According to a new market research report " Cloud Encryption Market by Component (Solution and Service), Service Model (Infrastructure-as-a-Service, Software-as-a-Service, and Platform-as-a-Service), Organization Size, Vertical, and Region - Global Forecast to 2022", published by MarketsandMarkets™, the market size is expected to grow from USD 645.4 Million in 2017 to USD 2,401.9 Million by 2022, at a Compound Annual Growth Rate (CAGR) of 30.1%.
Browse 64 Market Data Tables and 45 Figures spread through 184 Pages and in-depth TOC on"Cloud Encryption Market"
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The Infrastructure-as-a-Service (IaaS) segment is estimated to hold the largest market share in 2017 among other service models. IaaS includes the offerings, such as servers, storages, and networking infrastructure on-premises private cloud. This infrastructure is used to run the applications on the public cloud. Thus IaaS providers are increasingly adopting cloud encryption solutions and services to securely run business-critical functions.
Cloud encryption solutions and services have been deployed across various verticals, including Banking, Financial Services, and Insurance (BFSI); aerospace and defense; government and public utilities; healthcare; telecom and IT; retail; and others manufacturing, education, and media and entertainment). The telecom and IT vertical is expected to grow at the highest CAGR during the forecast period. However, the BFSI vertical is estimated to have the largest market size in 2017.
The North American region, followed by Europe, is expected to become the largest revenue-generating region for cloud encryption vendors in 2017. This is mainly because in the developed economies of the US and Canada, there is high focus on innovations obtained from research and development, and security technologies. The APAC region is expected to be the fastest-growing region in the cloud encryption market. The growth in this region is primarily driven by the increasing adoption of cloud technology within organizations.
Adoption of cloud encryption is increasing in the market, owing to the increasing adoption of cloud technology among enterprises and the need to adhere to various compliances put forth by the government for the protection of mission-critical organizational data residing on the cloud. However, the major hindrance faced by enterprises while adopting cloud encryption is the lack of budget and misbelief of performance issues.
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The major vendors providing cloud encryption are Thales e-Security (La Defense, France), Gemalto N.V. (Amsterdam, Netherlands), Sophos Group plc (Abingdon, UK), Symantec Corporation (California, US), Skyhigh Networks (California, US), Netskope Inc. (California, US), CipherCloud (California, US), and HyTrust, Inc. (California, US). These players have adopted various strategies, such as new product developments, collaborations, partnerships, and acquisitions to expand their presence in the global cloud encryption market.
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