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Supportive Regulations to Augment Opportunities in the Global Encryption Software Market

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.


“Browse 57 Market Data Tables and 52 Figures spread over 190 Pages, along with an in-depth TOC on the Global Encryption Software Market Forecast 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

Inkwood Research specializes in syndicated & customized research reports and consulting services. Market intelligence studies with 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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