Global Market Size, Forecast, and Trend Highlights Over 2025 – 2037
Encryption Software Market size was over USD 17.16 billion in 2024 and is projected to cross USD 106.98 billion by the end of 2037, growing at more than 14.9% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of encryption software is estimated at USD 19.23 billion.
There has been an increasing adoption of cloud services and digital technologies by many organizations to store data and the growing incidence of data breaches across the globe.
There has been an escalating rise in the usage of mobile services and other wireless communication technology. Additionally, the rising demand for cloud-based encryption software and growing concern of people regarding the loss of sensitive data is contributing to the growth of the market.
Global Encryption Software Sector: Growth Drivers and Challenges
Growth Drivers
- Increasing Regulatory Standards for Security in End-User Sectors – Government imposed regulatory standards for the security of data privacy and compliance to improve the security measures. There has been a rising encouragement to use encryption software solutions in organizations to enhance the security for consumers by preventing cyber threats, and providing secure data transfer facilities. As per the estimations, by the end of 2024, more than 70% of the population across the world will be provided with personal data security under new privacy regulations.
- Rising Adoption of the Internet owing to the Digitalization – The rising usage of smartphones, and the adoption of social media and other online applications for educational, job, financial transactions, and entertainment purposes is driving the encryption software market growth. According to the reports, more than 5 billion population worldwide are using the internet as of 2023 which contributed to over 64% of the world’s population.
- Growing Unlawful Access due to Lack of Data Security Solutions – The unauthorized access to data storage is growing day by day owing to misuse of privileged access by employees, the presence of malware, weak passwords, rising hacking skills, and accidental access grants.
Challenges
- Easy Availability of Pirated Software and Open-Source Encryption Solutions – The increasing use of pirated encryption software by people as they are free and easy to access. These pirated encryptions are not strong enough to prevent the breach and are mostly fake parties trying to gain access to the systems through websites.
- High Cost of Encryption Software Solutions
- Dearth of Experienced Professionals
Encryption Software Market: Key Insights
|
Base Year |
2024 |
|
Forecast Year |
2025-2037 |
|
CAGR |
14.9% |
|
Base Year Market Size (2024) |
USD 17.16 billion |
|
Forecast Year Market Size (2037) |
USD 106.98 billion |
|
Regional Scope |
|
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Customize this ReportEncryption Software Industry - Regional Synopsis
APAC Market Forecast
The Asia Pacific region is expected to dominate the market share till 2037. There has been a surging use of data storage technologies by organizations in the region with increasing concern about cyber security. Further, the inclusion of hypertext transfer protocol secure (HTTPS) in the software applications such as Facebook, Twitter, Snapchat, Instagram, and others is propelling the market expansion.
Rising cyber-attacks in Japan are also boosting the demand for encryption software in the APAC region. As of 2021 reports, 230 people were arrested for about 430 unauthorized security breaches in Japan. Recently, Japanese researchers developed a new data encryption method to handle encrypted data by combining homomorphic encryption and secret sharing.
North American Market Statistics
The North America encryption software market is slated to grow at substantial CAGR through 2037. The increasing development in the field of IT and telecom sectors, and the growing investment by many small, medium, and large-scale enterprises in the IT sector will impel the market revenue. The production of huge data by these organizations and rising number of data centers to store this data is further driving the market demand.
Companies dominating the Encryption Software Landscape
- Amazon Web Services, Inc. (AWS)
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- IBM Corporation
- Microsoft Corporation
- Check Point Software Technologies
- F-Secure
- Fortinet, Inc.
- Oracle Corporation
- Cisco System, Inc.
- Palo Alto Networks, Inc.
- Trend Micro Incorporated
In the News
- IBM Corporation revealed the End-to-End Quantum-Safe Technology a new software tool to protect the government and private business data with deep security expertise developed as an end-to-end solution. IBM developed this new technology to protect the risk of security in quantum systems by including cryptography, quantum computing, and critical infrastructure experience.
- Amazon Web Services, Inc. started Amazon Simple Storage Service (Amazon S3) encrypts all new objects with security as its prime priority. The Amazon S3 is automatically applied to server-side encryption and handled all the encryption, and decryption, and manages everything in a transparent manner.
Author Credits: Abhishek Verma
- Report ID: 4963
- Published Date: Oct 14, 2024
- Report Format: PDF, PPT
