HOME Top Market Reports Encryption Software Market by Component (Solution and Services), Application (Disk Encryption, File/Folder Encryption, Communication Encryption, and Cloud Encryption), Deployment Type, Organization Size, Vertical, and Region - Global Forecast to 2022

Encryption Software Market by Component (Solution and Services), Application (Disk Encryption, File/Folder Encryption, Communication Encryption, and Cloud Encryption), Deployment Type, Organization Size, Vertical, and Region - Global Forecast to 2022

By: marketsandmarkets.com
Publishing Date: October 2017
Report Code: TC 3110

 

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The encryption software market is estimated to be USD 3.27 Billion in 2016 and expected to grow at a Compound Annual Growth Rate (CAGR) of 27.4% during the forecast period. The base year considered for this study is 2016, and the forecast period is 2017–2022.

Objectives of the Study

  • To define, describe, and forecast the encryption software market on the basis of components (solution and services), applications, deployment types, organization sizes, verticals, and regions
  • To provide detailed information regarding the major factors influencing the growth of the market (drivers, restraints, opportunities, and challenges)
  • To analyze the micromarkets with respect to the individual growth trends, prospects, and contributions to the total market
  • To analyze the opportunities in the market for stakeholders by identifying the high-growth segments of the market
  • To forecast the market size of the market segments with respect to the 5 major regions, namely, North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America
  • To profile the key players of the encryption software market and comprehensively analyze their market size and core competencies in the market
  • To track and analyze competitive developments, such as new product launches; mergers and acquisitions; and partnerships, agreements, and collaborations in the global market

The research methodology used to estimate and forecast the encryption software market began with capturing the data of the revenues of the key vendors through secondary sources, such as annual reports, press releases, and associations and consortiums, such as RSA Security, the SANS Institute, SC Magazine, and Cloud Security Alliance (CSA), and databases, such as Factiva, BusinessWeek, company websites, and news articles. Vendor offerings were also taken into consideration to determine the market segmentation. The bottom-up procedure was employed to arrive at the overall market size of the global encryption software market from the revenue of the key players in the market. After arriving at the overall market size, the total market was split into several segments and subsegments, which were then verified through primary research by conducting extensive interviews with key people, such as Chief Executive Officers (CEOs), Vice Presidents (VPs), directors, and executives. The data triangulation and market breakdown procedures were employed to complete the overall market engineering process and arrive at the exact statistics for all segments. The breakdown of primary profiles is depicted in the below figure:

Encryption Software Market

To know about the assumptions considered for the study, download the pdf brochure

The encryption software ecosystem comprises encryption component providers, such as Thales e-Security (La Defense, France), Gemalto (Amsterdam, Netherlands), Symantec (California, US), Dell (Texas, US), Sophos (Abingdon, UK), McAfee (California, US), Trend Micro (Tokyo, Japan), IBM (New York, US), Microsoft (Washington, US), PKWARE (Wisconsin, US), CipherCloud (California, US), ESET (Bratislava, Slovakia). The other stakeholders of the encryption software market include Cloud Service Providers (CSPs), cyber security vendors, managed security service providers, and system integrators.

Key Target Audience

  • Encryption software vendors
  • Network solution providers
  • Defense organizations
  • Government agencies
  • Cyber security vendors
  • Cloud security vendors
  • Independent software vendors
  • Consulting firms
  • System integrators
  • Value-added Resellers (VARs)
  • Information Technology (IT) security agencies
  • Managed Security Service Providers (MSSPs)

 “The research study answers several questions for the stakeholders, primarily which market segments to focus in the next 2 to 5 years for prioritizing the efforts and investments.”

