Escalating cyber threats in the retail sector to boost encryption software market size
Data privacy and protection are among the top-most priorities of today’s tech-driven industries. With growing concerns, the encryption software industry is expected accrue sizeable proceeds in the coming years. In a bid to combat cases of data breaches and cyber frauds, various countries worldwide have started imposing stringent regulations. Authorities are even trying to create awareness by educating the population about cybercrimes.
Stating an example from China, in November 2019, the State Cryptography Administration (SCA) issued a draft for an encryption law that would regulate encryption in the public and private sectors. This draft would help Chinese authorities establish guidelines on the use of cryptography which in turn would protect national security.
Growing integration of email, mobile and disk encryption capabilities in various security suites for addressing evolving cyber threats across the retail, BFSI, and healthcare sectors could massively aid the encryption software market growth.
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Over the years, these industry sectors have seen a healthy increase in the usage of data protection solutions in order to safeguard their non-sensitive/sensitive data. With increasing inclination, Global Market Insights Inc. predicts that the encryption software market may USD 21 billion by 2026.
Proliferating demand for comprehensive security software solutions that can effectively safeguard user’s data from identity thefts, phishing and malware could drive the email encryption software market expansion. Analysts predict that the segment might own more than 25% of the overall encryption software market share by 2026.
Email is often considered as a universal mean of communication and is commonly used in big and small enterprises. In a move to prevent unauthorized access to email or data, several companies are preferring installation of strong email data protection software. These solutions encrypt data in transit as well as run multi-factor authentication for extra security.
In terms of application, the retail sector is anticipated to endow considerable growth opportunities to the encryption software market. Factors such as the growing need to safeguard consumer data throughout a retail business could play a vital role in complementing product demand.
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The retail sector is currently observing heavy intake of third-party services to strengthen online transactions and to maximize customer experience. This has triggered a wave of cybercrimes such as data breaches which could exploit customer’s sensitive data including personal credentials and credit card & bank account details. According to Thales eSecurity, nearly 75% of the American retailers have undergone a breach in 2018 as compared to 52% in 2017. Credible reports cite that the demand for cybersecurity solutions like encryption software will rise significantly between 2020 to 2026, thereby preventing potential theft & customer information breach over the forecast timeframe.
Several emerging startups and cybersecurity vendors are trying to transform the cyber encryption landscape by offering a broad range of application that perfectly accommodates all the security needs of numerous SMEs and big organizations. Moreover, small startups like Cosmian (Paris), Enveil (U.S.), PreVeil LLC (U.S.) and Duality (U.S.) are employing various growth strategies like fund-raising activities to expedite business expansion and innovate new offerings. Citing an instance, PreVeil has secured USD 7 million from its Series B funding round in September 2019, led by Presidio Ventures.