Market Overview Market Research Future (MRFR) anticipates that the encryption software market 2020 could potentially reach a significant valuation of USD 13 billion by 2024. We will provide COVID-19 impact analysis with the report, offering all the key developments that can affect the market post the coronavirus disease outbreak.
Key Drivers and Main Deterrents
The COVID-19 outbreak has had a moderate effect on the encryption software market and is expected to do so even in the coming months. Despite the advent of SARS-CoV-2 and the resultant lockdown, the encryption software market will be able to sustain its growth owing to the rising efforts being given by companies to facilitate work from home for their employees worldwide.
Further, the novel coronavirus has compelled governments to uptake measures to track the virus. Facial recognition software is now being deployed massively everywhere, with various location-tracking vendors springing up across countries. Moreover, Facebook, Google, and various tech giants are coming forward to lend help that can mitigate the COVID-19 impact to some extent. However, the situation has been a double edged sword, as the growing number of virus tracking apps and others have boosted the number of cyber thefts and data breaches, which led to higher demand for encryption software. The escalating adoption of cloud, mobility and virtualization technologies also seem to be working in the market’s favor.
The pandemic has also pushed the uptake of biometric encryption, which is believed to be a key trend in the Encryption Software Market Share . Biometric verification encryption is increasingly being used as it provides access to the user by identifying unique biological traits such as voice, fingerprint, facial lineaments or iris. More and more vendors are now offering advanced biometric encryption systems to cater to the growing demand from end-users that are facing security threats.
For instance, in June 2020, Fujitsu supplied its biometric authentication technology to Hyosung, for its futuristic ATM to facilitate secure and contactless way to recognize ATM users. The biometric authentication technology, called PalmSecure, is able to reads the unique palm vein patterns that are present under the skin of the user, thus preventing any chances of fraud or theft.
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Rising Demand for Latest Security & Authentication Technologies Boost the Market Growth
Growing needs for advanced security & authentication technologies in various information-sensitive industries push the market growth. Industries such as BFSI, healthcare, and manufacturing sectors are rapidly shifting their traditional data storage methods to cloud-based data storage, thereby requiring high-security solutions. Besides, the rising IT, BSFI, and telecom sectors create substantial market demand.
The high adoption of cloud-based technologies by organizations and government agencies escalates market growth. Also, the increasing rate of digital data transmissions via smartphones and evolving network security create substantial market demand. In addition, growing integration to enhance multi-factor authentication and access management & SSO services in eCommerce sectors are major trends accelerating the market's growth.
Technical Complexity & Lack of Expertise Hinder the Market Growth
The encrypted data requires passwords at the time of every transaction, which alongside complexities in procedures, hinder the market growth. Nevertheless, the high demand for encryption software services by the BFSI sector would support the market growth throughout the assessment period. Also, increased digitization that increases vulnerabilities to data loss or cyber-attacks in telecommunications would boost the market growth.
COVID-19 Upend the E-Discovery Market Size
The COVID-19 outbreak significantly impacted the encryption software industry. The world made a massive shift to remote working, and encryption software became imperative during the pandemic.
Advances in remote collection tools are enabling encryption solutions to perform efficiently, reducing operational costs significantly. Resultantly, the encryption software market is reinventing itself, and the demand for best practices is ramping up, becoming a data collection standard.
Global Encryption Software Market – Segments
The report is segmented into encryption type, deployment, modern vertical, and regions. The encryption type segment is sub-segmented into basic & transparent, column-level, advanced file-system, and others.
The deployment segment is sub-segmented into the latest on-cloud and advanced on-premise. The vertical segment is sub-segmented into IT & telecom, manufacturing sector, BFSI, retail sector, government, healthcare sector, aerospace & defense industry, and others.
Competitive Landscape of the market
The encryption software market prominent players are:
- CheckPoint Software Technologies Ltd. (Israel)
- Microsoft Corporation (U.S.)
- Sophos Ltd. (U.S.)
- EMC Corporation (U.S.)
- Trend Micro Inc. (Japan)
- Intel Security Group (McAfee) (U.S.)
- Symantec Corporation (U.S.)
- SAS Institute Inc. (U.S.)
- IBM Corporation (U.S.)
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Encryption Software Market Research Report: Information by Technology (Hall Effect, Magneto Resistive, Variable Reluctance), By Application (Automotive, Industrial, Aerospace & Defense, Consumer Electronics) and Region (North America, Europe, Asia-Pacific, Middle East & Africa, and South America)—Forecast till 2030
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