Market Highlights

Cloud encryption is a piece of big business key administration and utilized in getting the information moved to the cloud. It incorporates creation, support, access, and erasure. The global Cloud Encryption Market Size report by Market Research Future (MRFR) investigates the business and layouts projections for the period for 2017 to 2023 (estimate period). The COVID-19 pandemic and its suggestions on the business are investigated in the report.

Market Scope

The cloud encryption market is relied upon to develop at around USD 2,959 million by 2023 at 29% CAGR over the conjecture time frame. Cloud arrangement represents most noteworthy market share as it helps endeavors by limiting expense related with the IT framework. Cloud arrangement empowers venture to zero in on center business capabilities. It furnishes undertakings with information assurance and security, productively oversees information stockpiling and protection issues, offers information trustworthiness and gives data connected with administration and make venture legitimately ready.

Shields against cyberattacks and consistence to digital rules are projected to drive market development over the gauge time frame. Reception of cloud arrangements across organizations can work with the interest or cloud encryption. Rising spending from the IT business and expanded ventures by states for getting the information and capacity of legitimate reports can reinforce the market interest.

Yet, absence of familiarity with the innovation and high establishment expenses can control market development.

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Segmentation:

The cloud encryption market is segmented on the basis of component, service model, cloud deployment, organization size, and vertical.

By component, it is segmented into service and solution. The service segment is sub-segmented into managed service and professional service.

By service model, it is segmented into software-as-a-service, infrastructure-as-a-service, and platform-as-service. Software as a service platform helps in delivering centrally hosted applications over the internet.

By cloud deployment, it is segmented into hybrid, private, and public.

By organization size, it caters to large enterprises and small and medium enterprises.

By vertical, it is segmented into IT & telecommunication, BFSI, healthcare & life science, automotive & manufacturing, retail & ecommerce, and media & entertainment

Regional Analysis

North America holds largest market share in cloud encryption market owing to presence of global players in United States and leader in technology gives main advantage to North America. Access to smartphones and penetration of Internet and broadband services and demand for increased data speeds can boost the demand for encryption services. Establishment of data centers and strategy for expanding business operations by companies can boost regional demand.

Europe holds the second biggest market position and induces demand for cloud encryption due to improved net connectivity and mobile subscribers. Negligible effects of the COVID-19 pandemic on cloud computing can bode well for the global market. Large number of cloud startups due to the emergence of internet of things and the use of cloud for supporting remote work can spur market growth.

Asia Pacific has emerged as fastest growing market in the cloud encryption market. High presence of IT and healthcare sectors in China and Japan and rich service industry in India as well as growing economy of the Asian countries is boosting the market of cloud encryption in the region. Presence of video conferencing applications such as Zoom which provide encrypted keys for secure calling.

Competitive Landscape

Netskope Inc., Thales e-Security, Trend Micro Incorporated, CipherCloud, Skyhigh Networks, Sophos Group Plc, Vaultive, Inc., Symantec Corporation, HyTrust, Inc., and Gemalto N.V. are key providers of the global cloud encryption market.

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Cloud Encryption Market, By Components (Solution, Service), By Service (Professional Service), By Service Model (Infrastructure-as-a-Service, Software-as-a-Service, Software-as-a-Service), By Cloud Deployment (Public, Private, Hybrid) - Forecast 2027

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