Encryption Software Market Growth driven by Increasing Concerns Over Data Security

Increasing incidents of data breaches and cyber-attacks are driving the implementation of the Encryption Software Market across the globe.

According to TechSci Research report, “Encryption Software Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028”, The Encryption Software Market is a rapidly growing industry, driven by increasing concerns over data security and privacy. Encryption software is used to secure sensitive data by converting it into a code that can only be deciphered with the correct key or password. This technology is widely used in industries such as finance, healthcare, and defense, as well as by individual users who want to protect their personal data.

The growth of the Encryption Software Market is driven by various factors, such as increasing incidents of data breaches and cyber-attacks, growing adoption of cloud-based services and the need for secure data storage and transmission, strict government regulations and compliance requirements in various industries, rising awareness of data privacy, and security among individuals and organizations

Some of the data breaches and cyber-attacks include the Equifax data breach, the Target data breach, the Yahoo data breaches, and the WannaCry ransomware attack. These incidents have exposed sensitive data such as personal information, financial data, and intellectual property, resulting in significant financial and reputational damage to the affected companies and customers. To address the growing threat of cyber-attacks, individuals, and organizations can take steps to protect their digital assets, such as implementing strong password policies, using multi-factor authentication, regularly updating software and security patches, and investing in security solutions like firewalls and anti-virus software.

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Global Encryption Software Market can be segmented based on component, deployment mode, application, industry vertical, and region.

Based on industry vertical, the Global Encryption Software Market is categorized into BFSI, healthcare, government & public sector, telecom, retail, aerospace & defense, and others. Among them, the BFSI industry accounted for largest market share in 2022 and is further expected to undergo fastest growth through 2028 owing to increasing BFSI encryption software market refers to the market for software solutions designed to provide encryption and security services to organizations operating in the banking, financial services, and insurance sectors. Encryption software solutions are essential for BFSI organizations as they deal with sensitive information such as financial transactions, personal information, and other confidential data that need to be protected from unauthorized access, interception, or theft. The BFSI encryption software market includes a wide range of software solutions, including data encryption software, email encryption software, file encryption software, disk encryption software, and more. The BFSI encryption software market is expected to grow significantly in the coming years due to the increasing adoption of digital banking and financial services, rising concerns over cybersecurity threats, and the need for regulatory compliance. The market is being driven by the increasing use of mobile and cloud-based platforms by BFSI organizations, which require robust security solutions to protect against potential security breaches.

Key market players in the Global Encryption Software Market include:

  • Microsoft Corporation
  • Sophos Group PLC
  • CheckPoint Software Technologies Ltd.
  • Trend Micro Inc.
  • Symantec Corporation
  • IBM Corporation
  • Sensata Technologies, Inc.
  • Intel Security Group (McAfee),
  • EMC Corporation
  • WinMagic Inc.

Investments in R&D in Encryption Software Market companies to improve existing products and develop new ones that meet the changing needs of the market. This helps them to stay ahead of the competition and maintain a strong position in the market. The encryption software market is constantly evolving as new technologies and trends emerge. Some of the recent developments in the encryption software market include:

  • In June 2021, ReFirm Labs and Microsoft formed an agreement to enhance firmware analysis and security capabilities across devices that form the intelligent edge, from servers to IoT.
  • In 2021, Check Point Software acquired ForceNock Security, a startup that developed a platform for runtime application self-protection (RASP). RASP technology can help secure applications and data by encrypting sensitive data in memory.
  • In 2018, Check Point Software acquired Dome9 Security, a cloud security company that specializes in cloud security automation and orchestration. Dome9's technology included encryption features to secure data in the cloud.

“The demand for encryption software has been driven by several factors, including increasing concerns over data privacy and security, stricter regulations for data protection, and a rise in cyber-attacks and data breaches. Many industries, including healthcare, financial services, and government, have regulations in place that require the use of encryption to protect sensitive data is supporting the growth of Encryption Software market in recent years, there has been a growing trend towards the adoption of cloud-based encryption solutions in North America, as more businesses move their data to the cloud. This has led to increased demand for cloud encryption solutions and a focus on improving the security of cloud data” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

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“Encryption Software Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F Segmented By Component (Software, and Services), By Deployment Mode (On-Premises, and Cloud), By Application (Disk Encryption, File/Folder Encryption, Database Encryption, Communication Encryption, and Cloud Encryption), By Industry Vertical (BFSI, Healthcare, Government & Public Sector, Telecom, Retail, Aerospace & Defense, Others) By Region, and Competition”, has evaluated the future growth potential of Encryption Software and provides statistics and information on market structure, size, share, and future growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the Global Encryption Software Market.

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