Encryption Software Market, Size, Share, Industry News, Applications

Market Overview
The Global Encryption Software Market size is growing at a high CAGR during the forecast period (2022-2029).

Data encryption converts readable data into an encoded format that can only be read or processed with the help of a decryption key. Data encryption ensures the integrity of user information transmitted over the network simply and effectively. Encryption is critical for many reasons, not just surfing. A hacker or thief won't negotiate their possession into identity theft, bank account takeover or worse if you encrypt all of the sensitive papers on your computer.

Encryption software can protect operational data moving over the internet or private networks, idle data on physical devices and businesses' existing cybersecurity policies. Firms can rely on standard cybersecurity solutions because encrypted data is resistant to hackers in data theft or entry into physical devices.

According to compliance and security needs, encryption software helps secure the confidentiality of information kept in folders and files and flows over networks or in transit. It uses software to encrypt and decrypt data at rest and in transit. As a result, encryption software helps to improve the security of confidential data by rendering the data unreadable even by the person allowed. As a result, the usage of encryption software is projected to rise in reaction to the rising number of cyber-attacks.

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Market Dynamics
The rising stringent regulations for data privacy
Most of today's standards and compliance rules are primarily concerned with protecting private data at rest, during transactions, and while it traverses network connections. Proper encryption technology improves overall security while complying with data security and privacy requirements. Companies that sell encryption software provide user access controls and data encryption features to help end users comply with various data security and privacy regulations, including PCI-DSS, HIPAA, GDPR, and the California Consumer Privacy Act (CCPA). Industries including BFSI, retail, and healthcare, must comply with data protection requirements like PCI-DSS and HIPAA, which has resulted in a global need for encryption solutions.

The General Data Protection Rule (GDPR) is a ground-breaking regulation that oversees data privacy laws across Europe. It establishes norms for businesses in the EU for collecting, storing, and exploiting personal data. GDPR rule violations result in significant fines that corporations must pay. PCI DSS is a data security standard made to assist businesses in processing card payments and preventing credit card fraud. As a result of these government regulations and regulatory compliances, businesses are being forced to implement encryption software and services.

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Market Segmentation:
By Component
• Software
• Services
By Deployment Mode
• On-Premise
• Cloud
By End-User
• BFSI
• Healthcare
• Retail & E-Commerce
• Education
• IT & IT Services
• Government
By Organization Size
• Small & Medium Enterprises
• Large Enterprises

Competitive Landscape
The primary strategies players use in the encryption software market are partnerships and acquisitions. Rapid technological advancements have ushered in a slew of new business opportunities. Players continually focus on producing technologically advanced software for their customers.

Thales Group, Thales e-parent Security Company, finalized the acquisition of Gemalto, a leader in digital identification and security, in April 2019. The merger would establish a world-class leader with unrivaled digital identity and security solutions based on biometry, data protection and cybersecurity technology. Major global encryption software market companies include IBM Corporation, Amazon Web Services, Inc., Microsoft Corporation, Check Point Software Technologies Pvt., Ltd., Cisco System, Inc., Fortinet, Fujitsu, F-Secure, Palo Alto Networks, Inc. and Oracle Corporation.

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