Software protection dongles are devices which are connected with computer and are software driven programs which run on the computer and restrict any unwanted functions till the hardware lock device is attached to the computer. Software protection dongles generally incorporates with algorithmic encryption in their on-board micro-electronic circuitry in order to provide security to the documents. A software protection dongle protects the user from internet attacks and reduces the chance of fraud during online shopping. It also helps organizations to secure confidential information and helps in maintaining high levels of authenticity.
Increasing growth in the service industry is one of the major factors responsible for growth of the software protection dongle market. The shift toward cloud computing and data analytics is resulting in large flow of information across the globe. In the last few decades, statistics have shown that numerous interruptions in information systems have been causing financial losses to companies. To overcome such challenges, software security dongles are used by organizations to avoid financial losses. Many security-conscious organizations across the globe have been using these software protection modules to manage, and store their cryptographic keys. Growing concern about data security across the globe is one of the major factors responsible for the growth of the software protection dongle market.
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In the fast moving information era, it becomes extremely important for both small and big organizations to adopt cloud for storage and virtual resources. The growing use of cloud is anticipated to fuel the demand for software protection dongles during the forecast period to maintain the authenticity of information. Increasing number of cyber-attacks and data breaches are resulting in high demand for hardware locks. In the last few decades, expenditure by organizations on cyber security solutions has increased. Rules and regulations of governments of various countries regarding cyber security within various industries such as BFSI, public sector units etc. is likely to enhance the demand for software protection dongles during the forecast period. However, high cost of implementation and upgrades is restricting the growth of the software protection dongle market. Moreover, the lack of technical expertise is also hampering the growth of the software protection dongle market.
The software protection dongle market can be segmented based on type, deployment type, application, and geography. By type, the software protection dongle market is bifurcated into data encryption type and database operational models. In terms of deployment type, the software protection dongle market can be categorized into on premises and cloud. In terms of application, the software protection dongle market is segmented into BFSI, healthcare, government & public sector, IT and telecom, and military and defense.
In terms of geography, the software protection dongle market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America is expected to dominate the software protection dongle market in terms of share due to presence of key players of software protection dongles and robust adoption and penetration of security modules. Europe followed by Asia Pacific is expected to dominate the software protection dongle market in terms of growth rate due to increasing number of IT and telecom industries.
The major players in the software protection dongle market are Securemetric Berhad, Cisco Systems, Avg Technologies, F-Secure Corporation., Cognizant, Panda Security, and Thales e-Security Inc. Acquisition is the major strategy adopted by these companies. For example, Cognizant acquired SaaSfocus, a cloud consulting company having operations in India and Australia. This acquisition helped Cognizant to provide transformative digital solutions for its clients in order to protect their data. Furthermore, in May 2018, CGI Group Inc. acquired Facilité Informatique to strengthen its position in Canada.
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