Encryption Software Market Overview
Market Research Future (MRFR) anticipates that the Encryption Software Market 2020 could potentially reach a significant valuation of USD 13 billion by 2024. It is also expected that the advancement rate of the global market can be 16.4% from 2016 to 2023 (evaluation period). We will provide COVID-19 impact analysis with the report, offering all the key developments that can affect the market post the coronavirus disease outbreak.
Key Drivers and Main Deterrents
The COVID-19 outbreak has had a moderate effect on the encryption software market and is expected to do so even in the coming months. Despite the advent of SARS-CoV-2 and the resultant lockdown, the encryption software market will be able to sustain its growth owing to the rising efforts being given by companies to facilitate work from home for their employees worldwide.
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Further, the novel coronavirus has compelled governments to uptake measures to track the virus. Facial recognition software is now being deployed massively everywhere, with various location-tracking vendors springing up across countries. Moreover, Facebook, Google, and various tech giants are coming forward to lend help that can mitigate the COVID-19 impact to some extent. However, the situation has been a double edged sword, as the growing number of virus tracking apps and others have boosted the number of cyber thefts and data breaches, which led to higher demand for encryption software. The escalating adoption of cloud, mobility and virtualization technologies also seem to be working in the market’s favor.
The pandemic has also pushed the uptake of biometric encryption, which is believed to be a key trend in the encryption software market. Biometric verification encryption is increasingly being used as it provides access to the user by identifying unique biological traits such as voice, fingerprint, facial lineaments or iris. More and more vendors are now offering advanced biometric encryption systems to cater to the growing demand from end-users that are facing security threats.
For instance, in June 2020, Fujitsu supplied its biometric authentication technology to Hyosung, for its futuristic ATM to facilitate secure and contactless way to recognize ATM users. The biometric authentication technology, called PalmSecure, is able to reads the unique palm vein patterns that are present under the skin of the user, thus preventing any chances of fraud or theft.
The encryption software industry can be considered for deployment, service, organization size, application and vertical.
Deployment-wise, the key segments can be cloud as well as on premise.
Market segmentation depending on service includes professional service and managed service.
The ranges considered in the report, based on organization size, are SMEs/small & medium enterprises coupled with large enterprises.
The primary application areas covered in the study include File/Folder Encryption, Disk Encryption, Database Encryption, Cloud Encryption and Communication Encryption.
Vertical-dependent segments include Aerospace & Defense, Government & Public Sector, BFSI, IT & Telecommunication, Healthcare, Retail, and more.
The Encryption Software Market Size has been evaluated across the key regions of Europe, North America, APAC/Asia Pacific, as well as RoW/Rest of the World.
North America currently heads the global market with the biggest share, owing to the existence of a large pool of renowned encryption software vendors across Canada and the United States/US. A well-developed telecom and IT sector, the voluminous data generated and the need to protect that data has led to adoption of advanced encryption software across enterprises. Sudden spike in the encrypted internet traffic in light of the rising use of HTTPS by top companies such as Twitter, Netflix and Facebook can also take the regional market to greater heights in the near future.
APAC can be the fastest gainer in the global market, with the growing number of small and medium enterprises taking up encryption software to safeguard the data from cybercrimes and theft. The region is quite promising for various players as organizations are increasingly storing data on cloud, which has led to higher risk of data losses and thefts. This has been a major booster for the encryption software market in recent years. The high utilization of cloud services, BYOD and IoT has also benefitted the market. The thriving manufacturing industry in India and China along with the rapidly expanding IT & telecom and retail sectors can also induce significant industry growth in the following years.
Key Industry Firms
Key industry firms in the encryption software industry are Trend Micro Inc. (Japan), CheckPoint Software Technologies Ltd. (Israel), Symantec Corporation (U.S.), WinMagic Inc. (Canada), Intel Security Group (McAfee) (U.S.), SAS Institute Inc. (U.S.), IBM Corporation (U.S.), EMC Corporation (U.S.), Sophos Ltd. (U.S.), Microsoft Corporation (U.S.), to name a few.
June 2020: IBM recently launched a fully homomorphic encryption (FHE) toolkit for iOS and MacOS, and is also planning to include versions for Android as well as Linux. FHE makes it easier to compute encrypted data without the need for decryption. Each of the toolkits consists of IDE integration and sample programs that facilitate easier way of writing the FHE backed code.
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