Market Study on Encryption Software Market and its major challenges

Encryption Software Market

The global Encryption Software Market size is expected to grow from USD 7.5 billion in 2019 to USD 16.5 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 17.0% as per a report by MarketsandMarkets.

Encryption software helps enterprise maintain data integrity and privacy, secure data transmissions, ensure compliance, and protect its critical data and infrastructure from unauthorized access. Additionally, a need for compliance of stringent regulations such as Health Insurance Portability and Accountability Act (HIPAA), Federal Information Processing Standards (FIPS), and Payment Card Industry Data Security Standard (PCI DSS) encourages enterprises to adopt encryption software to achieve complete security of data.

Major growth drivers for the market include rising concerns about loss of critical data and stringent regulatory standards and data privacy compliance.

How difficulties in effective management and usage of the encryption key to pose major challenge?

Efficient management of encryption keys is crucial. Encryption keys need to be monitored during their creation, storage, and deletion. Loss of keys can result in loss of data, as the data cannot be deciphered without the encryption keys. Encryption based on asymmetric cryptographic algorithms encrypts the data with the help of both public and private keys. The data is ciphered with the help of public keys. The ciphered data can be deciphered only with the help of private keys. Loss of private keys may result in the loss of critical data. The security systems responsible for encryption have to ensure cryptographic security, and the keys used for encryption should not be transmitted publicly. One of the most profound challenges related to encryption is key management due to its associated complexity and cost. Unclear key management function, lack of skilled professionals, and fragmented Key Management Systems (KMS) increase the overheads for enterprises.

Some organizations rely on different encryption systems provided by different vendors. Organizations with multiple encryption systems have basic key management software, which is incapable of handling keys from multiple encryption systems. The inefficiency of the key management software in managing the keys is one of the major concerns for admin and IT teams. Effective management of public and private keys is important to enhance encryption, streamline administration, ensure regulatory compliance, and strengthen security. Furthermore, if the encryption key, which is a combination of alphabets and numerals used as a password, becomes corrupted, then critical business information becomes vulnerable and exposed to hackers, who will be able to access sensitive business information without any password or decryption key. Moreover, encryption software cannot make users aware of key leakage.

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