San Francisco, 09 May 2030: The Report Encryption Software Market Size, Share & Trends Analysis Report By Deployment (On-premise, Cloud-based), By Application (Disk Encryption, Database Encryption), By End-use, By Region, And Segment Forecasts, 2023 - 2030
The global encryption software market size is expected to reach USD 44.55 billion by 2030, expanding at a CAGR of 16.2% from 2023 to 2030, according to a new report by Grand View Research, Inc. Software enterprises around the world are rapidly adopting encryption solutions to enhance business proficiency and improve data security. Rising concerns over data breaches and privacy compliance regulations, coupled with increasing adoption of modern technologies, including cloud, Internet of Things (IoT), virtualization, and mobility are expected to fuel product demand over the next few years.
These solutions safeguard privacy of the information stored in database and data in transit as per security requirements and compliance of any business organization. This renders information unreadable even to authorized person, thus improving the security of intimate data.
Presently, encryption has become a legal requirement for several businesses in different industries to comply with international and domestic laws. For instance, in the U.S., the Gramm-Leach-Bliley Act of 1999 (GLBA) makes it mandatory for organizations to safeguard consumer confidentiality or non-public personal data, which calls for securing data and is estimated to catapult the growth of the encryption software market over the forecast period.
Additionally, an organization’s reputation or brand image is a critical part of its marketing mix and hence requires strong protection. Data security is critical as a lot of confidential customer records are at risk of being leaked in seconds. It is imperative in maintaining customer loyalty and protecting enterprises’ brand reputation. Hence, the adoption of security solutions is on a rise to prevent any incidence of data loss, theft, or leak.
Data security concerns are rising with the growing trend of the Internet of Things (IoT) and Bring Your Own Device (BYOD) among enterprises. It has further led to increased instances of cyberattacks, commercial espionage, data breaches, and theft & losses in companies, which is poised to escalate the need to protect sensitive data and ensure compliance.
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Mobile technology advancements in hardware and software, their dissemination among businesses, and the growing penetration of smartphones are likely to catapult the demand for encryption software by 2030. The growing penetration of mobile devices across organizations has augmented the risk of data loss among enterprises, which has made executing encryption software imperative for safe data transmission. Furthermore, as enterprises are increasingly moving towards cloud computing, the need to safeguard sensitive data is increasing, thus resulting in increased deployment of this software.
Several industry verticals, such as BFSI and healthcare, must comply with stringent regulations, including PCI DSS and HIPAA, which require data security solutions. It translates to greater demand for encryption software globally. Furthermore, with rapid digitization and growing internet usage, enterprise and user intellectual property has become susceptible to theft and infringement. Owing to these risks, companies are required to protect the data. Encryption software enables organizations to safeguard their intellectual property and sensitive data, which is expected to boost its demand over the forecast period.
However, the purchase and implementation of these solutions involve huge costs, which can inhibit the growth of the encryption software market. Moreover, the deployment options for these solutions are time-consuming and complex. On the other hand, their benefits generally outweigh the challenges of the intricacy and time associated with their deployment.
North America dominated the market in 2022. The presence of a well-established IT & telecom sector in the region and the generation of massive amounts of data that needs to be safeguarded are contributing to the region’s dominance. A sudden upsurge in encrypted internet traffic due to the adoption of HTTPS by leading companies, including Facebook, Twitter, and Netflix, is expected to favor the market over the forecast period.
The global Biosensors Market is anticipated to reach 21.2 billion by 2020 owing to the rise in technological developments in all the sectors of the biosensors industry.
The biosensors include three components namely the bio elements, biological recognition unit and the transducers.
The biological recognition unit deals with the given biological responses, bio-elements that establishes enzymes, antibiotics, living tissues and transducers.
The biosensors are indispensable devices that features quick detention ability, easy usage, low cost and have portable solutions.
The rising prevalence of lifestyle-induced and chronic diseases are demanding the point-of-care testing (POCT), rise in the geriatric population and biosensors for nanotechnology is expected to fuel up the growth of biosensors industry.The increasing popularity of medical equipment, personalized medications and wider acceptability of user-friendly Biosensors are expected to grow the biosensors market.
Additionally, the adoption speed of these regulatory requirements to advanced technologies is slower due to which the global market is expecting hindrances.Request Sample Copy of This Market Research @ https://www.millioninsights.com/industry-reports/biosensors-market/request-sample Furthermore, the present lifestyle disorders and the prevalent chronic diseases are stimulating the consumers to adopt the biosensors for early detection of unhealthy viruses in the body.
A satellite modem (also known as a sat modem) is used to establish data transfers with the use of communications satellite as a relay device.
A satellite modem is primarily used to transform an input bitstream to a radio signal and vice versa.In terms of end users, the market for military & defense is expected to grow at the highest rate during the forecast period.
In the military & defense industry, reliable, secure, and uninterrupted communication is crucial irrespective of the location and weather condition.
For this, satellite connectivity with the help of modems is the ideal solution.
Furthermore, satellite modems also help in providing secure communication by following the encryption technology, which would make modem perfectly suitable for military & defense purposes.Get Sample Copy of this Report @ https://dataintelo.com/request-sample/?reportId=7066The US is at the forefront of adopting and installing the satellite communication network for all these industries.
The satellite modem market in APAC is likely to grow at a high rate between 2018 and 2023.
Global Enterprise Key Management Market is expected to reach USD 3.61 billion by 2025. Numerous encryption key management standards include Organization for the Advancement of Structured Information Standards (OASIS) and Key Management Interoperability Protocol (KMIP).
The Enterprise Key Management Market is estimated to grow at a significant CAGR over the forecast period as the scope and its applications are rising enormously across the globe.
Rising need to exploit operational efficiency and security, and growing data security anxiety are documented as major factors of Enterprise Key Management Market that are estimated to enhance the growth in the years to come.
However, lack of awareness regarding enterprise key management among organizations mainly in SMEs is a factor that may restrain overall market growth in coming years.
Services and solutions are the components that could be explored in Enterprise Key Management in the forecast period.
