Encryption Software Market: A $67.82 Billion Industry by 2022

Press Release

Software encryption is being widely used across different industry verticals including finance, healthcare, government, and others. Financial sector accounted for approximately 44.2% of global encryption software market in 2014. Entities operating in the sector are mandated by the data privacy regulations to adopt effective security measures in their organization and to ensure that the personally identifiable data (PII) of the customers is protected from any unauthorized or unintended disclosure/access. Healthcare and Public sectors are anticipated to witness rapid adoption of software encryption during 2016-2020.

According to a recent report published by Allied Market Research, titled,"Encryption Software Market by Usage, and Verticals: Global Opportunity Analysis and Industry Forecast, 2014 - 2022," the global encryption software market size is projected to reach $2.66 billion by 2022, growing at a CAGR of 15.0% from 2016 to 2022.

The encryption software market by usage comprises encryption for data-at-rest and encryption for data-in-transit. In 2014, data-at-rest encryption software segment accounted for approximately 93.4% of the total encryption software market by value. For data-at-rest, the two most commonly used encryption software methods include full disk encryption (FDE) and file level encryption (FLE), with full disk encryption being the most widely deployed method for protecting data against theft and ensuring compliance with data privacy and data breach notification laws. FDE is preferred over the FLE primarily due to the two major advantages, viz. ease of deployment and management, and complete security.

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Even though free software is available for encrypting the data, paid software have greater adoption due to the benefits of support and compliance. With data protection and compliance becoming a high priority, organizations have started to see encryption as an enabler to achieve compliance, data security and flexibility. In addition to the complex regulations, increasing adoption of new technologies such as mobility, cloud and virtualization has also fueled the need for encryption more than ever before. With the increased adoption of cloud and mobility, the data is no longer confined to the walls of an organization. Owing to the rapidly increasing adoption of cloud services across various sectors, organizations are inclined towards adopting encryption solutions to ensure data security and compliance with the data privacy regulations.

Growing number of data breaches are further boosting the encryption software industry growth, as organizations are focusing on securing the critical data to ensure the privacy of the their information. While doing the encryption software market analysis it is observed that, the targeted attacks on enterprises and their employees are now mainly focused at stealing confidential information from individuals machines or penetrating into networks with the motive of deeper-data thefts. Thus, adopting encryption technologies are becoming a necessity for the organizations which is driving this market growth.

North America is expected to lead the encryption software market share during the forecast period, owing to higher adoption of end-point security solutions among organizations and prevalence of higher data protection & compliance regulations. However, Asia-Pacific region is anticipated to grow at the fastest rate, due to the growing penetration of cloud computing and increasing workforce mobility.

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The encryption trends witnessed by the market include, homomorphic encryption, wearable two-factor authentication, quantum cryptography, honey encryption and others. Homomorphic encryption is a new idea that allows the users to process data without decrypting it thus, saving it from potential security vulnerability. Whereas, quantum cryptography functions by using photons of light to physically move a shared file between two entities for transmitting a secret password or key over the distance. Employee mistakes remain to be the most substantial threats to sensitive data.

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