organization size segment, Large organizations to have a higher market share during the forecast period

Large corporations and critical government infrastructures have strong resilience to cyber threats, with a robust strategy to mitigate risks compared to SMEs. Large enterprises are the early adopters of encryption, as they use a huge amount of confidential data of consumers and have many business applications susceptible to cyberattacks.

The expansive use of corporate data by a wide-ranging workforce has also increased the threat of the wrong usage of data, unauthorized access, and data thefts. Moreover, the misuse, loss, and theft of business documents can affect the working and profitability of businesses. Thus, to protect business information from cyberattacks, data thefts, and unauthorized access, large enterprises are considering adopting encryption solutions. The encryption software market growth among large enterprises is expected to be driven by factors, such as the increased need for digitalization due to a rise in online banking services and eCommerce activities.

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights

4.1 Brief Overview of Market

4.2 Market, by Application, 2021

4.3 Encryption Software Market, by Vertical, 2021

4.4 Market Investment Scenario

5 Market Overview and Industry Trends

5.1 Introduction

5.2 Market Dynamics

5.2.1 Drivers

5.2.1.1 Stringent Regulatory Standards and Data Privacy Compliances

5.2.1.2 Rising Concerns Pertaining to Critical Data Loss

5.2.1.2.1 Data at Rest

5.2.1.2.2 Data in Transit

5.2.1.2.3 Data in Use

5.2.1.3 Exponential Increase in Adopting Cloud and Virtualization Technologies

5.2.1.4 Rising Data Breach Incidents to Spur Market Growth

5.2.2 Restraints

5.2.2.1 High Costs of Encryption Software Solutions

5.2.2.2 Availability of Free, Open-Source, and Pirated Encryption Software

5.2.2.3 Budgetary Constraints

5.2.3 Opportunities

5.2.3.1 Surge in Byod and IoT Trends

5.2.3.2 Rise in Demand for Integrated Data Protection Solutions and Eaas Among Smes

5.2.3.3 Increased Adoption of Encryption Software Across Verticals

5.2.4 Challenges

5.2.4.1 Complexities in Effective Management and Usage of Encryption Key

5.2.4.2 Lack of Skilled Workforce Among Enterprises

5.3 Impact of COVID-19 on Market Dynamics

5.3.1 Drivers and Opportunities

5.3.2 Restraints and Challenges

5.4 Encryption Ecosystem

5.5 Value Chain Analysis

5.6 Patent Analysis

5.7 Key Conferences & Events in 2022-2023

5.8 Trends and Disruptions Impacting Customers

5.9 Average Selling Price/Pricing Model of Encryption Software Market

5.10 Technology Analysis

5.11 Use Cases

5.12 Regulatory Implications

5.13 Porter's Five Forces Analysis

6 Encryption Software Market, by Component

6.1 Introduction

6.2 Software

6.2.1 Software: Market Drivers

6.2.2 Software: COVID-19 Impact

6.3 Services

6.3.1 Services: Market Drivers

6.3.2 Services: COVID-19 Impact

6.3.3 Professional Services

6.3.3.1 Support and Maintenance Services

6.3.3.2 Training and Education Services

6.3.3.3 Consulting Services

6.3.4 Managed Services

7 Encryption Software Market, by Application

7.1 Introduction

7.2 Disk Encryption

7.2.1 Disk Encryption: Market Drivers

7.2.2 Disk Encryption: COVID-19 Impact

7.3 File/Folder Encryption

7.3.1 File/Folder Encryption: Market Drivers

7.3.2 File/Folder Encryption: COVID-19 Impact

7.4 Database Encryption

7.4.1 Database Encryption: Market Drivers

7.4.2 Database Encryption: COVID-19 Impact

7.5 Communication Encryption

7.5.1 Communication Encryption: Market Drivers

7.5.2 Communication Encryption: COVID-19 Impact

7.6 Cloud Encryption

7.6.1 Cloud Encryption: Market Drivers

7.6.2 Cloud Encryption: COVID-19 Impact

8 Encryption Software Market, by Deployment Mode

8.1 Introduction

8.2 On-Premises

8.2.1 On-Premises: Market Drivers

8.2.2 On-Premises: COVID-19 Impact

8.3 Cloud

8.3.1 Cloud: Market Drivers

8.3.2 Cloud: COVID-19 Impact

9 Encryption Software Market, by Organization Size

9.1 Introduction

9.2 Small and Medium-Sized Enterprises

9.2.1 Small and Medium-Sized Enterprises: Market Drivers

9.2.2 Small and Medium-Sized Enterprises: COVID-19 Impact

9.3 Large Enterprises

9.3.1 Large Enterprises: Market Drivers

9.3.2 Large Enterprises: COVID-19 Impact

10 Encryption Software Market, by Vertical

10.1 Introduction

10.2 Banking, Financial Services, and Insurance

10.2.1 Banking, Financial Services, and Insurance: Market Drivers

10.2.2 Banking, Financial Services, and Insurance: COVID-19 Impact

10.3 Aerospace and Defense

10.3.1 Aerospace and Defense: Market Drivers

10.3.2 Aerospace and Defense: COVID-19 Impact

10.4 Government and Public Utilities

10.4.1 Government and Public Utilities: Market Drivers

10.4.2 Government and Public Utilities: COVID-19 Impact

10.5 It and Telecommunications

10.5.1 It and Telecommunications: Market Drivers

10.5.2 It and Telecommunications: COVID-19 Impact

10.6 Healthcare

10.6.1 Healthcare: Market Drivers

10.6.2 Healthcare: COVID-19 Impact

10.7 Retail

10.7.1 Retail: Market Drivers

10.7.2 Retail: COVID-19 Impact

10.8 Other Verticals

11 Encryption Software Market, by Region

12 Competitive Landscape

12.1 Overview

12.2 Historical Revenue Analysis

12.3 Market Share Analysis of Leading Players

12.4 Market Structure

12.5 Ranking of Key Players

12.6 Recent Developments

12.7 Market Evaluation Framework

12.8 Company Evaluation Quadrant

12.8.1 Company Evaluation Quadrant Definitions and Methodology

12.9 Competitive Benchmarking

12.9.1 Company Footprint

12.10 Competitive Leadership Mapping

12.10.1 Stars

12.10.2 Emerging Leaders

12.10.3 Pervasive Players

12.10.4 Participants

12.11 Competitive Scenario

12.12 Startup/Sme Evaluation Quadrant

12.12.1 Progressive Companies

12.12.2 Responsive Companies

12.12.3 Dynamic Companies

12.12.4 Starting Blocks

12.12.5 Competitive Benchmarking

13 Company Profiling

13.1 Introduction

13.2 Major Players

13.2.1 Ibm

13.2.2 Microsoft

13.2.3 Broadcom

13.2.4 Sophos

13.2.5 Thales

13.2.6 Mcafee

13.2.7 Trend Micro

13.2.8 Dell

13.2.9 Check Point

13.2.10 Micro Focus

13.3 Other Players

13.3.1 Pkware

13.3.2 Eset

13.3.3 Boxcryptor

13.3.4 Winmagic

13.3.5 Cryptomathic

13.3.6 Bitdefender

13.3.7 Stormshield

13.3.8 Cisco

13.3.9 Hpe

13.3.10 Bitglass

13.4 Startup Players

13.4.1 Baffle

13.4.2 Fortanix

13.4.3 Enveil

13.4.4 Nordsecurity

13.4.5 Preveil

14 Adjacent Markets

15 Appendix

For more information about this report visit https://www.researchandmarkets.com/r/2cdmly

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