Encryption Software Market Trends, Analysis & Forecast,2026

Data privacy and protection are
among the top-most priorities of today’s tech-driven industries. With growing
concerns, the encryption software market is expected accrue sizeable
proceeds in the coming years. In a bid to combat cases of data breaches and
cyber frauds, various countries worldwide have started imposing stringent
regulations. Authorities are even trying to create awareness by educating the
population about cybercrimes.

Stating an example from China, in
November 2019, the State Cryptography Administration (SCA) issued a draft
for an encryption law that would regulate encryption in the public and private
sectors. This draft would help Chinese authorities establish guidelines on the
use of cryptography which in turn would protect national security.

Growing integration of email,
mobile and disk encryption capabilities in various security suites for
addressing evolving cyber threats across the retail, BFSI, and healthcare
sectors could massively aid the encryption software market growth.

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Over the years, these industry
sectors have seen a healthy increase in the usage of data protection solutions
in order to safeguard their non-sensitive/sensitive data. With increasing
inclination, Global Market Insights Inc. predicts that the encryption
software market may USD 21 billion by 2026.

Proliferating demand for
comprehensive security software solutions that can effectively safeguard user’s
data from identity thefts, phishing and malware
could drive the email encryption software market expansion. Analysts predict
that the segment might own more than 25% of the overall encryption software
market share by 2026.

Email is often considered as a
universal mean of communication and is commonly used in big and small
enterprises. In a move to prevent unauthorized access to email or data, several
companies are preferring installation of strong email data protection software.
These solutions encrypt data in transit as well as run multi-factor
authentication for extra security.

In terms of application, the
retail sector is anticipated to endow considerable growth opportunities to
the encryption software market. Factors such as the growing need to
safeguard consumer data throughout a retail business could play a vital role in
complementing product demand.

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The retail sector is currently
observing heavy intake of third-party services to strengthen online
transactions and to maximize customer experience. This has triggered a wave of
cybercrimes such as data breaches which could exploit customer’s sensitive data
including personal credentials and credit card & bank account details.
According to Thales eSecurity, nearly 75% of the American retailers have
undergone a breach in 2018 as compared to 52% in 2017. Credible reports cite
that the demand for cybersecurity solutions like encryption software will rise
significantly between 2020 to 2026, thereby preventing potential theft &
customer information breach over the forecast timeframe.

Several emerging startups and
cybersecurity vendors are trying to transform the cyber encryption landscape by
offering a broad range of application that perfectly accommodates all the
security needs of numerous SMEs and big organizations. Moreover,
small startups like Cosmian (Paris), Enveil (U.S.), PreVeil LLC (U.S.) and
Duality (U.S.) are employing various growth strategies like fund-raising
activities to expedite business expansion and innovate new offerings. Citing an
instance, PreVeil has secured USD 7 million from its Series B funding round in
September 2019, led by Presidio Ventures. 

About Global Market Insights:

Global Market Insights, Inc., headquartered in Delaware, U.S., is a
global market research and consulting service provider; offering syndicated and
custom research reports along with growth consulting services. Our business
intelligence and industry research reports offer clients with penetrative
insights and actionable market data specially designed and presented to aid
strategic decision making. These exhaustive reports are designed via a
proprietary research methodology and are available for key industries such as
chemicals, advanced materials, technology, renewable energy and biotechnology.

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