According to the research report titled ‘Encryption Software Market Size By Component (Software [Endpoint Encryption, Email Encryption, Cloud Encryption], Service [Training & Consulting, Integration & Maintenance, Managed Service]), By Deployment Model (On-Premise, Cloud), By Application (IT & Telecom, BFSI, Healthcare, Retail, Government & Public Sector, Manufacturing), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2020 – 2026’, available with Market Study Report, global encryption software market valuation is projected to exceed USD 21 billion mark by the end of the forecast period 2020-2026.
 

Widespread adoption of cloud & virtualization technology, growing concerns over securing enterprise Intellectual Property (IP) assets, and rising trend of bring your own devices (BYOD) culture among organizations are key factors spurring global encryption software market growth. Data privacy compliances and stringent cybersecurity regulations will also aid industry expansion in the upcoming years.
 

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On the other hand, complexities in managing encryption keys, easy availability of pirated & free-of-cost alternatives, and regulatory restrictions on encryption & cryptography will act as challenges to industry development.
 

Based on component type, email encryption software segment is anticipated to hold 25% of the industry share by 2026, owing to increasing adoption of security software to protect data from phishing, malware, and identity thefts. Extensive usage of emails for communication by enterprises will also raise the demand for email encryption software to secure media attachments, email access, or content.
 

Speaking of deployment type, on-premise segment captured 70% of global encryption software industry share in 2019 owing to enhanced security linked with in-house management of data, and easy access to cryptography keys.
 

Moving on to application scope, retail segment is projected to witness significant expansion between 2020-2026, due to increasing need for protection of consumer data at the retailer end. Incorporation of third-party services for online transactions resulting in data breaches and exploitation of sensitive customer information is further bolstering the demand for encryption software in retail sector.
 

From a regional frame of reference, Latin America market is reckoned to grow at 18% CAGR between 2020-2026, owing to surging usage of digital platforms among enterprises, increasing frequency of cyber-attacks, and supportive government initiatives to encourage cyber security.
 

Key players profiled in global encryption software market report are Trend Micro Inc., Kaspersky Lab, Thales e-Security Inc., BitDefender, Sophos Group plc, F-Secure Corporation, Check Point Software Technologies Ltd., NortonLifeLock Inc., CipherCloud (Lookout Inc.), Proofpoint Inc., Microsoft Corporation, Panda Security SL, Cisco Systems Inc., Micro Focus International plc, Dell Technologies Inc., McAfee Corporation, ESET spol. s.r.o, and International Business Machines Corporation.