Scope of the Report

The research report categorizes the encryption software market to forecast the revenues and analyzes the trends in each of the following submarkets:

By Component

  • Solution
  • Services
    • Professional services
      • Support and maintenance
      • Training and education
      • Planning and consulting
    • Managed services

By Application

  • Disk encryption
  • File/folder encryption
  • Database encryption
  • Communication encryption
  • Cloud encryption

By Deployment Type

  • On-premises
  • Cloud

By Organization Size

  • Large Enterprises
  • Small and Medium-sized Enterprises (SMEs)

By Vertical

  • Banking, Financial Services, and Insurance (BFSI)
  • Healthcare
  • Government and public utilities
  • Telecom and IT
  • Retail
  • Aerospace and defense
  • Others (manufacturing, education, and media and entertainment)

By Region

  • North America
  • Europe
  • APAC
  • MEA
  • Latin America

Available Customizations

With the given market data, MarketsandMarkets offers customizations based on the company-specific needs. The following customization options are available for the report:

Geographic Analysis

  • Further breakdown of the APAC market into countries contributing 75% of the regional market size
  • Further breakdown of the North American market into countries contributing 75% of the regional market size
  • Further breakdown of the Latin American market into countries contributing 75% of the regional market size
  • Further breakdown of the MEA market into countries contributing 75% of the regional market size
  • Further breakdown of the European market into countries contributing 75% of the regional market size

Company Information

  • Detailed analysis and profiling of additional market players (up to 5).

Table of Contents

1 Introduction (Page No. - 16)
    1.1 Objectives of the Study
    1.2 Market Definition
    1.3 Market Scope
    1.4 Years Considered
    1.5 Currency
    1.6 Stakeholders

2 Research Methodology (Page No. - 19)
    2.1 Research Data
           2.1.1 Secondary Data
           2.1.2 Primary Data
                    2.1.2.1 Breakdown of Primaries
                    2.1.2.1 Key Industry Insights
    2.2 Market Size Estimation
    2.3 Research Assumptions and Limitations
           2.3.1 Assumptions
           2.3.2 Limitations

3 Executive Summary (Page No. - 26)

4 Premium Insights (Page No. - 30)
    4.1 Attractive Market Opportunities in the Encryption Software Market
    4.2 Market Market Share of Top 3 Applications and Top 3 Regions
    4.3 Market By Service
    4.4 Market By Professional Service
    4.5 Market By Deployment Type
    4.6 Market By Organization Size
    4.7 Market Investment Scenario

5 Market Overview (Page No. - 34)
    5.1 Introduction
    5.2 Market Dynamics
           5.2.1 Drivers
                    5.2.1.1 Rising Concerns of Critical Data Loss in the On-Premises Environment
                    5.2.1.2 Risk on Cloud Environment Due to Exploitation of Big Data Analytics
                    5.2.1.3 Regulations to Increase the Adoption of Encryption Solutions
           5.2.2 Restraints
                    5.2.2.1 Lack of Budget for the Adoption of Best-In-Class Encryption Solutions
                    5.2.2.2 Lack of Awareness About Encryption and Performance Concerns Among Enterprises
           5.2.3 Opportunities
                    5.2.3.1 Proliferation in the Demand for Integrated, Cloud-Based Encryption Solutions in Smes
                    5.2.3.2 Large-Scale Adoption of Encryption Solutions in the BFSI Vertical
           5.2.4 Challenges
                    5.2.4.1 Complexities in the Management of Encryption Keys
                    5.2.4.2 Lack of Skilled Workforce in an Enterprise
    5.3 Regulatory Implications
           5.3.1 Payment Card Industry Data Security Standard
           5.3.2 Health Insurance Portability and Accountability Act
           5.3.3 Federal Information Security Management Act
           5.3.4 Sarbanes–Oxley Act
           5.3.5 Gramm–Leach–Bliley Act
           5.3.6 Federal Information Processing Standards
           5.3.7 General Data Protection Regulation
    5.4 Innovation Spotlight
    5.5 Use Cases
           5.5.1 Large-Scale Adoption of Email Encryption in Financial Organizations in the Uk
           5.5.2 Adoption of Encryption Solution By A Clinical Research Company
           5.5.3 Reliance of Small and Medium Financial Companies on Data Encryption
           5.5.4 Large-Scale Adoption of Encryption By IT and Telecom Companies
           5.5.5 Need for Best-In-Class Encryption Solutions for Government Sector in Canada
           5.5.6 Healthcare Vertical Relying on Cloud-Based Encryption Solutions
    5.6 Type of Encryption Algorithms
           5.6.1 Data Encryption Standard
           5.6.2 Advanced Encryption Standard
           5.6.3 Triple-Des
           5.6.4 Blowfish Algorithm
           5.6.5 Homomorphic Encryption
           5.6.6 RSA
           5.6.7 Diffie-Hellman Key Exchange
           5.6.8 Quantum Cryptography
           5.6.9 Post Quantum Cryptography

