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Encryption software market projected to hit $13 billion by 2023

Encryption software market projected to hit $13 billion by 2023

Software based encryption is the fastest emerging end-point data security solution in the information technology and telecommunication sector. Encryption software plays an important role in protecting digital information against cybercrime.

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Encryption Software Market, By Deployment (Cloud, On-Premise), By Service (Professional Service, Managed Service), By Organization Size (Small & Medium Enterprises, Large Enterprises), By Application (File/ Folder Encryption) - Forecast 2023

Encryption software refers to program based software that uses cryptography technique to prevent unauthorized access to digital information. Encryption process occurs when data is passed through a series of mathematical operations and generates alternate form of that data, these series of operations is known as algorithm. 

Both of these data produced can be differentiated. Unencrypted data refers to plaintext and encrypted data refers to cipher text.

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The key role of encryption software lies in generating cipher text which cannot be easily returned into original plain text.

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It can be used to provide high level of security to emails, files stored on hard drives or floppy disk, network communication and other confidential information that requires protection. Increased frequency of cyber-attacks on enterprises is a factor driving the market.

Cloud based encryption software segment accounts for highest market share. The need for encryption software is mainly due to increasing cyber-attacks on critical and confidential data.

The study indicates, that increase in adoption of bring your own device (BYOD) which pertains to boost employee efficiency has further increased the issue of data loss and unauthorized access to critical data. Disk based encryption is expected to have highest market share due to increase in demand of hardware encryption to secure data.

The segmentation of encryption software market is done on the basis of application. That includes disk encryption, file or folder encryption, communication encryption, database encryption and cloud encryption.

Disk encryption prevents unauthorized access to data, as it prevents data by converting into unreadable codes which cannot be accessed by unauthorized people. Disk encryption software or hardware comprised of disk encryption technology, encrypt every bit of data that goes on a floppy disk. 

The prominent players in the encryption software market are –

  • Microsoft Corporation (U.S.)
  • Sophos Ltd. (U.S.)
  • CheckPoint Software Technologies Ltd. (Israel).
  • Trend Micro Inc. (Japan)
  • Symantec Corporation (U.S.)
  • IBM Corporation (U.S.)
  • SAS Institute Inc. (U.S.)
  • Intel Security Group (McAfee) (U.S.)
  • EMC Corporation (U.S.)
  • WinMagic Inc. (Canada)

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Study Objectives of Encryption Software Market:

  • To provide detailed analysis of the market structure along with forecast of the various segments and sub-segments of the encryption software market.
  • To provide insights about factors affecting the market growth.
  • To analyze the encryption software market based porter’s five force analysis etc.
  • To provide historical and forecast revenue of the market segments and sub-segments with respect to four main geographies and their countries- North America, Europe, Asia, and Rest of the World (ROW).
  • To provide country level analysis of the market with respect to the current market size and future prospective.
  • To provide country level analysis of the market for segment on the basis of application, deployment, service, organization size and vertical.
  • To provide strategic profiling of key players in the market, comprehensively analyzing their core competencies, and drawing a competitive landscape for the market.
  • To track and analyze competitive developments such as joint ventures, strategic alliances, mergers and acquisitions, new product developments, and research and developments in the encryption software market.

Segments:

Encryption Software Market for segment on the basis of by application, by deployment, by service, by organization size and by vertical.
 

Encryption Software Market by Application:

  • Disk Encryption
  • File/Folder Encryption
  • Communication Encryption
  • Database Encryption
  • Cloud Encryption

Encryption Software Market by Deployment:

  • Cloud
  • On-Premise

Encryption Software Market by Service:

  • Professional Service
  • Managed Service

Encryption Software Market by Organization Size:

  • Small & Medium Enterprises
  • Large Enterprises

Encryption Software Market by Vertical:

  • Healthcare
  • Government & Public Sector
  • IT & Telecommunication
  • BFSI
  • Retail
  • Aerospace & Defense
  • Others

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The regional analysis of encryption software market is being studied for region such as Asia Pacific, North America, Europe and Rest of the World. North America region accounts for higher market share.

