Encryption Software Market Overview Market Research Future (MRFR) anticipates that the Encryption Software Market 2020 could potentially reach a significant valuation of USD 13 billion by 2024. It is also expected that the advancement rate of the global market can be 16.4% from 2016 to 2023 (evaluation period). We will provide COVID-19 impact analysis with the report, offering all the key developments that can affect the market post the coronavirus disease outbreak. Key Drivers and Main Deterrents The COVID-19 outbreak has had a moderate effect on the encryption software market and is expected to do so even in the coming months. Despite the advent of SARS-CoV-2 and the resultant lockdown, the encryption software market will be able to sustain its growth owing to the rising efforts being given by companies to facilitate work from home for their employees worldwide. Get Free Sample Copy at: https://www.marketresearchfuture.com/sample_request/3125 Further, the novel coronavirus has compelled governments to uptake measures to track the virus. Facial recognition software is now being deployed massively everywhere, with various location-tracking vendors springing up across countries. Moreover, Facebook, Google, and various tech giants are coming forward to lend help that can mitigate the COVID-19 impact to some extent. However, the situation has been a double edged sword, as the growing number of virus tracking apps and others have boosted the number of cyber thefts and data breaches, which led to higher demand for encryption software. The escalating adoption of cloud, mobility and virtualization technologies also seem to be working in the market’s favor. The pandemic has also pushed the uptake of biometric encryption, which is believed to be a key trend in the encryption software market. Biometric verification encryption is increasingly being used as it provides access to the user by identifying unique biological traits such as voice, fingerprint, facial lineaments or iris. More and more vendors are now offering advanced biometric encryption systems to cater to the growing demand from end-users that are facing security threats. For instance, in June 2020, Fujitsu supplied its biometric authentication technology to Hyosung, for its futuristic ATM to facilitate secure and contactless way to recognize ATM users. The biometric authentication technology, called PalmSecure, is able to reads the unique palm vein patterns that are present under the skin of the user, thus preventing any chances of fraud or theft. Segmental Outlook The encryption software industry can be considered for deployment, service, organization size, application and vertical. Deployment-wise, the key segments can be cloud as well as on premise. Market segmentation depending on service includes professional service and managed service.
Encryption Software Market 2021 Overview, Business Opportunities,Forecast to 2027
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