Data security concerns are among the topmost trends due to the data generated by Bring Your Own Device (BYOD) and the Internet of Things (IoT) among organizations. The growth of the global market is commonly propelled by an augment in cyberattacks, theft and losses, and data breaches in companies. Banks and financial companies are majorly exposed to security breaches owing to the great data introduced by digital channels and the shortage of data security solutions. For instance, during December 2019, the State Bank of India (SBI), India’s greatest bank’s servers were exposed to malware activities that exposed the data of its 422 million clients. Hence, the adoption of encryption software is projected to increase among banks and financial companies.
Different industry verticals involving BFSI and healthcare require to comply with data protection regulations likewise The Payment Card Industry Data Security Standard (PCI DSS), and Health Insurance Portability and Accountability Act (HIPAA) which have transitioned into augmented demand for encryption solutions around the world. As a result, data protection regulations propel the growth of the market.
According to the SPER market research, ‘Encryption Software Market– By Organization Size, By Application, By Component, By Industry Vertical -Regional Outlook, Competitive Strategies and Segment Forecasts to 2030’ state that the global encryption software market is predicted to reach USD 40.81 billion by 2030 with a CAGR of 15.8%.
As per the encryption software market analysis, the augment in the advent of end-point data security solutions in the telecommunication and information technology industry is providing increment to market demand. Software encryption is a good choice to safeguard digital information from cyber-attacks or cybercrimes. The encryption software market facilitates the greatest form of security for files stored on floppy disks or hard drives, network communication, e-mails, or other information that demands any sort of protection. With the increment in cyber-attacks on organizations, the growth of encryption software market share is also evident. For the prevention of growing cyber-attack cases and to maintain the confidential information predicted, it is imperative to implement encryption software.
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Moreover, the upsurge in data traffic and the great consumption of data through the pandemic led to the encryption software market revenue being raised to a higher extent. During the pandemic, there are a progressive escalation in the cases of cyber-attacks which augmented the demand for more encryption software. For the prevention of unauthorized admittance and prevention of confidential information, the acceptance of encryption software augmented and elevated the growth of the encryption software industry.
North America is predicted to capture the maximum share of the global market during recent past years. The implementation of encryption solutions is probably to augment the region with the growing penetration of the internet. In addition, the increasing mobile wireless network has prolonged data protection insecurity making encryption technology an imperative and essential factor of every organization around the region.
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