Cloud Encryption Market Overview:
According to a detailed report issued by Market Research Future (MRFR), the global market is slated to attain a significant market valuation of up to USD 3 billion at a substantial 29% CAGR over the review period (2017-2023).
The key driving factors of the Cloud Encryption Market are the increasing number of spams, cyber-attacks, malicious software and high adoption of are services is driving the market. Increased integration of technology, in all major industries, has had a positive impact on the cloud encryption market. Cloud services are witnessing a rise in adoption, and the demand for IoT systems is on the rise. This growth is driving the demand for the cloud encryption systems; further, consumers are becoming aware of the threats involved and looking for improved and more secure services.
All these influential factors are driving the cloud encryption software market growth over the review period. The growing adoption of software as a service in developed countries by industries such as defense, healthcare, among others, is a crucial factor driving the growth of the global cloud encryption market. Moreover, the increasing sophistication of IT systems, growing awareness & use of cloud encryption security by banking, telecom, and IT industry are other factors expected to boost the growth of the global cloud encryption market.
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Cloud Encryption Market Competitive Analysis:
The major players identified by MRFR in the global market are Gemalto N.V. (Netherlands), Thales e-Security (France), Sophos Group Plc (U.K.), Skyhigh Networks (U.S.), Symantec Corporation (U.S.), Netskope Inc. (U.S.), HyTrust, Inc. (U.S.), CipherCloud (U.S.), Vaultive, Inc. (U.S.), Trend Micro Incorporated (Japan), among others.
Cloud Encryption Segmental Analysis
- Cloud encryption market for segment on the basis of component, service model, cloud deployment, organization size and vertical.
- Cloud Encryption based on the Component, has been segmented into Solutions and Services, which is bifurcated into Professional Services and Managed Services.
- Cloud solution accounts for the largest market share as it helps enterprises by minimizing cost associated with the IT infrastructure.
- Cloud solution enables an enterprise to focus on core business competencies. It offers enterprises with data protection and security, efficiently manage storage and privacy issues, offers data integrity and delivers information related to governance and make enterprise legally prepared.
- Cloud Encryption Market based on the Service Model has been segmented into Infrastructure-as-a-service, Software-as-a-service, and Platform-as-service.
- Cloud Encryption analysis by Cloud Deployment has been segmented into Public, Private, and Hybrid.
- Global Cloud Encryption Market by Organization Size has been bifurcated into Large Enterprises and Small and Medium Enterprises.
- Cloud Encryption Industry by Vertical, has been segmented into BFSI, Healthcare And Life science, media & Entertainment, retail & Ecommerce, Automotive And Manufacturing, and IT & Telecommunication.
The geographical analysis of the global market has been conducted in four major regions, namely the Asia Pacific, North America, Europe, and the rest of the world (including Latin America and the Middle East and Africa).
North America region is mainly leading the market due to the adoption of advanced marketing techniques in improving business and increase the adoption of analytics by organizations in the cloud marketing platforms. North America region is one of the major contributors in the market due to advanced technological implementation in numerous verticals. The European region is also gaining growth owing to growing demand from citizens and huge investment by the enterprise in the cloud encryption market.
The Asia-Pacific region is the fastest-growing player in the cloud encryption market owing to advanced technological development and increasing data theft is supporting the market growth. growing urbanization, business expansion, industrial developments and growing educational sector is fueling the growth of the cloud encryption market in the region. Developing economies such as India, Japan, and China accounted for the largest market share due to increasing IT network in this region. The region comprises of many small and medium-sized enterprise that is contributing towards the growth of cloud encryption market from the region over the review period.
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