Encryption Software Market to Reach $42.26 Bn, Globally, by 2030 at 16.5% CAGR: Allied Market Research

Surge in data breaches and rise in compliance regulation activities among organizations drive the growth of the encryption software market.

PORTLAND, Ore., April 4, 2022 /PRNewswire/ — Allied Market Research published a report, titled, “Encryption Software Market by Component (Software and Services), Deployment Model (On-premise and Cloud), Enterprise Size (Large Enterprises and Small & Medium Enterprises), Function (Disk Encryption, Communication Encryption, File/Folder Encryption, and Cloud Encryption), and Industry Vertical (Banking, Financial Services, and Insurance (BFSI), IT/Telecom, Government & Public, Retail, Healthcare, Aerospace & Defense, Media & Entertainment, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030.” According to the report, the global encryption software industry was estimated at $9.43 billion in 2020, and is anticipated to hit $42.26 billion by 2030, registering a CAGR of 16.5% from 2021 to 2030.


Drivers, restraints, and opportunities

Surge in data breaches and rise in compliance regulation activities among organizations drive the growth of the encryption software market. On the other hand, lack of awareness about encryption software and limited use of encrypted device in some countries impede the growth to some extent. However, growing demand for cloud-based encryption software is expected to create lucrative opportunities in the industry.

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Covid-19 Scenario

  • The outbreak of the pandemic gave way to the trend of work-from-home movements, which in turn, led to growing inclination toward the adoption of cloud based software. This factor impacted the global encryption software market positively.
  • This drift is also most likely to continue post pandemic as well.

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The software segment to maintain the lion’s share

On the basis of component, the software segment accounted for the highest market share in 2020, generating more than two-thirds of the global encryption software market. This is because organizations in the BFSI and IT & telecom industry are increasingly adopting this software to enhance their operational efficiency and provide advance security to the organizations assets and data.  The service segment, on the other hand, is anticipated to cite the fastest CAGR of 18.9% from 2021 to 2030, due to rise in demand for cloud-based encryption software services.

The on-premise segment to lead the trail

On the basis of deployment model, the on-premise segment generated the highest share in 2020, holding nearly three-fifths global encryption software market. The on-premise deployment mode is considered widely useful in large enterprises, as it involves a significant investment to implement, and organizations need to purchase interconnected servers as well as software to manage the system. The cloud segment, however, is expected to cite the fastest CAGR of 19.4% from 2021 to 2030. A paradigm shift in the deployment methods from on-premise to cloud-based models has been the major factor driving the adoption of cloud-based encryption software models among SMEs and some large-scale organizations as well.

North America to dominate by 2030

On the basis of region, North America contributed to the major market share in terms of revenue in 2020, holding more than one-third of the global encryption software industry. This growth is driven by the implementation of several government initiatives, which have helped the region expand its IT security investment. Asia-Pacific, simultaneously, is projected to cite the fastest CAGR of 19.8% from 2021 to 2030. This is attributed to heavy investments made by private and public sectors for securing sensitive data, which is resulting into increased demand for encryption software used to secure and ensure the privacy of data.

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Prominent market players-

  • Check Point Software Technologies
  • Microsoft Corporation
  • Cisco System, Inc.
  • F-Secure
  • Trend Micro Incorporated
  • Fortinet, Inc.
  • Amazon Web Services, Inc. (AWS)
  • IBM Corporation
  • Oracle Corporation
  • Palo Alto Networks, Inc.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.


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Encryption Software Market to Reach $42.26 Bn, Globally, by 2030 at 16.5% CAGR: Allied Market Research

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