6 Encryption Software Market Analysis, By Component (Page No. - 45)
    6.1 Introduction
    6.2 Solution
           6.2.1 Types of Data Encrypted
                    6.2.1.1 Data at Rest
                    6.2.1.2 Data in Transit
                    6.2.1.3 Data in Use
           6.2.2 Types of Encryption
                    6.2.2.1 Symmetric Encryption
                    6.2.2.2 Asymmetric Encryption
           6.2.3 Key Management
    6.3 Services
           6.3.1 Professional Services
                    6.3.1.1 Support and Maintenance
                    6.3.1.2 Training and Education
                    6.3.1.3 Planning and Consulting
           6.3.2 Managed Services

7 Encryption Software Market Analysis, By Application (Page No. - 56)
    7.1 Introduction
    7.2 Disk Encryption
    7.3 File/Folder Encryption
    7.4 Database Encryption
           7.4.1 Application-Level Encryption
           7.4.2 Database-Level Encryption
    7.5 Communication Encryption
           7.5.1 Voice Encryption
           7.5.2 Email Encryption
           7.5.3 Instant Messaging Encryption
    7.6 Cloud Encryption

8 Encryption Software Market Analysis, By Deployment Type (Page No. - 63)
    8.1 Introduction
    8.2 On-Premises
    8.3 Cloud

9 Encryption Software Market Analysis, By Organization Size (Page No. - 67)
    9.1 Introduction
    9.2 Large Enterprises
    9.3 Small and Medium-Sized Enterprises

10 Encryption Software Market Analysis, By Vertical (Page No. - 71)
     10.1 Introduction
     10.2 Banking, Financial Services, and Insurance
     10.3 Aerospace and Defense
     10.4 Healthcare
     10.5 Government and Public Utilities
     10.6 Telecom and IT
     10.7 Retail
     10.8 Others

11 Geographic Analysis (Page No. - 79)
     11.1 Introduction
     11.2 North America
     11.3 Europe
     11.4 Asia Pacific
     11.5 Middle East and Africa
     11.6 Latin America

12 Competitive Landscape (Page No. - 99)
     12.1 Overview
     12.2 Market Ranking Analysis, By Company

13 Company Profiles (Page No. - 100)
     13.1 Ciphercloud
(Overview, Strength of Product Portfolio, Business Strategy Excellence, and Recent Developments)*
     13.2 Dell
     13.3 Eset
     13.4 Gemalto
     13.5 IBM
     13.6 Mcafee
     13.7 Microsoft
     13.8 Pkware
     13.9 Sophos
     13.10 Symantec
     13.11 Thales E-Security
     13.12 Trend Micro
     13.13 Cryptomathic
     13.14 Stormshield

*Details on Overview, Strength of Product Portfolio, Business Strategy Excellence, and Recent Developments Might Not Be Captured in Case of Unlisted Companies.

