Fri. Sep 20th, 2019

Encryption Software Market is Expected to Grow at a CAGR of 15.5% Over the Forecast Period (2019 – 2027), with Digital Transformation of SMEs and the Subsequent Need for Data Security, Says Absolute Markets Insights

In a digital economy, technological advancement is among the top priorities for small and medium sized enterprises in order to achieve greater market reach and for brand promotion. It has been observed that employees work in a more collaborative fashion in digitally advanced small businesses, as compared to businesses at a basic level of digital engagement. Several studies have proven that regular digital engagement is associated with happier and more cooperative employees who are better able to generate value, innovate, and improve productivity. However, digital advancement is also associated with increased risk of data insecurity and breach. For larger organizations, building a business VPN is a go-to solution. On the contrary, as smaller businesses run on a tight budget, turning to subscription-based encryption is more sustainable for them.  Moreover, as the data structure of SMEs is less complex as compared to larger organizations, relatively less sophisticated encryption methods can accomplish the task of data security.

Nowadays, subscription-based encryption tools are available for protecting data in transit (moving via email or through web traffic) as well as for data at rest (public/private/hybrid clouds, data stored in databases, hard drives, and mobile devices). This is driving increased adoption by SMEs which in turn is propelling the overall encryption software market. AxCrypt offers encryption software for companies and organization in a freemium model where basic few features are freely available for everyone. However, the higher features are available at US$ 36 and US$89 yearly subscription. Similarly, the Palo Alto based AlertSec Inc. offers endpoint encryption at $11.95 per user per month.

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“With growing digital transformation among small and medium sized enterprises, the need for data security is rising. As a result, the adoption of encryption software by SMEs is on the rise. This is facilitated by the freemium and subscription based offerings by software vendors for tightly budgeted companies. As the awareness regarding the benefits of data encryption increases amongst the growing number of SMEs, the overall encryption software market is expected to benefit as well. ”

In terms of revenue, the encryption software market stood at US$ 2,850.21 Mn in 2018, and is anticipated to reach US$ 10,407.79 Mn by 2027, expanding at a CAGR of 15.5% during the forecast period (2019 – 2027). The detailed research study provides qualitative and quantitative analysis of encryption software market. The market has been analyzed from demand as well as supply side. The demand side analysis covers market revenue across regions and further across all the major countries. The supply side analysis covers the major market players and their regional and global presence and strategies. The geographical analysis done emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East, Africa and Latin America.

Some of the players operating in encryption software market are ACI Worldwide, Inc., BAE Systems, Cyxtera Technologies, Inc., Dell Inc., Distil, Inc., DXC Technology, Experian Information Solutions, Inc., Fair Isaac Corporation (FICO), First Data Corporation, FIS, Fiserv, Inc., FRISS , Guardian Analytics, IBM Corporation, iovation Inc., Kount Inc., LexisNexis, MaxMind, Inc., NICE, Oracle, SAP SE, SAS Institute Inc., Securonix, Inc., SIMILITY , Software AG, ThreatMetrix and Wirecard AG amongst others.

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Encryption Software Market:

  • By Deployment:
  • On-premise
  • Cloud-based


  • By Organization Size:
  • Small and Medium Enterprises
  • Large Enterprises


  • By Type:
  • Full Disk Encryption
  • Folder/File Encryption
  • Database Encryption
  • Network Traffic Encryption
  • Others (Virtual Disk Encryption, Application Encryption, etc.)


  • By Vertical:
  • Banking, Financial Services and Insurance (BFSI)
  • Education
  • Media and Telecom
  • Aerospace and Defense
  • Healthcare
  • Others (Legal, Retail, etc.)


  • By Geography:
  • North America
  • U.S.
  • Canada
  • Mexico
  • Rest of North America


  • Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Nordic Countries
  • Denmark
  • Finland
  • Iceland
  • Sweden
  • Norway
  • Benelux Union
  • Belgium
  • The Netherlands
  • Luxembourg
  • Rest of Europe


  • Asia Pacific
  • China
  • Japan
  • India
  • New Zealand
  • Australia
  • South Korea
  • Southeast Asia
  • Indonesia
  • Thailand
  • Malaysia
  • Singapore
  • Rest of Southeast Asia
  • Rest of Asia Pacific


  • Middle East and Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • Kuwait
  • South Africa
  • Rest of Middle East & Africa


  • Latin America
  • Brazil
  • Argentina
  • Rest of Latin America

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Company: Absolute Markets Insights
Contact Name: Shreyas Tanna
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