SMEs have strict security measures for protecting their networks, data, applications and endpoints. The demand for cloud-based solutions is growing rapidly across enterprises as the leading delivery model will be necessary to meet IT security requirement. Cloud deployment provides scalability, flexibility, and cost-effectiveness to simplify business operations. With SMEs turning their attention to cloud solutions, cloud encryption solutions and service providers are expected to expect increasing opportunities to protect SME data from security breaches. For instance, in 2018, the European Banking Authority (EBA) enacted security rules for financial institutions regarding Internet payment services. Payment Service Provider (PSP) Responsibilities For example, PSPs must ensure the use of end-to-end encryption when exchanging sensitive data over the Internet between the parties communicating to protect the privacy and integrity of the data. Therefore, more number of such integration expected to create the demand for cloud encryption software.
Many organizations have been dependent on different encryption systems which is delivered by vendors. Organizations with different encryption systems have critical management software that allows handling of keys on multiple encryption systems. The inefficiency of key management software to manage key is a major concern for administrators and the IT team.
The growing demand for SME integrated data protection solutions, growing concerns related to critical data loss, strict regulatory standards and data privacy compliance are the major factors driving the growth of cloud encrypted software market. However, complexities in effective management of encryption key hamper the market growth. Contrarily, the exponential increase in the adoption of cloud and virtualization technologies and increased adoption of encryption software across industries are the opportunity factors of the global market.
Major industry such as – Check Point Software Technologies Ltd., Cisco Systems, Inc., Dell Technologies Inc., Hewlett Packard Enterprise Co., International Business Machines Corp., Microsoft Corp., Sophos Ltd., Symantec Corp., Thales Group, and Trend Micro Inc.
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The global market is analyzed on the basis of end-user industry, application, type, and region. By region, the market is assessed across North America (Canada, Mexico, and the United States), Europe France, Italy, Germany, Spain, the United Kingdom, and rest of Europe), Asia-Pacific (Australia, Japan, South Korea, China, India, and rest of Asia-Pacific), and LAMEA (Africa, the Middle East, and Latin America).
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Impact of COVID-19 on Cloud Encryption Software Market:
- The COVID-19 spread across the country (or across the continent) has made it difficult to detect malicious activity, and the more complex response to these activities is likely to reduce the workload of many security teams. Modifying patches on the system can also be a challenge if the security forces are not working.
- COVID-19 Outbreaks appear to be exacerbated by the fact that many students and staff working from home, enterprise virtual private network servers have become a lifeline for schools or companies and will focus more on their availability and safety.
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