Summary: The World Encryption Software Market is expected to reach $2,894 million by 2022, growing at a CAGR of 15.2% from 2017 to 2022.
North America is expected to be the leading contributor 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 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.
Key findings of Encryption Software Market:
Presently, encryption software for data-at-rest accounts for the major share of the encryption software market as compared to the encryption software for data-in-transit (email)
Within the data-at-rest encryption software market, software-based full disk encryption (FDE) would continue to hold the majority of share vis–vis file level encryption (FLE), throughout the forecast period
Based on the geographic analysis, North America presently is the highest revenue-generating region and would continue to maintain this trend during 2015-2021
The use of encryption software is most widespread in the financial sector, which contributed approximately 44.2% share of total encryption software market revenue in 2014
The adoption of encryption software is higher among large enterprises as compared to the small- and medium-sized businesses
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. The key players profiled in this report are Symantec Corporation, Sophos Holdings Ltd., McAfee, Inc., Check Point Software Technologies, Proofpoint, and Trend Micro.
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