Any non-secure HTTP address is now accompanied by a little warning sign in the Address Bar in Chrome. Not just for browsing, encryption is crucial. A hacker or laptop thief won’t be able to convert their possession into identity theft, bank account takeover, or worse if you encrypt all the sensitive papers on your computer.
Over the next several years, it is also anticipated that demand will increase due to recent advancements in mobile technology in terms of software and hardware, their spread throughout enterprises, and the growing use of smartphones. Big data and the rising number of businesses using cloud computing have boosted the demand for encryption software since sensitive data must be protected.
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Encryption Software Market: Drivers and Challenges
Industry verticals such as healthcare and BFSI, have to comply with demanding regulations, like HIPPA, DSS, and PCI, which have mandated the implementation of data security solution. This has led to the adoption of encryption software across the globe. Additionally, on account of rapid digitization and increased usage of the Internet, enterprises’ and users’ intellectual property has become vulnerable to theft and intrusion. These security risks require companies to implement encryption software to protect the data. Encryption software enables the organizations to protect their intellectual property and other sensitive data, which is expected to boost growth over the forecast period.
The U.S. government has developed Advanced Encryption Standard (AES) as a standard, and most of the encryption software now follow the AES. Even those that support other algorithms tend to recommend using AES.
Although these encryption software offer significant benefits, their adoption may experience challenges terms of budget. The deployment options for these solutions are complex and time-consuming; however, the benefits offered by them often overshadow the challenges pertaining to complexity and the time associated with their deployment.
The BFSI segment captured a sizeable market share. The increasing number of cyber-attacks and the dynamic nature of security industry have demanded the protection of sensitive financial data from cracks with minimum risk and maximum returns. As the banking institutions move towards cloud, the segment showcases a higher potential for the deployment of these encryption software.
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Regional Overview
North America accounted for the major market share due to the presence of the well-established IT & telecom sector in the region and the generation of huge amount of data that needs to be protected. Moreover, the increasing concerns about security, owing to the utilization of the Internet and personal computers in the private sector, are expected to escalate the demand in this region over the coming years.
Asia Pacific market share is anticipated to increase over the next few years owing to the lack of storage infrastructure prompting the organizations to store information on the cloud. This increases the risk of data loss and thefts, escalating the market demand. Moreover, the increasing penetration of BYOD, cloud services, and IoT has prompted the industry
Encryption Software Market: Segmentation
By Application:
- Disk Encryption
- File/Folder Encryption
- Database Encryption
- Communication Encryption
- Cloud Encryption
- Network traffic encryption
- Others
By Deployment Type:
- Cloud
- On-premise
By User Type:
- Small and Medium Enterprises (SMEs)
- Large enterprises
By Industry Vertical:
- BFSI
- Healthcare
- Government & Public Sector
- IT & Telecom
- Retail
- Aerospace & Defense
- Manufacturing
- Others
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About Future Market Insights, Inc.
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.
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