Encryption Software Market Trends

Growth Drivers

• Increasing Regulatory Standards for Security in End-User Sectors – Government imposed regulatory standards for the security of data privacy and compliance to improve the security measures. There has been a rising encouragement to use encryption software solutions in organizations to enhance the security for consumers by preventing cyber threats, and providing secure data transfer facilities. As per the estimations, by the end of 2024, more than 70% of the population across the world will be provided with personal data security under new privacy regulations.
• Rising Adoption of the Internet owing to the Digitalization – The rising usage of smartphones, and the adoption of social media and other online applications for educational, job, financial transactions, and entertainment purposes is driving the encryption software market growth. According to the reports, more than 5 billion population worldwide are using the internet as of 2023 which contributed to over 64% of the world’s population.
• Growing Unlawful Access due to Lack of Data Security Solutions – The unauthorized access to data storage is growing day by day owing to misuse of privileged access by employees, the presence of malware, weak passwords, rising hacking skills, and accidental access grants.

Challenges

• Easy Availability of Pirated Software and Open-Source Encryption Solutions – The increasing use of pirated encryption software by people as they are free and easy to access. These pirated encryptions are not strong enough to prevent the breach and are mostly fake parties trying to gain access to the systems through websites.
• High Cost of Encryption Software Solutions
• Dearth of Experienced Professionals