Encryption is a technique that protects data by translating plain text during transmission into a cipher format. This technique makes use of mathematical algorithms that change the data into an illegible format and can only be recovered using a secret code. The potency of an encryption code is measured by its length that is set by the number of bits utilized. The main aim of encryption software is to decrypt and encrypt information, which also comprises features such as shredding.
With the increasing expansion of mobile devices and cloud among firms, the data security worries are also escalating. Furthermore, it amplifies the tendency of the data loss & theft, breach, cyber-attacks, and commercial espionage across numerous firms. With the increasing volume and strength of commercial surveillance among varied industries relating to critical data, the safekeeping of information is of prime significance. Consequently, the embracement of sophisticated data security solutions has been vital for companies. Additionally, the austere regulatory conformity among varied industry verticals such as healthcare and BFSI has commanded the execution of data security solutions that are acquiescent with the certain standards.
The global encryption software market to grow from USD 2.20 billion in 2015 to USD 7.17 billion by 2021, growing at a CAGR of around 21.7% between 2016 and 2021.
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On the basis of deployment type, the highest share was accounted by cloud-based deployment in 2015 in the encryption software market. In the global market, it held for about 40% share. The market is being hastened by factors such as the increasing demand for conformity with regulatory commands by businesses for data protection and the increasing requirement for cloud-based databases and cloud services. The mounting danger of stealing of intellectual data is making industries to take on database encryption solutions, thus promoting the market growth during the upcoming period.
Data-at-rest application has the largest share in the encryption software market. It accounted for the substantial share of the entire market for encryption software. For data-at-rest, the 2 most frequently utilized encryption software techniques consist of File-Level Encryption (FLE) and Full Disk Encryption (FDE). The Full Disk Encryption software is extensively deployed technique for guarding data against pilfering and assuring conformity with the data breach and data privacy notification regulations.
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North America is expected to embrace the biggest share of the market during the subsequent 5 Years, trailed by Europe. It held about 50% share of the market in the worldwide encryption software market. Also, the APAC is projected to develop at the highest CAGR during the projected duration.
Few of the leading merchants in the encryption software market include Microsoft, IBM, Gemalto, Sophos Ltd, Hewlett- Packard, Net App Inc, Intel, Symantec, and Vormetric, Oracle.
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