The global revenue for cloud encryption market reached a substantial sum of US$ 3.1 billion in 2023, Anticipating strong growth, with a CAGR of 30.8% projected over the forecasted period, the cloud encryption market is poised to reach an impressive US$ 45.6 billion by the year 2033.
The cloud encryption market currently accounts for around 4.5% of the total cloud security market. With the advent of technologies and the increase in the adoption of cloud, cyber criminals are using sophisticated attacking tools to launch voluminous cyberattacks that disrupt businesses.
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The growing need to store data in public and private cloud-based storage is spurring demand in the market. Also, the pandemic forced organizations to adopt remote work, which increased the use of digital technologies and online data sharing. This has resulted in an exponential rise in cyber breaches like ransomware, malware attacks, and phishing.
As a result, enterprises are adopting cloud encryption to safeguard their sensitive data from data breaches and cyberattacks. Cloud encryption encodes the data by converting the plain text data into cipher text, which is unreadable by malicious users, thereby preventing data breaches. It provides enterprises with automated security, reduced complexity, and risk reduction by offering built-in security controls and continuous protection.
Increasing data volumes have driven the adoption of big data analytics across companies which is capable of processing and analyzing results of big data and providing descriptive, predictive, and prescriptive results. But one of the biggest issues is how to gain perfect security for big data.
The growth of big data has been aided by cloud computing and cloud data stores. Businesses can obtain superior insights from their enormous amount of structured and unstructured data by adopting Big Data analytics in the cloud. Companies handle large amounts of data and leverage the cloud to perform analytics and keep it confidential.
With the increase in data saved in the cloud storage server, hackers try to access confidential data using organizational cloud servers with the help of different decoding techniques. Hence, the use of advanced cloud encryption software by organizations has increased to achieve semantic security.
Key Takeaways from the Cloud Encryption Market Report:
- By component, the solution segment is anticipated to expand at a 32% CAGR through 2032.
- By service model, the infrastructure as a service (IaaS) segment is estimated to grow by 17.8X during the forecast period.
- Based on enterprise size, SMEs segment is estimated to grow by 16.8X during the assessment period.
- In terms of industry, sales in the IT & telecom segment are anticipated to increase at a CAGR of 36.5% between 2022 & 2032.
- The U.S. id projected to hold 71.5% of the North America cloud encryption market share by 2032.
- Indonesia will emerge as a lucrative pocket, with sales growing at a 43.2% CAGR through 2032.
Competitive Landscape:
Players in the 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 own cloud encryption to reduce the churn rate.
For instance:
- In March 2022, IBM introduced the first cloud service in the industry to execute key management to assist businesses in protecting data across multiple clouds. This will help the enterprises to reduce the risk of cyber-attacks.
Leading Key Players:
- IBM
- Sophos Group plc
- Thales Group
- Skyhigh Security
- Microsoft
- Netskope Inc
- Lookout
- Cisco Systems, Inc
- Micro Focus International plc
- Atos
- Hitachi Solutions, Ltd
- Hewlett Packard Enterprise
- NortonLifeLock
- Trend Micro
- TWD Industries
- Dell Technologies
- WinMagic
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Cloud Encryption Market Segmentation:
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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