According to the report, the global encryption software market accounted for about USD 2.20 billion in 2015 and is expected to reach around USD 7.17 billion by 2021, growing at a CAGR of around 21.7% between 2016 and 2021.
Encryption software is an algorithmic application which transforms data into a code or cipher which cannot be accessed until proper password is provided. Data encryption software is the next step towards robust security systems which protect data being sent from one source to another. Encryption software is arranged on the basis of the level of encryption which is defined by the number of bits in a key (56 bit key, 128 bit key). Previously, encryption was mainly used by government agencies for national security. However, with the advent of personal computers and the internet, encryption is widely used in the private sector as well.
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Excessive use of computers is guiding hackers to commit corporate espionage to get financial benefits. The emergence of new technologies is guiding cyber crimes such as stealing data sent through files or emails or stored on the cloud. Encryption software is a major breakthrough for solving this problem which is a driver of this market. Additionally, this software is easy to use, requires less time and is compatible with existing operating systems which can be customized as per requirements (disk encryption, email encryption, file encryption, etc.). Many countries are venturing into the maturity of public networks, process application, and e-commerce. This would have the direct impact on demand for encryption software in the market. Major end users of the software are corporate, government and military organizations. Encryption software demand will be fueled by growing IT budget of the companies in near future. The rise in data breaches since the past couple of years, growing confidentiality of data over the Internet, growing adoption of cloud & virtualization and increasing data mobility are prime factors that have fueled the overall development of the market.
North America has dominated the encryption software market with the maximum market share in terms of revenue. It accounted approximate 50% of the share in the global encryption software market.
The major encryption software providers including Symantec, Microsoft, Check Point Software Technologies, Trend Micro and Sophos ltd. are offering advanced encryption solutions, depending on the specific needs of clients. Besides, several other technology providers are also innovating techniques related to advanced encryption that may incorporate organizational data to provide robust data security.