Cloud Encryption Software Market, By Component, (Solution, Services), By organization size (Small Enterprises, Medium Enterprises, Large Enterprises), By service model: (SAAS, PAAS, IAAS) (Infrastructure as a service), By Region – Global Analysis Forecast Till 2030

Cloud Encryption Software Market to Witness an Exponential Growth During the Forecast from 2022 to 2030

Cloud encryption is a service cloud storage providers provide to encrypt data before storing it in the cloud. Encryption is one of the most effective approaches to data security, shuffling the contents of all systems, databases, and files so that they cannot be decoded without a decryption key. Therefore, data encryption is an essential data security element and a major factor driving market growth. Increasing cloud traffic is another major driver for Cloud Encryption Software Market growth.

Market Dynamics:

Drivers:

Businesses and organizations are increasingly adopting cloud encryption technology to protect sensitive information from threats such as data theft, unauthorized use of data by third parties, and malware. Example: According to the CMI survey, in 2017, 98% of companies experienced malware attacks, and 69% experienced phishing and social engineering attacks. Therefore, encryption techniques such as cryptography and steganography are being used to enhance data security, which helps reduce data leakage due to cyber-attacks. This is expected to aid the market's growth over the forecast period.

Restraints:

However, high costs associated with cloud storage for providers based in developing countries are expected to challenge the growth of the global cloud encryption market. Additionally, the complexity of sharing cloud encryption data across mobile or other device platforms is another factor expected to hamper the growth of the global cloud encryption software market.

Key players:

• Cipher Cloud Inc. (U.S.),

• Hytrust Inc. (U.S.),

• Gemalto N.V. (the Netherlands),

• IBM Corporation (U.S.),

• Secomba GmbH (Germany),

• Sky-high Networks Inc. (U.S.).,

• Sophos Group Plc. (U.K.),

• Vormetric (U.S.),

• Boxcyrptor (U.S.),

• Viivo,

• Wave System,

• Symantec Corporation (U.S.),

• and Thales e-Security Corporation (France).

Market Segmentation:

Cloud Encryption Software Market, By component

• • Solution

  • Services

Cloud Encryption Software Market, By organization size

• • Small Enterprises

  • Medium Enterprises

  • Large Enterprises

Cloud Encryption Software Market, By service model:

• • SAAS (software as a services)

  • PAAS (platform as a services)

  • IAAS (Infrastructure as a services)

Cloud Encryption Software Market, By platform/End-User:

• • BFSI

  • Healthcare

  • Retail and Consumer goods

  • IT and Telecom

  • Media and Entertainment

  • Travel and Hospitality

  • Government

  • Other

Cloud Encryption Software Market, By Region:

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • UK

  • Germany

  • France

  • Italy

  • Spain

  • Russia

• Asia Pacific

  • China

  • India

  • Japan

  • South Korea

  • Australia & New Zealand (ANZ)

  • South East Asia

• South America

  • Brazil

  • Argentina

  • Chile

  • Colombia

• MEA

  • Saudi Arabia

  • UAE

  • South Africa

Regional Analysis:

On the basis of geography, the global cloud encryption market is segmented into North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa. The cloud encryption software market in North America is expected to account for the largest share of the global market over the forecast period. The U.S. held the dominant position in the North American cloud encryption market in 2016. Canada and the United States are two of North America's main development drivers. Organizations in North America are focusing on their shifting business workload to a cloud environment and this is one of the major driving factors for the growth of the cloud encryption market.

For instance, in 2016, North America accounted for around 42% of the cloud data center workload, globally. As these businesses shift their workload to the cloud, demand for encryption techniques for managing sensitive data increases, in order to protect the data from cyber threats. Therefore, this is expected to aid in the growth of the market. Moreover, increasing cloud traffic in North America is also another major factor in the growth of the market.

Scope of the Report:

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