How Increasing Incidence of Data Breaches are leading to the mounting need for Data Encryption Services?

Data Encryption helps secure data and maintain its confidentiality. It involves converting plain text into encoded information, known as ciphertext. This encoded information can only be accessed and read by the authorized individual. Data Encryption can be used while storing or transmitting the data.
 
Besides the clear benefits of data encryption, it also helps ensure data integrity, protects data from undocumented modification, and reduces the risk of accessing data from unauthorized sources. The proliferation of the internet & mobile device usage, coupled with the rising value of the data, is making it more vulnerable to malicious attacks, thereby driving the data encryption industry.
 
In addition to this, the rising need for businesses to meet data protection regulations requirements, including using encryption, is another crucial aspect infusing the demand for data encryption services worldwide. Based on these aspects, a recent research study has indicated that the Global Data Encryption Market is expecting around 18.1% CAGR during 2022-27. The leading industry players include HP, IBM Corporation, Microsoft Corporation, Symantec Corporation, Intel Security, Oracle, Gemalto, Netapp Inc., Trend Micro Inc., FireEye Inc., & Dell Technologies, Inc.
 
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The outbreak of the COVID-19 pandemic has positively impacted the Global Data Encryption Market. The rising trend of work from home boosted the amount of data generated, stored, and transferred online. Therefore, the increase in the data produced resulted in surging the threat of data breach, which, in turn, propelled the need for data encryption platforms. 
 
Based on the End-User, the market bifurcates into Government Organization, BFSI, Healthcare, Manufacturing, Automotive, IT & Telecom, Aerospace & Defense, and Energy & Utilities. Among these segments, the BFSI segment is expected to attain the largest share of the Data Encryption Market in the forecast period. The demand for Data Encryption is increasing significantly due to the rapid digitization of banks and financial firms. The BFSI sector is responsible for storing crucial information, including financial information and contact details of their customers. Hence, the threat of cyberattack is very high for this sector as misuse of any data can lead to cause huge losses to banks and financial firms.
 
The Database Encryption market is expected to witness robust growth and offer many profitable opportunities for the industry players. The mounting number of businesses and data generated by the organizations are propelling the demand for data encryption platforms to secure critical information and reduce the threat of theft or being hacked. Hence, based on the aspects cited above, the Global Data Encryption Market is set to grow significantly in the coming years.