The emergence of the COVID-19 pandemic has had a significant impact on practically all businesses worldwide. Furthermore, mobile technology has expanded at a far faster rate than typical due to the lockdown and restrictions. However, as part of this effort, mobile devices have raised several critical privacy and security concerns. To address these concerns, many organizations ensure that an appropriate level of security is maintained through encryption to prevent data leaks and manipulation by non-trusted third parties.
During the projected period, the global mobile encryption market is predicted to grow at a CAGR of 30.55 percent, to USD 5,931.23 million by 2026. Encryption deployments have increased in quantity and scope in big corporations as organizations have reacted to increasingly prevalent regulatory and compliance obligations and more strict internal policies.
The proliferation of mobile devices, increased and evolving sophisticated threats, increased adoption of cloud services, and virtualization is all-important reasons disrupting the mobile encryption business. The industry is being driven by the need for strict compliance and regulatory regulations and growing concerns about data security and intellectual property privacy. In addition, the growing popularity of the Internet of Things among many end-user verticals is a crucial factor in increasing the growth of the mobile encryption market.
Growing need for mobile security
By making data unreadable by others, mobile encryption ensures that customers' data remains private and safe. Data that has been encrypted cannot be retrieved, making it more difficult in the current situation. The data on the phone can still be recovered even if the owner deletes everything on it to resell it. The only way to decrypt data once after encryption is to factory reset the phone. Furthermore, the expansion of digital payments, enhanced applications, and information interchange via mobile devices generate a large amount of data that must protect from cyber threats. As a result, data can secure from these crimes by using mobile encryption software, propelling the market forward.
The “bring your own device” (BYOD) culture and its rapid acceptance by organizations has necessitated security measures, and it has been discovered that organizations and individuals who do not take security precautions face serious consequences such as:
Mobile devices are now the primary target of phishing attacks. Scammers are aware that people who work from home spend more time on their mobiles and do not take the same safety measures as they would on a traditional PC. Anyone who stumbles across your phone or laptop can easily access the files contained within; however, with encryption, accessing that data is extremely tough.
A data leak occurs when sensitive information is transferred unintentionally from a mobile device to an internet service. If the device fails to protect data effectively, the data then becomes available to anybody who uses the same network as the device.
TWe live in an era where we're all continuously connected to networks that aren't always secure. According to researchers, mobile devices utilize Wi-Fi nearly three times as much as data. Almost a quarter of devices connect to unsecured Wi-Fi networks, and 4% of devices are subjected to a man-in-the-middle attack.
Protect your mobile with AxCrypt
The pandemic had a significant influence on this market. Our experts keep a close eye on the industry to capture and assess the most relevant encryption features for each business type.
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