14 Appendix (Page No. - 151)
     14.1 Discussion Guide
     14.2 Knowledge Store: Marketsandmarkets’ Subscription Portal
     14.3 Introducing RT: Real-Time Market Intelligence
     14.4 Available Customizations
     14.5 Related Reports
     14.6 Author Details


List of Tables (69 Tables)

Table 1 United States Dollar Exchange Rate, 2014–2016
Table 2 Innovation Spotlight: Latest Encryption Software Innovations
Table 3 Encryption Software Market Size, By Component, 2015–2022 (USD Million)
Table 4 Solution: Market Size, By Region, 2015–2022 (USD Million)
Table 5 Services: Market Size, By Region, 2015–2022 (USD Million)
Table 6 Services: Market Size, By Type, 2015–2022 (USD Million)
Table 7 Professional Services Market Size, By Region, 2015–2022 (USD Million)
Table 8 Professional Services Market Size, By Type, 2015–2022 (USD Million)
Table 9 Support and Maintenance Market Size, By Region, 2015–2022 (USD Million)
Table 10 Training and Education Market Size, By Region, 2015–2022 (USD Million)
Table 11 Planning and Consulting Market Size, By Region, 2015–2022 (USD Million)
Table 12 Managed Services Market Size, By Region, 2015–2022 (USD Million)
Table 13 Encryption Software Market Size, By Application, 2015–2022 (USD Million)
Table 14 Disk Encryption: Market Size, By Region, 2015–2022 (USD Million)
Table 15 File/Folder Encryption: Market Size, By Region, 2015–2022 (USD Million)
Table 16 Database Encryption: Market Size, By Region, 2015–2022 (USD Million)
Table 17 Communication Encryption: Market Size, By Region, 2015–2022 (USD Million)
Table 18 Cloud Encryption: Market Size, By Region, 2015–2022 (USD Million)
Table 19 Encryption Software Market Size, By Deployment Type, 2015–2022 (USD Million)
Table 20 On-Premises: Market Size, By Region, 2015–2022 (USD Million)
Table 21 Cloud: Market Size, By Region, 2015–2022 (USD Million)
Table 22 Encryption Software Market Size, By Organization Size, 2015–2022 (USD Million)
Table 23 Large Enterprises: Market Size, By Region, 2015–2022 (USD Million)
Table 24 Small and Medium-Sized Enterprises: Market Size, By Region, 2015–2022 (USD Million)
Table 25 Encryption Software Market Size, By Vertical, 2015–2022 (USD Million)
Table 26 Banking, Financial Services, and Insurance: Market Size, By Region, 2015–2022 (USD Million)
Table 27 Aerospace and Defense: Market Size, By Region, 2015–2022 (USD Million)
Table 28 Healthcare: Market Size, By Region, 2015–2022 (USD Million)
Table 29 Government and Public Utilities: Market Size, By Region, 2015–2022 (USD Million)
Table 30 Telecom and IT: Market Size, By Region, 2015–2022 (USD Million)
Table 31 Retail: Market Size, By Region, 2015–2022 (USD Million)
Table 32 Others: Market Size, By Region, 2015–2022 (USD Million)
Table 33 Encryption Software Market Size, By Region, 2015–2022 (USD Million)
Table 34 North America: Encryption Software Market Size, By Component, 2015–2022 (USD Million)
Table 35 North America: Market Size, By Service, 2015–2022 (USD Million)
Table 36 North America: Market Size, By Professional Service, 2015–2022 (USD Million)
Table 37 North America: Market Size, By Application, 2015–2022 (USD Million)
Table 38 North America: Market Size, By Deployment Type, 2015–2022 (USD Million)
Table 39 North America: Market Size, By Organization Size, 2015–2022 (USD Million)
Table 40 North America: Market Size, By Vertical, 2015–2022 (USD Million)
Table 41 Europe: Encryption Software Market Size, By Component, 2015–2022 (USD Million)
Table 42 Europe: Market Size, By Service, 2015–2022 (USD Million)
Table 43 Europe: Market Size, By Professional Service, 2015–2022 (USD Million)
Table 44 Europe: Market Size, By Application, 2015–2022 (USD Million)
Table 45 Europe: Market Size, By Deployment Type, 2015–2022 (USD Million)
Table 46 Europe: Market Size, By Organization Size, 2015–2022 (USD Million)
Table 47 Europe: Market Size, By Vertical, 2015–2022 (USD Million)
Table 48 Asia Pacific: Encryption Software Market Size, By Component, 2015–2022 (USD Million)
Table 49 Asia Pacific: Market Size, By Service, 2015–2022 (USD Million)
Table 50 Asia Pacific: Market Size, By Professional Service, 2015–2022 (USD Million)
Table 51 Asia Pacific: Market Size, By Application, 2015–2022 (USD Million)
Table 52 Asia Pacific: Market Size, By Deployment Type, 2015–2022 (USD Million)
Table 53 Asia Pacific: Market Size, By Organization Size, 2015–2022 (USD Million)
Table 54 Asia Pacific: Market Size, By Vertical, 2015–2022 (USD Million)
Table 55 Middle East and Africa: Encryption Software Market Size, By Component, 2015–2022 (USD Million)
Table 56 Middle East and Africa: Market Size, By Service, 2015–2022 (USD Million)
Table 57 Middle East and Africa: Market Size, By Professional Service, 2015–2022 (USD Million)
Table 58 Middle East and Africa: Market Size, By Application, 2015–2022 (USD Million)
Table 59 Middle East and Africa: Market Size, By Deployment Type, 2015–2022 (USD Million)
Table 60 Middle East and Africa: Market Size, By Organization Size, 2015–2022 (USD Million)
Table 61 Middle East and Africa: Market Size, By Vertical, 2015–2022 (USD Million)
Table 62 Latin America: Encryption Software Market Size, By Component, 2015–2022 (USD Million)
Table 63 Latin America: Market Size, By Service, 2015–2022 (USD Million)
Table 64 Latin America: Market Size, By Professional Service, 2015–2022 (USD Million)
Table 65 Latin America: Market Size, By Application, 2015–2022 (USD Million)
Table 66 Latin America: Market Size, By Deployment Type, 2015–2022 (USD Million)
Table 67 Latin America: Market Size, By Organization Size, 2015–2022 (USD Million)
Table 68 Latin America: Market Size, By Vertical, 2015–2022 (USD Million)
Table 69 Market Ranking for the Encryption Software Market, 2017


