Cloud Encryption Market Overview:
The cloud encryption is a process to transform data or text using encryption algorithms before storing them on the cloud. The end-product comes to be known as ciphertext. This service gets provided by cloud-support providers. Market Research Future (MRFR) in their recent report on the cloud encryption market provides significant support to the possibility of attaining 29% CAGR during the forecast period (2017-2023) for the market. By the end of 2023, the cloud encryption market could easily surpass a valuation of USD 2959 million.
Chief factors improving the global Cloud Encryption Market are protections it offers from spams, cyber-attacks and malicious software. Its substantial takers in the e-commerce sector are growing in numbers to provide complete informational security to their clients. On the other hand, the healthcare industry is expected to provide substantial scope for market expansion owing to the inclusion of data management technologies.
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Competitive Landscape:
Companies are showing great interest in the global cloud encryption market as its market percolation is growing at a tremendous speed. This is happening due to the increasing digitalization across nations. MRFR, while profiling the market in their latest report, included companies like Sophos Group Plc (U.K.), Thales e-Security (France), Gemalto N.V. (Netherlands), Skyhigh Networks (U.S.), Symantec Corporation (U.S.), CipherCloud (U.S.), Netskope Inc. (U.S.), Trend Micro Incorporated (Japan), HyTrust, Inc. (U.S.), Vaultive, Inc. (U.S.), and others for better analysis. The market is expected to gain more from their strategic moves as well. Merger, acquisition, product launch, and other methods are expected to be a part of their long-term planning.
In July 2019, Boxcryptor introduced an end-to-end encryption for Google Drive, Dropbox, and other cloud services. By applying RSA and AES encryption, Boxcryptor assigns exclusive secured key to each file.
Segmentation:
MRFR’s attempt to decipher various trend in the cloud encryption market leads to a segmentation that includes solution, service model, cloud deployment, organization size, and vertical. The market is gaining high traction due to cloud solution’s ability to curb operational cost. In such an endeavor, it gets backup from better IT infrastructure.
- Based on the solution, the global cloud encryption market can be segmented into professional service and managed service.
- Based on the service model, the cloud encryption market incorporates infrastructure-as-a-service, software-as-a-service, and platform-as-service. The software-as-a-service segment has significant market dominance owing to which the market is predicted to gain more.
- Based on the cloud deployment, the cloud encryption market is founded upon public, private, and hybrid models. The hybrid segment has high market takers.
- Based on the organization size, the cloud encryption market comprises large enterprise, small & medium enterprises (SMEs). Its high cost is an initial barrier for SMEs but its ability to curb the price is making cloud encryption market quite popular among SMEs.
- Based on the vertical, the cloud encryption market encompasses BFSI, healthcare & life science, media & entertainment, retail & ecommerce, automotive & manufacturing, and IT & telecommunication. Among these segments, prolific use of the cloud encryption technology in the IT & telecommunication market has helped the market fetch substantial revenue. The BFSI segment is also doing well.
Regional Analysis:
Regional analysis for cloud encryption market is studied in different geographic regions as North America, Europe, Asia-Pacific and Rest of World. North America region is mainly dominating the market due to adoption of advanced marketing techniques in enhancing business and increase adoption of analytics by organization in cloud marketing platform. North America region is one of the prominent player in the market due to advanced technological implementation in numerous vertical. European region is also gaining growth owing to growing demand from citizens and huge investment by enterprise in cloud encryption market.
Asia-Pacific region is the fastest growing player in the cloud encryption market owing to advanced technological development and increasing data theft is boosting the market growth. Increasing urbanization, business expansion, industrial developments and growing educational sector is driving the growth of cloud encryption market in the region. Growing economies such as India, Japan, and China accounted for the largest market share due to growing IT network in this region. The region consists of many small and medium size enterprise that is contributing towards the growth of cloud encryption market from the region.
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Industry News:
January 2018: This year in the month of January, Google launched a brand new security management tool for the clients who used G suite ensemble which offers cloud-based office productivity and collaboration applications. This new tool is called Security Center and it focuses on providing administrators a centralized vision of the main security metrics, which offers more transparency in the security measures for their data on cloud.
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