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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. Steady advances in computing and in the field of cryptography have made it necessary to adopt stronger, newer algorithms and larger key sizes. With increase in the number and intensity of threats, the need for stronger encryption algorithms is also arising. The current effective encryption systems will become progressively less secure in coming years as older algorithms and key sizes no longer provide adequate protection from modern threats. Over the next generation, new and stronger encryption technologies are needed to continue to secure data for the future.
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 software market 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 increasing adoption of bring your own device (BYOD) policy is one of the major trends observed in the encryption software market. The small and medium sized enterprises (SMEs) adopt BYOD solutions to manage their business operations and provide secure access to data from any place, as they find on-premises encryption software solutions expensive.
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.
Cisco Systems, Microsoft, Symantec, TrueCrypt, OpenPuff, Cryptocat, KeePass, winmagic data security are some of the major competitors operating in the global encryption software market.