Encryption Software Market Overview by Industry Demand, Research Analysis Report and Future Prospects, 2024
Software-based encryption uses software to encrypt and
decrypt data-at-rest as well as data-in-transit. By rendering the unreadable
data for unauthorized people, encryption software ensures the security and
safety of the confidential data stored in files, folders or disks. Under the
encryption process, plain text is converted into a coded message or cipher
texts, thus restricting their access only to the authorized parties. The data
travelling over wireless networks can be hacked by other organizations and
needs to be protected according to the security requirements of particular
network organization. Threats to delicate data can evolve within days or even
hours, as well-funded, persistent attackers continuously develop new ways to
penetrate evidently secure systems.
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The global encryption software market can be categorized on
the basis of user type, application, deployment type, industry verticals, and
regions. Based on user type, the global encryption software market can be
categorized into enterprises and server message block (SMB’s). Based on
applications, the global encryption software market can be categorized into
disk encryption, file or folder encryption, communication encryption, database
encryption and cloud encryption.
Based on deployment type, the global encryption softwaremarket can be categorized into cloud based deployment and premises deployment.
Based on industry verticals, the global encryption software market can be
divided into banking, financial services and insurance (BFSI), healthcare,
government and public sector, retail, telecom, aerospace, defense and others.
One of the major drivers for global encryption software
market is the increased data security expenditure of organizations. With the
increasing cyber-threats and governing compliance, the adoption of encryption
software has been on the rise. The advancement in technology, such as
end-to-end encryption, is encouraging more number of organizations to adopt
encryption software. Increasing adoption of new technologies such as cloud,
mobility and virtualization has also been driving the need for encryption.
The developing countries such as India, Japan and China are
expected to offer high growth opportunities for encryption software market. The
stringent export regulations in the U.S. regarding the export of encryption
products for law enforcement and national security reasons had been a key
restraint for the encryption software market in the past. However, changing
regulatory environment over past few years has increased the scope of
encryption software products.
Among regions, North America dominates the global encryption
software market, followed by Europe. Owing to increasing adoption of
technologies and strict data privacy regulatory compliance, North America is
expected to retain its leadership in the global encryption software market
during the forecast period.
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Cisco Systems, Microsoft, Symantec, TrueCrypt, OpenPuff,
Cryptocat, KeePass, winmagic data security are some of the major competitors
operating in the global encryption software market.
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