Press Release
Press Release
The global encryption software industry is being driven by rapid digitalisation, such as the heightened adoption of the internet of things (IoT) across various industry verticals. In addition, the rapid technological advancements, such as the cloud-based deployment models, are exceedingly being deployed to help with the processing and analysis of a large volume of data, which is also contributing to the market growth. This is leading to the increased demand for encryption software since more and more data is becoming digitalised, thus, posing a risk of data theft and leak. These factors are predicted to drive the market growth in the coming years.
The rising demand for data security among organisations is motivating market players to develop encryption software with improved security features with the use of emerging technologies. This is estimated to significantly catalyse the industry growth in the forecast period. For instance, in December 2020, IBM Corporation (NYSE: IBM) announced the launch of IBM Security Homomorphic Encryption Services, which enables its clients to utilise the fully homomorphic encryption (FHE), an emerging technology that enables encryption of data even during processing within the cloud or any third-party environment. The new service offers companies with technical support and testing opportunities to develop prototypes of FHE based applications. Furthermore, another leading encryption software vendor, Microsoft Corporation (NASDAQ: MSFT), in July 2020, announced the new addition of Double Key Encryption and other features in its Microsoft 365. This feature will allow organisations to better protect their digital data, as it generates two keys for accessing the encrypted data. These developments are expected to positively impact the growth of the encryption software industry in the forecast period.
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The major players in the global encryption software market are IBM Corporation, Microsoft Corporation, NortonLifeLock Inc., Trend Micro Inc., Micro Focus International Plc, and others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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