List of Figures (34 Figures)

Figure 1 Encryption Software Market: Market Segmentation
Figure 2 Encryption Software Market: Research Design
Figure 3 Breakdown of Primary Interviews: By Company, Designation, and Region
Figure 4 Data Triangulation
Figure 5 Market Size Estimation Methodology: Bottom-Up Approach
Figure 6 Market Size Estimation Methodology: Top-Down Approach
Figure 7 Encryption Software Market Size, By Component (2017 vs 2022)
Figure 8 North America is Estimated to Hold the Largest Market Share in 2017
Figure 9 Top 3 Revenue Segments of the Encryption Software Market
Figure 10 Need for Stringent Compliance is Expected to Boost the Encryption Software Market
Figure 11 Disk Encryption and North America are Estimated to Have the Largest Market Shares in 2017
Figure 12 Professional Services Segment is Expected to Have A Larger Market Share During the Forecast Period
Figure 13 Support and Maintenance Services Segment is Expected to Have the Largest Market Share in 2017
Figure 14 Cloud Deployment Type is Expected to Have A Higher CAGR During the Forecast Period
Figure 15 Small and Medium-Sized Enterprises Segment is Expected to Have A Higher CAGR During the Forecast Period
Figure 16 Asia Pacific is Expected to Emerge as the Best Market for Investment in the Next 5 Years
Figure 17 Encryption Software Market: Drivers, Restraints, Opportunities, and Challenges
Figure 18 Services Segment is Expected to Grow at A Higher CAGR During the Forecast Period
Figure 19 Managed Services Segment is Expected to Grow at A Higher CAGR During the Forecast Period
Figure 20 Training and Education Segment is Expected to Grow at the Highest CAGR During the Forecast Period
Figure 21 Cloud Encryption Application is Expected to Grow at the Highest CAGR During the Forecast Period
Figure 22 Cloud Deployment Type is Expected to Grow at A Higher CAGR During the Forecast Period
Figure 23 Small and Medium-Sized Enterprises Segment is Expected to Grow at A Higher CAGR During the Forecast Period
Figure 24 Telecom and IT Vertical is Expected to Grow at the Highest CAGR During the Forecast Period
Figure 25 North America is Expected to Have the Largest Market Size During the Forecast Period
Figure 26 North America: Market Snapshot
Figure 27 Asia Pacific: Market Snapshot
Figure 28 Gemalto: Company Snapshot
Figure 29 IBM: Company Snapshot
Figure 30 Microsoft: Company Snapshot
Figure 31 Sophos: Company Snapshot
Figure 32 Symantec: Company Snapshot
Figure 33 Thales E-Security: Company Snapshot
Figure 34 Trend Micro: Company Snapshot

