Since data encryption applies both to information at rest and in transit, it provides consistent protection that could lead to peace of mind for the people who handle information.
Research shows that a growing percentage of businesses know that creating an encryption plan is essential. A 2019 study presented by Ponemon Institute found that, during the fiscal year 2018, 45% of the companies polled reported having an overall encryption strategy applied consistently across their organizations. Slightly less (42%) mentioned having a limited encryption strategy used for certain applications or types of data.
Only 13% said they did not have a strategy at all. That research suggests that if your enterprise fails to prioritize encryption, it could lag compared to competitors. The good news is that the encryption software market is growing.
A market forecast from Grand View Research assessed the encryption software market and gave a projection for the period from 2019-2025. The firm expects a combined annual growth rate (CAGR) of 16.8% for the specified timeframe, with on-premise options being in the majority as cloud-based options steadily grow.