Encryption Software Market Trends, Overview and Industry Consumption Forecast to 2024

Encryption Software Market Evolving Technology,
Trends, Key market Segments and Industry Analysis by
2024
“With the growth in the trends like Internet of Things (IoT) and Bring
Your Own Device (BYOD), concerns about data security are on all-time
high. These trends have further caused cyber-attacks, thefts, data
breaches and commercial espionage which will drive the demand for
protective software.”
By 2024, the global Encryption Software Market size is estimated to reach USD 8,402.9 million, which is growing at a
CAGR of more than 14% over the forecast period. With the growth in the trends like Internet of Things (IoT) and Bring
Your Own Device (BYOD), concerns about data security are on all-time high. These trends have further caused cyberattacks,
thefts, data breaches and commercial espionage which will drive the demand for protective software.
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Developments in the terms of hardware and software in the fields of mobile technology and their increased
penetration are further estimated to fuel the demand over the forecast period. The inclination of firms towards cloud
computing, demand for sensitive data protection, high data volume requirements has led to increase in the demand
of encryption software.
Verticals such as BFSI and healthcare are required to comply with stringent regulations set by authorities such as the
PCI, HIPPA and DSS who have formulated data security solutions which has led to application of security solutions all
over the world. Intellectual properties of enterprises and users have become prone to infringement and theft on
account of increase in usage of internet and rapid digitization. These risks make companies implement the security
solutions. Protection provided to the sensitive data and intellectual properties of enterprises is expected to drive the
market over the next few years.

However implementation of such solutions which are fairly expensive can cause challenges in the fields of budgets.
Furthermore, application of these provisions is considerably time-consuming and complex, though the kind of security
and safety provided balance-out the challenges such as time-consumption.
Due to well-established telecom and IT sector, North America consumed a major share. Generation of huge amounts
of data that needs to be protected was the major reason behind this hiked consumption. Furthermore, increased usage
of personal computers and the internet are expected to raise the demand of encryption software over the forecast
period.
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"Cloud encryption to witness substantial growth over the forecast period"
By 2024, the segment that is expected to witness a growth at CAGR of 19% is the cloud computing segment. Data
storage being major resource of information for industries such as retail, finance and banking has caused them to
incline toward cloud computing. Flexibility and scalability offered by these solutions are the main reasons for the
adoption of encryption software.
At the same time with the increase in adoption of cloud computing, the need to protect the data has also escalated.
Additionally, the propagation of expert data analytics has caused raise in the rate of internet usage leading to increased
use of cloud encryption software. The regulated standards are set owing to the increase in the rate of growing cyberattacks
and mobile-theft.
"BFSI dominated the application segment"
BFSI segment in 2015 captured considerable market share consuming over $600 million and is expected to grow at
CAGR of 15 % by 2024. Sudden spike in the number of cyber-attacks and the ever changing nature of the industry has
resulted into increase in demand of security of financial data that is sensitive from theft and infringements by lowering
risks and maximizing returns. The growth in adoption of cloud technologies in banking sector is expected to drive the
market for next few years.
Traditional data transfer techniques such as DVDs, email and other data transfer techniques are adopted by banks for
transferring the data which are highly risky keeping in mind the level at which the infringers operate. Increase in
demand of such software is expected due to implementation of such techniques. Furthermore, rise in dependency on
the online method of banking and the need to protect the transactions will fuel the need of encryption software over
the forecast period.
"Asia Pacific to experience robust growth; China exhibits growth potential"

In 2015, the Asia-Pacific region accounted for $500 million which is expected to increase due to organizations shifting
to cloud storage facilities due to their incapacity to develop data storage infrastructures, which will surely increase the
risks of losses of data, infringements and thefts escalating the demand. Countries like China and India have tremendous
rate of development manufacturing sector as well as IT and telecom sector which will drive the market in the forecast
period.
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"The encryption software market fragmented in nature"
The key players in the market are firms like Microsoft Corporation, Cisco Systems, Symantec, EMC Corporation,
Bloombase, Sophos, IBM Corporation, Intel Security and Trend Micro. These firms offer solutions to both large scale
businesses and small & medium scale businesses at the same time focusing on the research and development of newer
techniques of cryptography to provide optimum solutions to the clients.
Market Segment:
Deployment Outlook (Revenue, USD Million, 2013 - 2024
• On-premise
• Cloud-based
Application Outlook (Revenue, USD Million, 2013 - 2024)
• Disk Encryption
• File/Folder Encryption
• Database Encryption
• Web Communication Encryption
• Network Traffic Encryption
• Cloud Encryption
• Others

End-Use Outlook (Revenue, USD Million, 2013 - 2024)
• BFSI
• Healthcare
• Retail
• Government & Public Administration
• Telecom
• Defense & Aerospace
• Education
• Manufacturing
Regional Outlook (Revenue, USD Million, 2013 - 2024)
• North America
• U.S.
• Canada
• Europe
• Germany
• UK
• France
• Asia Pacific
• China
• India
• Japan
• Latin America

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