Encryption Software Market Segmentation
By Component (Services and Solution); By Deployment (Cloud-based and On-premise); By Application (Web Communication Encryption, Network Traffic Encryption, Disk Encryption, File/Folder Encryption, Database Encryption, Cloud Encryption); By End-Use (Government & Public Administration, IT & Telecom, Defense & Aerospace, BFSI, Healthcare, Retail, Education, Manufacturing); By Region (North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa); End-use Landscape; Vendor Landscape and Competitive Landscape
Encryption Software Market Insights
The encryption software market is anticipated to grow at a CAGR of more than 25% over the forecast period. Latest advancements in the mobile technology in terms of software and hardware, their dissemination amongst organizations, and the increasing use of smartphones are anticipated to boost the market growth.
The shift of enterprises towards cloud computing, coupled with high data volumes, and demand for secured sensitive data are likely to increase the industry growth. The growing demand for encryption software solutions and services is further expected to aid the market. This growth is attributed to the rising adoption of cloud technology among enterprises coupled with the need to abide by various government regulations for the protection of organizational data.
Factors such as lack of awareness and budget combined with uncertain performance issues are projected to limit the market growth the over the forecast period.
Encryption Software Market: Component Insights
The global encryption software market is divided into solutions and services, based on the component. The solution segment is projected to account for the largest market size in 2017.
The services application segment is anticipated to register the highest CAGR over the forecast period. Professional services are gaining a lot of importance amongst organizations, as these services include expert counseling, support & maintenance, and streamlining and training for cyber security.
Moreover, the managed services application segment is projected to grow at the highest CAGR over the coming years owing to its immense reporting capabilities for approving the regulatory compliance with internal security strategies for the users.
Encryption Software Market: Deployment Insights
The global encryption software market is classified into On-premise and Cloud-based. The on-premise segment accounted for more than 60 % of the overall revenue in 2016. The cloud-based application segment is likely to grow at a lucrative rate over the forecast period. It is further anticipated to grow at a CAGR of more than 15% over the forecast period due to expanding cloud network and rapid adoption of cloud storage solutions by various companies.
Moreover, improvements in the IT & telecom sector, such as the rise of BYOD and CYOD, are projected to positively impact the growth over the forecast period. The establishment of new businesses in the developing countries is further likely to stimulate the demand for cloud-based solutions.
Encryption Software Market: Application Insights
Based on applications, the encryption software market is segmented into disk encryption, folder encryption; database encryption, web communication encryption, network traffic encryption, and cloud encryption. The cloud encryption application segment is likely to witness a stark increase over the coming years. Data storage has emerged to be one of the major resources for various sectors such as retail, banking & financial, and others to move to the cloud. The high demand for this cloud-based encryption segment is attributed to reliability and scalability it offers in terms of user policies.
Encryption Software Market: End-Use Insights
Based on end-use, the encryption software market is segmented into BFSI, Healthcare, Retail, Government & Public Administration, IT & Telecom, Defense & Aerospace, Education, and Manufacturing. The BFSI application segment accounted for a significant market share in 2016 and is further projected to grow at a healthy CAGR over the coming years. The growing number of cyber-attacks along with dynamic nature of security industry is expected to increase the demand for protection of sensitive financial data from breaches with minimum risk and maximum returns associated with it.
Encryption Software Market: Regional Insights
Asia Pacific market growth is attributed to the absence of storage infrastructure which encourages the companies to store information on the cloud. Rapid advancements in manufacturing, IT & telecom, and retail sectors, particularly in countries such as China and India are likely to drive the growth over the coming years.
North America is projected to record the largest revenue share for encryption software vendors over the coming years, followed by Europe. This is mainly attributed to innovations obtained from R&D and security technologies, especially from countries such as the U.S. and Canada.
Encryption Software Market: End-Use Landscape
The end-use landscape includes a list of current and prospective consumers prevailing across the regions. This section provides company addresses, contact details, products, and regional presence of companies who are purchasing or are likely to purchase products from global encryption software market. The major consumers of the product are AT&T Inc., HSBC Holdings, and Tesco PLC.
Encryption Software Market: Competitive Scenario
The major players in the encryption software market adopted certain strategies, such as new product launches, collaborations, and acquisitions, to expand their presence in the global encryption software market. Key companies profiled in the encryption software market include IBM (New York, US), Microsoft (Washington), PKWARE (Wisconsin), Thales e-Security (La Defense), Gemalto (Amsterdam), Symantec (California), Dell (Texas), Sophos (Abingdon), McAfee (California), Trend Micro (Tokyo), CipherCloud (California), ESET (Bratislava).
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