- Surge in adoption of bring your own device (BYOD), increased mobility, and rise in complexity and data breaches drive the growth of the global encryption software market
PORTLAND, Oregon, July 20, 2020 /PRNewswire/ -- Allied Market Research recently published a report, "Encryption Software Market by Component (Software and Services), Deployment Model (On-Premise and Cloud), Organization Size (Large Enterprises and Small & Medium Enterprises), Function (Disk Encryption, Communication Encryption, File/Folder Encryption and Cloud Encryption), and Industry Vertical (BFSI, IT/Telecom, Government & Public, Retail, Healthcare, Aerospace & Defense, Media & Entertainment and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027". According to the report, the global encryption software industry was pegged at $6.82 billion in 2019, and is projected to reach $22.74 billion by 2027, registering a CAGR of 16.3% from 2020 to 2027.
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Prime drivers of the market
Surge in adoption of bring your own device (BYOD), increased mobility, and rise in complexity and data breaches drive the growth of the global encryption software market. However, increased compliance regulations among the organizations supplemented the market. However, dearth of awareness about encryption software and limited use of encrypted devices in some countries hinder the market growth. On the contrary, rise in demand for cloud-based encryption software would offer new opportunities for the market players in the coming years.
The Software segment dominated the market
The software segment held the largest share in 2019, accounting for more than two-thirds of the global encryption software market, as encryption software is cheaper than services and faster to deploy. However, the services segment is projected to register the highest CAGR of 17.6% during the forecast period, due to rise in need of various services such as managed service and professional services.
The BFSI segment held the lion's share
The BFSI segment contributed the largest share in 2019, accounting for more than one-fourth of the global encryption software market, owing to rising cyber-attacks on various banking and fintech industries. However, the retail segment is projected to portray the highest CAGR of 19.7% during the study period, due to the rise in demand for encryption software in the retail industry.
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North America held the largest share
The global encryption software market across North America held the largest share in 2019, contributing to more than one-third of the market, owing to generation of massive amounts of data that needs to be safeguarded. However, the market across Asia-Pacific is projected to manifest the fastest CAGR of 18.2% during the forecast period, due to rising penetration of IoT, cloud services, and BYOD. The market across LAMEA is expected to register a CAGR of 17.0% during the forecast period.
Major market players
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