software encryption market

A recent release from PR Newswire states that the Global Encryption Software Market will grow from 7.5 billion dollars in 2019 to 16.5 billion by the year 2024. The market includes a variety of components that all lead to the same conclusion: encryption is becoming a major tool for people worldwide.

Why is the Market Experiencing Growth?

There are several reasons for the boom in the encryption market for both individuals and businesses:

  • Adhering to regulatory standards–People in all types of industries are required to store their digital information in a way that follows HIPAA, PCI-DSS and FIPS guidelines as well as recent General Data Protection (GDPR) laws.
  • Concern for loss of critical data–the more information is out there, the greater the concern for one slip up to destroy it all. Businesses now more than ever are using encryption for their digital files.
  • Growing Demand for Cloud-Based and Virtual Technology–While cloud storage is free and a relatively smooth process, it leaves businesses open to a cyber attack, making cloud-based encryption an essential precaution.

The Internet Association stated that there will continue to be an exponential growth in data, meaning hackers will be on the hunt. The need for encryption will then increase to protect all the new information, As the saying goes, “With great power comes great responsibility.”

Essential Components of Software Encryption

Encryption software is defined as a type of security program that allows for the encryption and decryption of data that is at rest or in transit. A key is generated by the software itself and is the only way to unscramble the information that was sent between devices. There are several types of applications for this type of software:

  • Files
  • Disks
  • Emails
  • Databases
  • Cloud

The most important point to consider when using application software is to ensure the information is secure when it is shared between people using either an online VPN or an email.

Software vs. Hardware

Software encryption is relatively inexpensive and can easily be installed on any operating system. It is easy to use and to update, but if the OS it is installed on has any vulnerability, then the whole security system could fail. It may also degrade in performance over time, especially if the device evolves while the software remains the same. It is common among businesses because it is easy to use and doesn’t cost the business an unreasonable amount of money.

Hardware encryption on the other hand is considered to be much more trustworthy. The encryption itself is self-contained on the device itself with no software necessary. In many situations, it doesn’t require a driver or a host system and is ideal for data at rest. The private key to decrypt information is built-in to the device, meaning nothing is exposed on a server. In many cases, the encryption is tied to a specific device, especially if it is not part of a laptop or computer.

Growing Market Deserves Certified Product

The hardware encrypted SecureDrive products provide complete protection for your digital files. These external portable devices can only be unlocked by entering a unique PIN or using an app on your mobile phone.

The drives and USBs are OS independent and work across all systems with a USB port. The highly certified SecureDrive line securely stores all of your business and personal files. Call 1-800-875-3230 to find out more.

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