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Encryption Software Market Outlook: Industry Insights, Statistics, Shares and Forecasts to 2026

Author : Ronak Bora | Published Date : 2020-09-16 

Global encryption software market is forecast to cross the USD 21 billion mark by 2026. The on-premise deployment model segment held over 70% of the market share in 2019 and is projected to maintain a dominant position over the forecast timeline. The enterprises prefer an on-premise deployment model approach due to the high security associated with managing sensitive data in-house and gain access to cryptography keys for enhanced security. However, with the growing popularity of cloud platforms to store enterprise data due to high scalability and cost benefits, the demand for cloud-based encryption software is expected to accelerate over the forecast timeline.

The email encryption software market is expected to hold a share of over 25% in 2026 due to the rising uptake of security software to protect data from malware, identity thefts, and phishing. As email is one of the widely used communication methods used by enterprises, the demand for email data protection software to secure various aspects of email systems including content, media attachments or email access increases. The software encrypts data in transit and at rest and also supports multi-factor authentication for additional security, ensuring that sensitive information is always protected in line with regulatory compliance.

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Proliferating demand for comprehensive security software solutions that can effectively safeguard user’s data from identity thefts, phishing and malware could drive the email encryption software market expansion. Analysts predict that the segment might own more than 25% of the overall encryption software market share by 2026.

Email is often considered as a universal mean of communication and is commonly used in big and small enterprises. In a move to prevent unauthorized access to email or data, several companies are preferring installation of strong email data protection software. These solutions encrypt data in transit as well as run multi-factor authentication for extra security.

In terms of application, the retail sector is anticipated to endow considerable growth opportunities to the encryption software market. Factors such as the growing need to safeguard consumer data throughout a retail business could play a vital role in complementing product demand.

Latin America encryption software market is expected to grow at a CAGR of over 18% from 2020 to 2026 due to the rising number of cyberattacks on the business-critical infrastructure, growing usage of digital platforms among enterprises to conduct business transactions, and supportive government initiatives to promote cybersecurity. For instance, since December 2019, the Mexican institutions including Mexico Central Bank, the National Defense Ministry (Sedena), Mexico Supreme Court, and the House of Representatives recorded more than 45 million attempted attacks to access databases and steal information. The rapidly evolving threat landscape has compelled public & private enterprises to promote digital security to safeguard sensitive business information. The government agencies in the countries including Mexico, Brazil, and Argentina are introducing cybersecurity strategies to respond to a wide array of cyberattacks. For instance, in November 2017, the Mexican government presented the National Cyber Security Strategy in collaboration with the Inter-American Committee against Terrorism (CICTE). The strategy aims at establishing best practices to fight against cybercrimes.

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The competition in the encryption software market is characterized by strategic partnerships, new product launches, and geographic expansion. For instance, in November 2019, Sophos partnered with Telefonica UK (O2) to provide its products & services to Telefonica's customers in the UK. The partnership enables the customers to gain access to Sophos Central cloud-based security platform to secure their organizations.

Table of Contents (ToC) of the report:

Chapter 6.   Encryption Software Market, By Deployment Model

6.1.  Key trends, by deployment model

6.2.  On-premise

6.2.1. Market estimates and forecast, 2015 – 2026

6.3.  Cloud

6.3.1. Market estimates and forecast, 2015 – 2026

Chapter 7.   Encryption Software Market, By Application

7.1.  Key trends, by application

7.2.  IT & telecom

7.2.1. Market estimates and forecast, 2015 - 2026

7.3.  BFSI

7.3.1. Market estimates and forecast, 2015 – 2026

7.4.  Healthcare

7.4.1. Market estimates and forecast, 2015 - 2026

7.5.  Retail

7.5.1. Market estimates and forecast, 2015 – 2026

7.6.  Government & public sector

7.6.1. Market estimates and forecast, 2015 - 2026

7.7.  Manufacturing

7.7.1. Market estimates and forecast, 2015 – 2026

7.8.  Others

7.8.1. Market estimates and forecast, 2015 - 2026

Browse complete Table of Contents (ToC) of this research report @ https://www.decresearch.com/toc/detail/encryption-software-market

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for fractovia and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. [email protected] | https://twitter.com/RonakBora26

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