ECB versus CBC: What is Future of COVID-19 Contact Tracing Apps?

As India is fighting the ongoing COVID-19 (coronavirus) pandemic, companies in the application-level encryption market are competing to develop secure contact-tracing and syndromic mapping apps. Since the Aarogya Setu app in India is under scrutiny for data theft, IT companies are increasing efforts to develop secure COVID-19 mobile contact tracing apps. They are opting for AES/CBC encryption over AES/ECB to store application data.

IT companies in the application-level encryption market are taking cues from the U.S. Government to comply with the Advanced Encryption Standard (AES). Since AES is used in government and military purposes, Indian IT companies can use this standard to develop secure COVID-19 mobile contact tracing apps. As such, cipher block chaining (CBC) is being preferred over electronic codebook (ECB) encryption to safely collect and store information. Companies are running several security tests to improve and validate the security of COVID-19 mobile contact tracing apps.

Purchase our Premium Research Report At:https://www.transparencymarketresearch.com/checkout.php?rep_id=38006&ltype=S

Application Encryption Replaces Full-disk Hard Drive Encryption Software

Since full-disk hard drive encryption software is often cumbersome to deploy and lack important security certifications, companies in the application-level encryption market are capitalizing on this growth opportunity. For instance, Texas-based information technology (IT) company Futurex is increasing the availability of full-service cryptographic functionality, which involves general-purpose data encryption and key management technology into applications. The growing need to secure sensitive data has fueled the demand for application-level encryption.

The application-level encryption market is projected to surpass the revenue of US$ 8 Bn by 2030. IT companies are increasing efforts to combine application encryption with other cryptographic techniques and use cases such as Point-to-Point Encryption (P2PE). They are increasing efforts to abide by the international standards of security compliance to stay relevant in the industry. As such, financial institutes and healthcare industries are creating incremental opportunities for IT companies.

eHealth Apps Fuel Demand for Application-level Encryption in Healthcare

Data security with the cloud is becoming increasingly important for healthcare industries. The growing influx of eHealth applications has triggered the demand for application-level encryption software. As such, cloud is emerging as the most convenient way to secure health data. The encryption technology is being used with pseudonymisation and anonymisation to achieve data security. Application-level encryption is being highly recommended in the healthcare landscape, since each individual record is encrypted with its own key. This is evident as application-level encryption market is estimated to grow at an explosive CAGR of 25% during the assessment period.

Application-level encryption has facilitated security of sensitive chats between doctor and patients that take place via eHealth apps. Companies in the application-level encryption market are increasing their R&D to develop software that encrypts the message before it is sent to the network and can only be decrypted by the receiver.

To understand how our report can bring difference to your business strategy, Ask for a brochure

Blowfish & Triple DES Grow Popular in Banking and Financial Applications

Costly maintenance and complexity of application-level encryption are emerging as a drawback for software providers. However, in mandatory requirement from a third-party regulator or compliance team, IT companies are extending their systems for implementing application-level encryption for large enterprise clients. Thus, companies are focusing on clients that mandatorily require application-level encryption to establish stable revenue streams in the market.

Apart from AES, encryption algorithms such as triple DES (Data Encryption Standard) algorithm, blowfish, and twofish are growing popular in the application-level encryption market. Triple DES is increasingly replacing conventional DES algorithms. Though triple DES is slowly phasing out, it serves as a dependable hardware encryption solution in the financial and banking sector. On the other hand, even blowfish is serving as an alternative to traditional DES algorithms, where the former helps to encrypt messages individually.

Get More Press Releases by TMR: https://www.prnewswire.com/news-releases/artificial-intelligence-market-valuable-applications-for-host-of-functions-across-a-spectrum-of-industries-extends-lucrative-growth-opportunities-explains-worth-predicted-to-surpass-us-2-8-bn-by-2030—tmr-301282109.html

Greater Control over Decryption Facilitates Improved Data Management

Application-layer cryptography is a growing trend in the defense and government end-use cases. As such, end-to-end encryption is being highly publicized as an efficient form of application-layer cryptography, which allows organizations to enforce access control using key management. End-to-end encryption is being used to reduce the impact and cost of data breach.

There is a need to move operations, security, and testing into the development process in order to improve software agility and reliability. Companies in the application-level encryption market are adopting security-best practices as a part of the application development. However, most developers are not security or cryptography experts, which ultimately results in lesser control over the security posture of IT and development. Thus, companies in the application-level encryption market must facilitate greater control over the messages for developers by providing them with the keys for decryption.

