Latest News- Encryption Software Market: Disk encryption is expected to lead the Application segment during 2024-2028

The Encryption Software Market is being driven by Incorporation of AI and ML with encryption software

The Encryption Software Market is expected to grow at a CAGR of 15.97% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 15.39 billion. In today's business landscape, data security is paramount, and data-at-rest encryption plays a crucial role in safeguarding sensitive information stored on various repositories. With the increasing frequency of data breaches and cyberattacks, organizations prioritize the implementation of data-at-rest encryption to mitigate the risks of unauthorized access, data theft, and financial losses. This encryption technique protects proprietary information, trade secrets, intellectual property, and confidential business data stored in databases and file systems from both external and internal threats. Data-at-rest encryption is particularly essential in mitigating insider threats, where authorized individuals misuse or compromise sensitive data. By encrypting data at rest, organizations can prevent unauthorized access, reducing the potential impact of insider-related incidents and ensuring business continuity. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Application
  • Disk encryption
  • File/folder encryption
  • Database encryption
  • Web communication encryption
  • Others
• Deployment
  • On-premises
  • Cloud
• Geography
  • North America
    • US
  • Europe
    • Germany
    • UK
  • APAC
    • China
    • India
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Incorporation of AI and ML with encryption software
• Rise of policy-based encryption software management
• Integration of encryption software with data loss prevention (DLP)

However, the market also witnesses some limitations, which are as follows:

• Rise of quantum computing
• Concerns associated with computational overhead and latency of encryption software
• Presence of sector-specific compliance mandates for encryption

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Market Scope in Encryption Software Market Research Report

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Research Analysis Overview

The Encryption Software Market encompasses a range of solutions designed to ensure data security. These include security awareness training, data loss prevention, threat intelligence, compliance automation, and data breach prevention. Cloud encryption, data governance, business continuity planning, and security audit are also key offerings. Other areas of focus are cloud services, mobile device management, incident response, cybersecurity consulting, endpoint security, network security, and risk management. Data storage, SOC 2 compliance, secure communication, data processing, HIPAA compliance, secure data sharing, secure cloud infrastructure, GDPR compliance, vulnerability management, penetration testing, disaster recovery, identity management, secure messaging, cybersecurity training, and cybersecurity awareness are all essential components of robust encryption software. Encryption key management, data leakage prevention, unauthorized access control, backup and recovery, password management, data recovery, access control, and encryption key management are additional features that strengthen the market's value proposition.

Market Research Overview

The Encryption Software Market is a significant segment of the global Application Software Market, which falls under the broader IT Software Market. This market comprises businesses specializing in the development and production of encryption software for various applications. The market scope encompasses enterprise and technical software, as well as cloud-based solutions. Key areas of focus include data privacy compliance, cloud encryption, end-to-end encryption, quantum cryptography, and cybersecurity regulations. Encryption algorithms, key management, multi-factor authentication, zero-trust security, data breach prevention, encryption standards, GDPR compliance, HIPAA regulations, and PCI DSS standards are essential components of encryption software solutions. These technologies play a crucial role in safeguarding sensitive data and communications, ensuring business continuity, and adhering to stringent regulatory requirements.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/