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Endpoint Encryption Market 2020 COVID-19 Impact on Industry Size
- Endpoint encryption software is used by companies to protect the stored database and for transmitting data from one endpoint system to another. All the data is stored in encrypted format and cannot be accessed without the right encryption key or authority.
- Endpoint encryption software is mostly applicable in transmitting the data over portable USB, cloud storage platforms, browsers, emails, and network drives. Employees share volumes of valuable information over the internet or in internal networks, which are vulnerable to data security breaches.
- Endpoint encryption software is majorly adopted by healthcare, banking and insurance sectors, and data centers to protect confidential information from unauthorized users. The information pertains to bank accounts, healthcare records, home address, social security numbers, and other confidential information.
- Manufacturing, automobile, transportation & logistics, and other major industries are also increasing the adoption of endpoint encryption software for providing network security solutions for enterprise networks.
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Key Drivers of the Endpoint Encryption Market
- Increasing adoption of encrypted data storage to provide security while transmitting the data through any transmitting media is expected to drive the growth of the endpoint encryption market. Increasing adoption of cloud based services among enterprises is also expected to boost the growth of the endpoint encryption market.
- Companies are investing in cloud storage services to protect data from cyber-attacks, which is expected to create better business opportunities for providers of endpoint encryption software.
Lack of awareness of the software and low investment on security of endpoint systems in several companies expected to hinder the market
- Lack of awareness of endpoint encryption among small and medium size companies may restrain the growth of the endpoint encryption market.
- Several companies are not investing in security of endpoint systems to prevent unauthorized user login and harmful cyber-attacks, which is also expected to hamper the growth of the endpoint encryption market.
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Impact of COVID-19 on the Global Endpoint Encryption Market
- Companies are expanding their geographical presence to capture more market share in Asia Pacific due to increasing impact of COVID-19 on business growth. Most new start-ups and market leading companies are adopting the work from home business model to operate all business operations. In such a scenario, cloud data is an easier platform to access and store all necessary information of the company.
- Companies and cloud data service providers are adopting endpoint encryption solutions or data security to provide security during data transmission. Demand for endpoint control is expected to increase during the forecast period and during lockdown conditions.
North America to Hold Major Share of the Global Endpoint Encryption Market
- North America holds prominent share of the endpoint encryption market due to presence of key network security solution providers and enterprise security solution providers in the region.
- The endpoint encryption market in Asia Pacific and Europe is expected to expand the fastest during the forecast period due to increasing adoption of network security solutions among healthcare and IT companies and also increasing investment by major players to provide security solutions and services in these regions.
