Encryption software is a type of security program that enables encryption and decryption of data to prevent unauthorized access to digital information. In the present business scenario, the majority of organizations worldwide are adopting encryption to address their growing concerns about data safety and data privacy compliance regulations. This has stimulated the growth of the market on a global scale. With rising concern for critical data loss in the on-premises environment, risk on cloud environment due to exploitation of Big Data analytics and regulatory compliance to increase the adoption of encryption software are the major growth drivers of the market. In addition, data protection and data privacy compliance are becoming high priority concerns for organizations. This has accelerated the adoption of encryption software application among various enterprises. It is considered to be one of the key growth drivers of the market. However, limited budget and lack of awareness about encryption and performance concerns among enterprises has restricted the growth of the market.
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