Encryption software market to hit $22.1 billion by 2026

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The global encryption software package market is projected to exceed $22.1 billion by 2026, in accordance to a new report by MarketsandMarkets.

A compound annual expansion level (CAGR) of 15.2% is predicted for the current market among 2021 and 2026, with the IT and telecommunications industries driving the demand for encryption software. 

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Restrictions for facts defense, expanding considerations over reduction of critical info, and an exponential maximize in the adoption of cloud and virtualization technologies will also propel the industry.

Significant gamers in the worldwide encryption computer software market contain IBM, Microsoft, and Broadcom.

Within the current market forecast period of time, the on-premises phase is forecast to account for the best sector share of all computer software deployment versions. 

“The on-premises deployment mode is majorly employed by critical information industries owing to the higher security connected with managing sensitive facts in-house. Businesses that deal with significant volumes of sensitive info, specifically govt businesses, monetary organizations, and healthcare, still depend on-premises options – because of to considerations all-around knowledge security and privacy,” in accordance to MarketsandMarkets’ report.

Additionally, telecom and IT marketplaces are predicted to develop at the optimum CAGR in excess of the forecast time period. The use of encryption software program will aid the industries comply with rules, these types of as AES, PCI DSS, and GDPR.

By area, APAC is slated to grow at the optimum CAGR for the duration of the forecast interval. The increasing risk of spear phishing, malware, ransomware, and small business email compromise can be attributed to the growth in the location.

A research by danger intelligence supplier FireEye unveiled that Asia Pacific international locations are additional vulnerable to cyberattacks than their western counterparts.