According to the global cloud encryption market is highly consolidated. A few key players who are well established are holding key market shares. Names of the leading players operating in the cloud encryption market are: Thales e-Security Inc., Sophos Group Plc., CipherCloud Inc., IBM Corporation, Secomba GmbH, Gemalto NV, Hytrust Inc., Symantec Corporation, and Netskope Inc. Key players are indulging in technological innovations to strengthen their foothold and eliminate competition. Companies such as SonicWall Inc have released a range of advanced cloud security products in 2017 including SonicWall Cloud Analytics application for deep security data analysis and automated breach detection. Players are also looking to tap on the markets in emerging nations of Asia Pacific as these nations are rapidly adopting cloud solutions.
As per estimates of the TMR report, the global cloud encryption market will be worth US$2,912.3 mn by the end of 2025. The market is expected to showcase an outstanding CAGR of 21.5% between 2017 and 2025. On the basis of service model, the infrastructure as a service (IaaS) segment is expected to lead in the market on account of its various benefits over other service model components. By end user, the Telecom and IT segment are expected to be leading among the key industry verticals. On the basis of geography, North America has been leading in the market for cloud encryption.
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According to the report, the dire need to encrypt data before it is transferred for storing in the cloud is the primary factor behind the growth of the global cloud encryption market. The rise in the penetration of cloud encryption Solutions is also due to the high demand for security capabilities for cloud storage. The rising adoption of advanced data storage technology and data storage architecture small and medium Enterprises will also fuel the demand for Cloud encryption solutions.