ID: MRFR/ICT/2908-HCR | February 2023 | Region: Global | 100 Pages
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Companies Profiled | |
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Key Players | |
Vaultive | |
Inc. (U.S.) | |
Thales e-Security (France) | |
Trend Micro Incorporated (Japan) | |
Gemalto N.V. (Netherlands) | |
HyTrust Inc. (U.S.) | |
Sophos Group Plc (U.K.) | |
CipherCloud (U.S.) | |
Symantec Corporation (U.S.) | |
Netskope Inc. (U.S.) | |
Skyhigh Networks (U.S.) |
Market Driving Forces | |
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Drivers | |
High adoption of cloud based services and rise in cyber-attacks |
Market Overview
Cloud encryption is defined as the process of transforming or encoding data before it gets stored in cloud storage. The cloud encryption industry utilizes mathematical algorithms to change the data, which may be in plain text form or image or file, into an unreadable form. In this way, it protects the information from malicious and unauthorized users to access the data. It is one of the simplest and best ways to ensure that the data cannot be breached, read, or stolen by someone will anomalous intention. All these features have resulted in the escalation of the cloud encryption market potential.
Over the years, the growing cases of data breaches and the rising number of spam have remained a serious concern for enterprises. Therefore, the demand for a more secure solution is elevating to a greater extent. As the dependency of companies has increased towards cloud encryption solutions, it, in turn, boosts the global cloud encryption market to rise upwards. The cloud storage providers encode or encrypt the data and pass the encryption keys to the users. The data can then be decrypted when needed and reform the data back into readable form. It protects the confidential and sensitive information of an organization from cyber-attacks which leads to the progression of the cloud encryption business.
There is no doubt that the cloud encryption market players have a vital role in pushing the overall cloud encryption market growth. Companies like Thales e-security, Gemalto N.V., and many others are consistently bringing new solutions that can provide better and secure cloud encryptions for the customers. Thales e-security has designed Vormetric transparent encryption virtual or physical servers executing on-premises to multi-cloud environments. Gemalto N.V. delivers enterprises a secure migration to the cloud as well as virtual data centers. It also provides secure encryption, a cloud access data center, protected cryptographic keys, and many more solutions for fulfilling the requirements of today’s times.
The report provides a detailed idea about the cloud encryption market structure and the factors affecting its growth. It describes the effect of COVID19 on the cloud encryption industry. It includes different cloud encryption market segments and the market players that propel the market growth upwards. A brief analysis is done on several geographies where the market can grow to optimum levels in the coming years. The demand for the global cloud encryption market is evolving at a faster rate, and with this speed, the market valuation is anticipated to attain USD 2959 million by the year 2023. The CAGR or growth rate is presumed to be 29.60% during the forecast years between 2022 and 2030.
COVID19 Analysis
The COVID19 wave has critically affected the entire world both in the field of health as well as finance. Almost all the sectors got impacted by the adverse consequences of the pandemic and faced several challenges in operating the normal functions. In the lockdown, manufacturing units and industrial operations were restricted. The supply chain of the companies was disturbed, and a huge gap was created between demand and supply. However, during the pandemic, the cases of cyberattacks increased, and companies largely demanded cloud encryption solutions. This has helped the cloud encryption market to maintain a substantial rise.
Even the key market players put in maximum effort for providing better solutions and restoring the cloud encryption market growth. As the lockdown restrictions limited everyone, enterprises began to utilize more and more cloud-based systems. This elevated the demand for cloud encryption solutions, and its features protected the data from unauthorized and malicious users. The growing demand for cloud encryption solutions will fuel the expansion of cloud encryption market size in the near future.
Market Dynamics
Segment Overview
The global cloud encryption market is fragmented into various segments based on the service model, cloud deployment, component, organization size, and vertical.
Regional Analysis
The cloud encryption market analysis is done on various geographies such as Europe, North America, Asia-Pacific, and the remaining part of the world. The North American region has the major cloud encryption market share due to the presence of huge market players in the US and the presence of leaders in technology in the region.
Europe accounts for the second biggest market in providing cloud encryption solutions. In the Asia-Pacific region, the growing economy and high presence of healthcare and IT sectors will boost the growth of the market in the forecast years.
Competitive Landscape
The prominent cloud encryption market players are:
Recent Developments
Report Overview
Report Attribute/Metric | Details |
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Market Size | USD 33.2 Billion |
CAGR | 29.60% |
Base Year | 2021 |
Forecast Period | 2022-2030 |
Historical Data | 2015 |
Forecast Units | Value (USD Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Components, Services |
Geographies Covered | North America, Europe, Aisa Pacific |
Key Vendors | Thales e-Security (France) Trend Micro Incorporated (Japan) Gemalto N.V. (Netherlands) HyTrust Inc. (U.S.) Sophos Group Plc (U.K.) CipherCloud (U.S.) Symantec Corporation (U.S.) Netskope Inc. (U.S.) Skyhigh Networks (U.S.) |
Key Market Opportunities | The advantage of data protection and security, as well as management of storage and privacy issues, creates an immense need for such solutions, which leads to the expansion of cloud encryption market size. |
Key Market Drivers | The cloud encryption market is soaring up at a breakneck pace due to the presence of a great competitive landscape. |
The cloud encryption market value will reach around USD 33.2 Billion by the year 2030.
The cloud encryption market growth rate is presumed to be 29.60% between 2022 and 2030.