The global cloud encryption market is anticipated to expand at a prolific CAGR of 30.8% from 2023 to 2033. The global market revenue is predicted to generate a revenue of US$ 3.1 Billion in 2023 and is expected to surpass a valuation of US$ 45.6 Billion by 2033. According to Future Market Insights’ historical analysis, the global cloud encryption market registered a robust CAGR of 27.9% between 2018 to 2022.
By adopting robust encryption and maintaining good decryption keys, enterprises can safeguard cloud data, protecting it from hackers and users with malicious intent. The cloud encryption solution segment is estimated to account for a dominant share of 59.6% in 2023. Owing to the high adoption of cloud encryption solutions among enterprises, North America is currently dominating the global market.
Cloud encryption market at present accounts for around 4.5% of the total cloud security market. Owing to technological advancements and the increase in the adoption of the cloud, cybercriminals are using sophisticated attacking tools to launch voluminous cyberattacks that disrupt businesses.
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Furthermore, organizations are rapidly focusing on enhancing cloud data encryption to mitigate cloud security challenges and privacy risks. Cloud cryptography uses encryption techniques such as symmetric encryption and asymmetric encryption to protect sensitive data stored within the cloud from unauthorized users and prevent a breach of data.
Previously, enterprises were involved in the management and maintenance of physical, on-premises components which resulted in high installation and efficient management costs. It also increased the need to purchase infrastructure to store more data. In addition to that, the rising adoption of cloud storage has propelled as there has been a significant reduction in buying, managing, and maintaining in-house storage infrastructure.
Heavy dependency on technology has led to an exponential rise in cyber-attacks, and companies have started investing in encryption technology. Cloud encryption solutions encrypt the connection between the cloud and the endpoint, providing end-to-end encryption and keeping the data private.
Key Takeaways
- Big enterprises are rapidly adopting digital transformation to enhance the efficiency of operations. Over the past years, companies have fastened their digital transformation journeys, making cloud adoption a priority for organizations for improving productivity, growth, and sustainability.
- Cloud adoption offers service models such as Software-as-a-Service (SaaS), Platform-as-a-Service (PaaS), and Infrastructure-as-a-Service (IaaS) that automate the business process, reduce IT overhead costs, help in scaling IT processes and improve the overall flexibility of the business process.
- The urgency to deploy security measures designed to safeguard cloud-based infrastructure, applications and data from DDoS attacks, hackers, malware, and unauthorized user access is propelling the adoption of encryption tools.
- By rapidly investing in powerful encryption, various companies are gaining operational safety and data security that complies with regulations. Furthermore, with the surging demand for cloud encryption software and services, the market is expected to expand at a considerable pace over the assessment period.
- Cloud storage security is one of the most important issues in cloud computing. Companies using cloud computing for various business processes undergo challenges regarding the protection of these systems against cyber-attacks.
- These companies employ standard encryption methods to secure their processes by encrypting data before storing it in the cloud. The encrypted data needs to be decrypted at every operation by providing private keys to the server before executing the required calculations. This affects the confidentiality of data stored in the cloud storage.
- Homomorphic encryption has emerged as a new security concept, evident in performing operations on encrypted data without decrypting the data, which means data processing can be outsourced to a third party without relying on it to keep the data secure. The original data cannot be accessed without the correct decryption key.
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Competitive Landscape
Key market players in the global cloud encryption market are focusing on a variety of strategies, including research and development and investments to support future technologies. In addition to this, players are pursuing inorganic growth strategies such as acquisitions and partnerships with other companies to develop their cloud encryption to reduce the churn rate.
More Insights into the Cloud Encryption Market
North American region is anticipated to dominate the global cloud encryption market. The U.S.A. is expected to account for around nearly 71.5% of the North American market share by 2033. The growth of the market is attributed to the rising adoption of cloud-based solutions in the USA as they are in the process of shifting from on-premise solutions to cloud-based platforms.
Cloud Encryption Outlook By Category
By Component:
- Cloud Encryption Solution
- Services
- Professional Service
- Support and Maintenance
- Training and Education
- Planning and Consulting
- Managed services
- Professional Service
By Service Model:
- Infrastructure-as-a-Service (IaaS)
- Software-as-a-Service (SaaS)
- Platform-as-a-Service (PaaS)
By Enterprise Size:
- Large Enterprises
- Small and Mid-sized Enterprises (SMEs)
By Industry:
- BFSI
- Healthcare
- IT & Telecom
- Government
- Aerospace and Defense
- Retail
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East and Africa (MEA)
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