Inkwood Research evaluates that the Global Encryption Software Market is projected to register a CAGR of 12.80% in terms of revenue during the forecast period, 2019-2028.
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Encryption protects confidential data stored in files and
folders that travel over wireless networks, from being accessed by unintended
users. It can be hardware-based or software-based, depending on the security
needs. Software-based encryption uses software to decrypt and encrypt stored
data. It uses an algorithm to convert data into encrypted text.
Growing
Compliance Regulations Propel Market Growth
The rising number of stringent regulations are compelling
the organizations to implement effective data security technologies. This is to
further ensure that sensitive data or the personally identifiable data (PII) of
customers is protected round the clock. The government and state regulations
across the globe on data privacy and compliance further enhance the data
security measures of various enterprises.
Developed regions like Europe and North America have federal
level regulations that require mandatory compliance with data privacy laws.
Developing geographies like Latin America, the Asia Pacific, and the Middle
East & Africa, are introducing concrete data protection legislation.
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Cloud
Encryption is estimated to remain the Prominent Function
Cloud Encryption entails the transformation of a text or
data using an encryption algorithm, which is then placed on a storage cloud. It
is a service offered by cloud storage providers. The adoption of cloud
encryption by several industry verticals, so as to provide security, and the
growing virtualization in small and medium enterprises, are fueling the growth
of the segment.
There is a growing demand for integrated, cloud-based
solutions among SMEs. Also, cloud-based services are being sought in the
healthcare vertical. Such aspects are projected to result in market growth
opportunities. Moreover, several government regulations drive the high adoption
of cloud encryption software. This is due to the risks associated with cloud
environments as part of big data analytics.
Asia
Pacific – The Leading Region by 2028
The Asia Pacific region encompasses heavy investments by
public and private sectors, so as to secure sensitive data. This results in
increased demand for encryption software for ensuring and securing the privacy
of data. There is also a surge in cases of data breaches, leading to an increased
need for data security. As per a 2019 Southeast Asia Encryption Trends Study,
39% of Southeast Asian organizations plan to use hardware security modules
(HSMs). This is for generating bring your own key (BYOK) to send to the cloud.
The presence of major IT security players makes the
competitive environment highly intense. Since brand loyalty is not highly
prioritized by the buyers, there is a possibility of switching from one
provider to another without major costs incurred. This further encourages
rivalry among competitors. Some of the eminent players present in the market
are Dell Inc, FireEye Inc, Check Point Software
Technologies Ltd, Broadcom Inc, Cisco System Inc, etc.
About Inkwood Research
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relevant fact-based research are customized across industry verticals such as
technology, automotive, chemicals, materials, healthcare, and energy, with an
objective comprehension that acknowledges the business environments. Our
geographical analysis comprises of North & South America, CEE, CIS, Middle
East, Europe, Asia, and Africa.
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