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 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.
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.
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Major industry players such as – Amazon Web Services Inc., Check Point Software Technologies Ltd., Cisco System Inc., Fortinet Inc., F-Secure, International Business Machines Corporation, Microsoft Corporation, Oracle Corporation, Palo Alto Networks Inc, Trend Micro Incorporated.
Regions Covered – North America (U.S., Canada, and Mexico), Europe (Germany, UK, France, Italy, and the Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and the Rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa)
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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.
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Latest news and industry developments in terms of market expansions, acquisitions, growth strategies, joint ventures and collaborations, product launches, market expansions etc. are included in the report.
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