Disk Encryption Software Market Statistics - 2030
Disk encryption software is computer software used for security purpose to protect the privacy of a data stored on computer media by using disk encryption. It facilitates the encryption of the content of a data object, file, and network package or application, so that it is secured and unviewable by unapproved users. Encryption software encodes data or files by working with one or more encryption algorithms. Each file encrypted through encryption software requires a key to be decrypted to its original format and this unique key is created by the software itself and shared between the sender and receiver. In case if encrypted data is extracted through internet breach it cannot be retrieved into original form without the unique encryption key. File encryption, email encryption, disk encryption, and network encryption are commonly used types of encryption software. Encryption software is widely used by individual users and large enterprises to protect user information shared between a browser and a server; this information could include everything from payment data to personal information of the users.
Impact of COVID-19 on Disk Encryption Software Market-
- The sudden eruption of the COVID-19 pandemic caused huge crisis across the world, affecting the global economy and health. All the operations in industries and production units were shut down for an unspecified time period in the lockdown, which resulted in disturbance of supply chain. The disk encryption software market survived in these critical times and was able to maintain stable growth rate. During the pandemic, companies adopted the work from home model, which created a rise in consumption of data.
- The increase in data transfer and huge consumption of data during the pandemic led to the growth of the disk encryption software industry. During the pandemic, there was a significant acceleration in the cases of cyber-attacks, which increased the demand for more encryption software.
Top Impacting Factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis
The rise in complexity and data breaches, rapid digitalization, and growing internet usage drive the growth of the market. In addition, increasing saturation of mobile devices across businesses has amplified the risk of data loss among enterprises, which made executing encryption software necessary for safe data transmission. However, high cost of implementation and lack of awareness about encryption software among the employees hamper the growth of the market. Furthermore, rise in demand for cloud-based disk encryption software is expected to provide lucrative opportunities for the growth of the disk encryption software market.
The market trends for disk encryption software market are as follows:
Adoption of disk encryption software mainly in BFSI segment
The banking and financial sector makes use of disk encryption software to protect information of customers detail and financial statements. This information is at high risk to data breach, which can result into misuse of the financial data of users to perform suspicious activities. The industry's complicated environment and increasing numbers of cyber threats create the need to secure secret financial data and low-risk breaches. The implementation of cloud technologies & encryption technologies by banking sector will lead to safeguard confidential information and reduce possibilities of data breaches.
Increased government regulations toward data encryption
The increasing government & state rules and regulations on data privacy and regulatory compliance require the enterprises to strengthen their data security measures. With the growing number of strict regulations, companies are adopting various data security technology to ensure that the confidential data of the customers as well as employees is protected all the time. This drives the growth of the disk encryption software market.
Key benefits of the report
- This study presents analytical depiction of the disk encryption software market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the market share.
- The current market is quantitatively analyzed to highlight the market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed market analysis based on the present and future competitive intensity of the market.
Questions answered in the disk encryption software market research report
- Which are the leading players active in the disk encryption software market?
- What are the detailed impacts of COVID-19 on the market?
- What current trends will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the market?
Disk Encryption Software Market Report Highlights
| Aspects | Details |
 By Component |
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 By Service Type |
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 By Application |
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 By Deployment Mode |
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 By Enterprise Size |
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 By Industry Verticals |
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 By Region |
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 Key Market Players | Palo Alto Networks Inc, Check Point Software Technologies Ltd., Oracle Corporation, International Business Machines Corporation, Amazon Web Services Inc., Microsoft Corporation, Cisco System Inc., F-Secure, Fortinet Inc., Trend Micro Incorporated. |
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