The encryption software market size is expected to grow from USD 3.87 Billion in 2017 to USD 12.96 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 27.4%. The demand for encryption software is likely to be driven by various factors, such as proliferation in the number of cyber-attacks and the stringent government regulations and compliances that mandate the adoption of encryption among various verticals.

The encryption software market has been segmented on the basis of components (solution and services), applications, deployment types, organization sizes, verticals, and regions. The services segment is expected to grow at the highest CAGR during the forecast period and the solution segment is estimated to have the largest market size in 2017 in the market. Professional services have been widely adopted by organizations, as these services involve expert consulting, support and maintenance, and optimization and training for cybersecurity. However, the managed services segment is expected to grow at the highest CAGR during the forecast period, as managed security vendors provide extensive reporting capabilities for validating the regulatory compliance with internal security policies for the users.

The disk encryption application is estimated to hold the largest market share in 2017. The importance of encrypting a disk is that, if the encrypted disk is lost or stolen, the encrypted state of the drive remains unchanged, and only an authorized user will be able to access its contents. The cloud encryption application is expected to grow at the fastest rate during the forecast period.

Encryption solutions and services have been deployed across various verticals, including Banking, Financial Services, and Insurance (BFSI); aerospace and defense; government and public utilities; healthcare; telecom and IT; retail; and others (manufacturing, education, and media and entertainment). The telecom and IT vertical is expected to grow at the highest CAGR during the forecast period. However, the BFSI vertical is estimated to have the largest market size in 2017.

The global encryption software market has been segmented on the basis of regions into North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America, to provide a region-specific analysis in the report. The North American region, followed by Europe, is expected to become the largest revenue-generating region for encryption software vendors in 2017. This is mainly because, in the developed economies of the US and Canada, there is a high focus on innovations obtained from R&D and security technologies. APAC is expected to be the fastest-growing region in the market. The growth in this region is primarily driven by the increasing adoption of cloud technology within the organizations and the presence of a large number of telecom companies that need to protect enormous subscriber data from theft.

Encryption Software Market

The adoption of encryption software solutions and services is expected to be increasing in the market, owing to the increasing adoption of cloud technology among enterprises and the need to adhere to various compliances put forth by the government for the protection of mission-critical organizational data. However, the major hindrance faced by enterprises while adopting the encryption software solutions and services is the lack of awareness and budget, and the misbelief about performance issues.

The major vendors offering services and solutions to the encryption software market are Thales e-Security (La Defense, France), Gemalto (Amsterdam, Netherlands), Symantec (California, US), Dell (Texas, US), Sophos (Abingdon, UK), McAfee (California, US), Trend Micro (Tokyo, Japan), IBM (New York, US), Microsoft (Washington, US), PKWARE (Wisconsin, US), CipherCloud (California, US), ESET (Bratislava, Slovakia). These players have adopted various strategies, such as new product developments, collaborations, partnerships, and acquisitions, to expand their presence in the global encryption software market.

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