Web-enabled Portals Deploy Remote Management of Cryptic Messages

Remote management of cryptic messages is one of the key growth drivers, which is contributing toward the expansion of the application-level encryption market. High level of remote access functionality via application encryption platforms is being made possible with web-management portals. Administrators can efficiently manage their cryptographic infrastructure while on-the-go with the comfort of home and even road travel. Application-level encryption has fueled to demand for web-enabled devices to deploy virtual management of cryptic information.

Application-level Encryption Market: Overview

  • The global application-level encryption market was valued at US$ 718.5 Mn in 2019 and is expected to expand at a CAGR of 25% from 2020 to 2030, reaching US$ 8 Mn by the end of the forecast period
  • According to the report, the global application-level encryption market will continue to be influenced by a range of macroeconomic and industry-specific factors. Asia Pacific will be at the forefront of global demand, with the application-level encryption market in the region expected to grow at a higher rate during the forecast period.
  • All hardware-based security businesses are affected by the increasing lockdown situation due to the COVID-19. Hence, the demand for cloud-based application-level encryption solutions is likely to increase with the adoption of the work-from-home model across all technical companies.

Increasing Adoption of Encryption Software to Avoid Cyber Attacks and Internal Data Breaches Driving Application-level Encryption Market

  • Companies are adopting digitization in different business processes that helps to increase efficiency. Most companies are investing in encryption technology to provide security to confidential information and increase productivity. The application-level encryption market is majorly driven by the increasing adoption of encryption technologies among small & medium enterprises to avoid internal data breaches within an enterprise.
  • Providers of data encryption are integrating and providing advanced application-level encryption solutions that help to encrypt data before the read and write process on the server. New data stored on the server is in an encrypted format, so it is difficult to breach data security to decrypt it without authorized permission. Application-level encryption solutions help in improving data accuracy in encrypted digital form, minimizes operational cost, and simplifies different data-related operational processes. Thus, the increasing adoption of encryption software to avoid cyber attacks and internal data breaches has led to a rise in demand for application-level encryption solutions.

Application-level Encryption: Market Segmentation

  • The report offers detailed segmentation of the application-level encryption market based on deployment, enterprise size, and end user. In terms of deployment, on-premises held a higher share in 2019, contributing the highest revenue to the application-level encryption market. Cloud-based segment is estimated to rise at a significant CAGR during the forecast period 2020 to 2030.
  • Based on enterprise size, the application-level encryption market is segmented into small & medium enterprises and large enterprises. Based on end user, the BFSI sector was the topmost revenue generating segment, which contributed majority of the global revenue in the application-level encryption market. On the other hand, the IT & telecom sector is predicted to rise during the forecast period.
  • The retail & e-Commerce sector is expected to contribute significantly to the overall application-level encryption market due to the increasing impact of COVID-19 on the e-Commerce industry

Application-level Encryption Market: Competition Dynamics

  • The global application-level encryption market comprises large as well as mid-sized companies. The vendors in the application-level encryption market are currently focusing on introducing advanced software and integrating new capabilities within the software to enable application-level encryption across company boundaries, and meet the need to manage data encryption and data security.
  • Moreover, solution providers are adopting partnerships and acquisition strategies to proficiently compete in the regional market
  • Some of the significant players in the global application-level encryption market include
    • Baffle, Inc.
    • Blue Star Limited
    • Chino Srls
    • Dell, Inc.
    • F5 Networks, Inc.
    • Futurex
    • IBM Corporation
    • McAfee LLC
    • Micro Focus International plc
    • Microsoft Corporation
    • nCipher Security
    • LLC, NetLib
    • Security, Inc.
    • PKWARE, Inc.
    • Prime Factors
    • Sophos Group plc
    • Symantec Corporation
    • Thales e-Security, Inc.
    • Unbound Tech Ltd.

Contact us:

Transparency Market Research
State Tower,
90 State Street, Suite 700,
Albany NY – 12207,
United States
Tel: +1-518-618-1030 Email: sales@transparencymarketresearch.com
Website: https://www.transparencymarketresearch.com
https://todaysmarkettrends.wordpress.com

LEAVE A REPLY

Please enter your comment!
Please enter your name here