Global Encryption Software Market is anticipated to witness rapid growth through 2028 as this technology is finding huge application in consumer electronic devices like tablets and smart phones. Increasing number of organizations worldwide are adopting encryption, data safety and data privacy compliance regulations, increasing adoption of new technologies such as mobility, cloud, and virtualization, rapidly adopting encryption software to boost business proficiency are some of the factors which drive the market for encryption software.
Encryption software is used to protect sensitive data and information by converting it into a secret code that can be deciphered with a corresponding decryption key. This helps to ensure that only authorized individuals can access the information, while keeping it safe from unauthorized access, theft, or hacking.
There are different types of encryption software available such as TrueCrypt, VeraCrypt, GPG, BitLocker, OpenSSL, ranging from simple file encryption tools to more advanced programs that can secure entire networks or communication channels.
Increasing Number of Organizations Worldwide are Adopting Encryption
Integrated data protection solutions refer to a suite of technologies and services that are used to safeguard an organization’s data. These solutions typically include backup and recovery, disaster recovery, data archiving, and security capabilities.
The increasing adoption of integrated data protection solutions among organizations can be attributed to several factors, including, rising cybersecurity threats, data growth, compliance requirements, and cost savings. Overall, the increasing adoption of integrated data protection solutions is a positive trend for organizations as it helps to improve their data security and reduce the risk of data loss or theft.
Data Safety and Data Privacy Compliance Regulations
Data safety and data privacy compliance regulations are laws and policies that aim to protect individuals’ personal data and ensure that organizations that collect, process, store, and transmit personal data perform in a safe and secure manner. These regulations have become increasingly important as more personal data is being collected and used by organizations in various industries.
1. General Data Protection Regulation (GDPR): The GDPR is a regulation that went into effect in the European Union in 2018. It provides a set of rules for how organizations must collect, store, and protect the personal data of EU citizens.
2. California Consumer Privacy Act (CCPA): The CCPA is a law that went into effect in California in 2020. It gives California residents the right to know what personal data companies are collecting about them and request it to be deleted.
3. Health Insurance Portability and Accountability Act (HIPAA): HIPAA is a law that requires healthcare providers and organizations to safeguard the privacy and security of patients’ personal health information.
4. Payment Card Industry Data Security Standard (PCI DSS): The PCI DSS is a set of requirements for organizations that accept payment cards. It ensures that organizations process, store, and transmit cardholder data securely.
5. Children’s Online Privacy Protection Act (COPPA): COPPA is a law that applies to websites and online services that collect personal information from children under the age of 13. It requires that these websites and services obtain parental consent before collecting personal data from children.
Compliance with these regulations is critical for organizations that handle personal data. Failing to comply with these regulations can result in significant financial penalties, legal action, and damage to an organization’s reputation.
Global Encryption Software Market can be segmented based on component, deployment mode, application, industry vertical, and region. Based on component type, the market is segmented into software and service. Based on deployment mode, the market is segmented into on-premises and cloud. Based on application, the market is further segmented disk encryption, file/folder encryption, database encryption, communication encryption, and cloud encryption. Based on industry vertical, the market is further segmented BFSI, healthcare, government & public sector, telecom, retail, aerospace & defense, and others. By region, the market is segmented into North America, Europe, Asia-Pacific, South America, and Middle east and Africa.
Major companies operating in Global Encryption Software Market include Microsoft Corporation, Sophos Ltd., CheckPoint Software Technologies Ltd., Trend Micro Inc., Sensata Technologies, Inc., IBM Corporation, Sensata Technologies, Inc., Intel Security Group (McAfee), EMC Corporation, and WinMagic Inc. and among others. Key growth strategies being undertaken by market leaders include partnerships and strategic investments.
In this report, the Global Encryption Software Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:
• Encryption Software Market, By Component:
• Encryption Software Market, By Deployment Mode:
• Encryption Software Market, By Application:
• Encryption Software Market, By Industry Vertical:
–Government & Public Sector
–Aerospace & Defense
• Encryption Software Market, By Region:
· South Korea
· United States
· United Kingdom
–Middle East & Africa
· Saudi Arabia
Company Profiles: Detailed analysis of the major companies present in the Global Encryption Software Market.
With the given market data, TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:
• Detailed analysis and profiling of additional market players (up to five).