North America region possess highest market share due to major encryption software players present in the region. Asia-Pacific is expected to be fastest growing market as small and medium enterprises are implementing encryption solution for preventing unauthorized  access to data and cybercrimes. 

TABLE OF CONTENTS

1    MARKET INTRODUCTION

1.1    INTRODUCTION    

1.2    SCOPE OF STUDY

1.2.1    RESEARCH OBJECTIVE

1.2.2    ASSUMPTIONS

1.2.3    LIMITATIONS

1.3    MARKET STRUCTURE

2    RESEARCH METHODOLOGY

2.1    RESEARCH TYPE

2.2    PRIMARY RESEARCH

2.3    SECONDARY RESEARCH

2.4    FORECAST MODEL

2.4.1    MARKET DATA COLLECTION, ANALYSIS & FORECAST

2.4.2    MARKET SIZE ESTIMATION

3    MARKET DYNAMICS 

3.1    INTRODUCTION

3.2    MARKET DRIVERS

3.3    MARKET CHALLENGES

3.4    MARKET OPPORTUNITIES 

3.5    MARKET RESTRAINTS

4    EXECUTIVE SUMMARY 

  1.  MARKET FACTOR ANALYSIS

    5.1    PORTER’S FIVE FORCES ANALYSIS

    5.2    SUPPLY CHAIN ANALYSIS

6    ENCRYPTION SOFTWAREMARKET, BY SEGMENTS

6.1    INTRODUCTION

6.2    MARKET STATISTICS

6.2.1   BY APPLICATION

6.2.1.1   DISK ENCRYPTION

6.2.1.2   FILE/FOLDER ENCRYPTION

6.2.1.3   COMMUNICATION ENCRYPTION

6.2.1.4   DATABASE ENCRYPTION

6.2.1.5   CLOUD ENCRYPTION

6.2.2    BY DEPLOYMENT

6.2.2.1    CLOUD

6.2.2.2    ON-PREMISE

6.2.3    BY SERVICE

6.2.3.1     PROFESSIONAL DEPLOYMENT

6.2.3.2     MANAGED DEPLOYMENT

6.2.4    BY ORGANIZATION SIZE

6.2.4.1     SMALL & MEDIUM ENTERPRISES

6.2.4.2     LARGE ENTERPRISES

6.2.5     BY VERTICAL

6.2.5.1 BFSI

6.2.5.2    HEALTHCRAE

6.2.5.3    GOVERNMENT & PUBLIC SECTOR

6.2.5.4    RETAIL

6.2.5.5 IT & TELECOMMUNICATION

6.2.5.6    AEROSPACE & DEFENSE

6.2.5.7    OTHERS

6.2.6     BY GEOGRAPHY

6.2.6.1    NORTH AMERICA

6.2.6.2    EUROPE

6.2.6.3    ASIA-PACIFIC

6.2.6.4    REST OF THE WORLD

7    COMPETITIVE ANALYSIS

7.1    MARKET SHARE ANALYSIS

7.2    COMPANY PROFILES

7.2.1    MICROSOFT CORPORATION (U.S.)

7.2.2    SOPHOS LTD. (U.S.)

7.2.3    CHECKPOINT SOFTWARE TECHNOLOGIES LTD. (ISRAEL)

7.2.4    TREND MICRO INC. (JAPAN)

7.2.5    SYMANTEC CORPORATION (U.S.)

7.2.6    IBM CORPORATION (U.S.)

7.2.7    SAS INSTITUTE INC. (U.S.)

7.2.8    INTEL SECURITY GROUP (MCAFEE) (U.S.)

7.2.9     EMC CORPORATION (U.S.)

7.2.10     WINMAGIC INC. (CANADA)

7.2.11     OTHERS

 

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