The global encryption software market was valued at USD 13.46 billion in 2022 and is anticipated to grow at a compound annual growth rate (CAGR) of 16.2% from 2023 to 2030. This growth is largely driven by escalating concerns over data security, particularly as the trends of the Internet of Things (IoT) and Bring Your Own Device (BYOD) become more prevalent among businesses. These trends have led to a rise in cyberattacks, commercial espionage, data breaches, and thefts, highlighting the urgent need for organizations to safeguard sensitive information and comply with regulatory requirements.
Advancements in mobile technology - both in hardware and software - along with the widespread adoption of smartphones within the business environment, are expected to significantly increase the demand for encryption software by 2030. The growing presence of mobile devices in workplaces has heightened the risk of data loss, making the implementation of encryption solutions essential for ensuring secure data transmission. Additionally, as organizations continue to embrace cloud computing, the necessity for protecting sensitive data has become more critical, resulting in a greater deployment of encryption software.
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Deployment Segmentation Insights
The increasing use of social media, the Internet of Things (IoT), and the Internet of Everything (IoE) has improved business operations while also leading to an explosion of data being generated and accessed via mobile devices. These developments are projected to drive demand for both on-premise and cloud-based deployment options in the near future. In 2022, the on-premise segment accounted for 66.0% of the total revenue share, but the cloud-based segment is forecasted to achieve the highest CAGR of 16.7% during the forecast period.
The rapid adoption of cloud storage solutions by numerous companies and the expansion of cloud infrastructure are significant factors contributing to the growth of the cloud segment. Furthermore, innovations in the IT and telecom sectors, including strategies like Choose Your Own Device (CYOD) and BYOD, are expected to have a substantial impact on overall market growth throughout the forecast period. The emergence of new businesses in developing economies is also anticipated to further enhance the demand for cloud-based solutions.
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