Rising cloud adoption and virtualization and risks related to cloud environments due to big data and increasing number of cyber-attacks and theft are key factors driving Cloud Encryption market revenue growth
December 05, 2023 09:07 ET
| Source: Emergen Research
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Vancouver, Dec. 05, 2023 (GLOBE NEWSWIRE) — The global cloud encryption market is set to witness robust expansion, with a projected rapid revenue Compound Annual Growth Rate (CAGR) of 31.8% during the forecast period, according to the latest market research report. The market, valued at USD 40.17 Billion in 2032, is being propelled by the escalating adoption of cloud and virtualization technologies, coupled with the increasing threat landscape of cyber-attacks and data theft.
Cloud encryption, a pivotal data security method, encrypts data into unreadable ciphertext, fortifying data security within and between cloud environments. This approach, addressing the rising concerns related to big data and cyber threats, nsures the privacy and protection of cloud data. The market is further buoyed by the use of data visualization tools and advanced analytics, such as predictive analytics and big data analytics, enhancing the capability to derive valuable insights from encrypted data.
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Notably, the market is witnessing a surge in new software launches, contributing to its growth trajectory. Thales, a prominent technology and security provider, recently announced the availability of its CipherTrust Data Security Platform as a cloud-based, as-a-service subscription model, offering enhanced security solutions.
Despite the optimistic market outlook, challenges persist. A key hindrance to market growth is the lack of awareness about cloud encryption, particularly among enterprises. The shared responsibility model associated with public cloud services often goes nnoticed by organizations, where cloud providers secure the infrastructure, while individual users bear the responsibility for securing their data and assets.
The solutions segment dominated the global cloud encryption market in 2022, capturing the largest revenue share. This is attributed to the growing demand for data protection tools, particularly those safeguarding sensitive data in the cloud. Cloud encryption solutions, encompassing data encryption, key management, tokenization, and others, play a crucial role in ensuring compliance with legal standards while offering secure data storage and transfer.
The managed services segment is poised to register a moderate growth rate during the forecast period. This growth is fueled by the increasing demand for cloud encryption services that assist businesses in implementing and managing encryption solutions, with consulting services being widely adopted for professional guidance.
Large enterprises are expected to command a significantlylarge revenue share in the global cloud encryption market, driven by their management and maintenance needs, leading to increased adoption of cloud encryption software. On the other hand, Small and Medium Enterprises (SMEs) are anticipated to register the fastest revenue growth rate. Cloud solutions for SMEs offer cost-saving benefits, flexibility, and location-independent work, driving their adoption.
The Banking, Financial Services, and Insurance (BFSI) sector are projected to account for the largest revenue share in the global cloud encryption market. Financial companies increasingly leverage cloud technology to meet business objectives and enhance customer experience. The IT & telecom segment is expected to register steady growth, driven by the telecommunications industry’s role in advancing cloud encryption, especially with the advent of Fifth Generation (5G) technology.
North America secured the largest revenue share in 2022, driven by the region’s demand for cloud encryption slutions and the prevalence of cloud-based services. Europe is anticipated to experience the fastest revenue growth, propelled by stringent data privacy laws such as GDPR. In the Asia Pacific, the Indian market claimed the largest share in 2022, driven by the increasing need for cloud services in SMEs.
In conclusion, the global cloud encryption market is poised for remarkable growth, underpinned by factors such as increasing cloud adoption, the evolving threat landscape, and the introduction of innovative solutions. As organizations navigate the complex landscape of data security, cloud encryption emerges as a crucial and effective tool in safeguarding sensitive information.
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Scope of Research
Report Details Outcome
Market Size in 2022 USD 2.53 Billion
CAGR (2023–2032) 31.8%
Revenue Forecast To 2032 USD 40.17 Billion
Base Year For Estimation2022
Historical Data 2019–2021
Forecast Period 2023–2032
Quantitative Units Revenue in USD Billion and CAGR in % from 2023 to 2032
Report Coverage Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Segments Covered Component, platform, application, enterprise size, and industry, and region
Regional Scope North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Country Scope U.S., Canada, Mexico, Germany, France, UK, Italy, Spain, Benelux, Russia, Rest of Europe, China, India, Japan, South Korea, ASEAN Countries, Oceania, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, and Rest of Middle East & Africa
Key Companies Profiled Thales Group, International Business Machines Corporation, Musarubra US LLC, Microsoft Corporation, Sophos Group, Netskope Inc., Lookout, Inc., Cisco Systems, Inc., Open Text, Atos SE, Hitachi Solutions, Hewlett Packard Enterprise Development LP, NortanLifeLock Inc., Trend Micro, DellInc., WinMagic, Alphabet Inc., Broadcom Corporation, Forcepoint, and Parablu, Inc.
Customization Scope 10 hours of free customization and expert consultation
Major Companies and Competitive Landscape
The global cloud encryption market is fragmented with many large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective cloud encryptions. Some major players included in the global cloud encryption market report are:
Thales Group
International Business Machines Corporation
Musarubra US LLC
Microsoft Corporation
Sophos Group
Netskope Inc.
Lookout, Inc.
Cisco Systems, Inc.
Open Text
Atos SE
Hitachi Solutions
Hewlett Packard Enterprise Development LP
NortanLifeLock Inc.
Trend Micro
Dell Inc.
WinMagic
Alphabet Inc.
Broadcom Corporation
Forcepoint
Parablu, Inc.
Strategic Development
In October 2022, Cryptomathi unveiled the Cryptomathic AWS BYOK Service, a cloud-based solution that empowers security-conscious users of Amazon Web Services across the globe to access enterprise-level Bring Your Own Key (BYOK) encryption key management features. BYOK encryption management permits organizations to strengthen their security and control while streamlining compliance audits. This is achieved by enabling to use their encryption keys instead of relying on the default encryption keys generated by the cloud provider.
In October 2022, Vaultree announced the availability of their Data-in-Use Encryption for Google’s AlloyDB, which is now available for preview trial. The service, which is a launch partner for Google’s AlloyDB, combines the world’s first fully functioning Encryption-in-Use solution powered by Vaultree with Google’s AlloyDB for PostgreSQL. Users can now test Vaultree’s completely homomorphic and searchable encryption technology on the cloud, indicating a breakthrough in encryption standards tat will enable next-generation encryption and data protection.
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For the purpose of this report, Emergen Research has segmented the global cloud encryption market on the basis of component, platform, enterprise size, application, and industry:
Component Outlook (Revenue, USD Billion; 2022-2032)
Solution
Managed Services
Platform Outlook (Revenue, USD Billion; 2022-2032)
Infrastructure-as-a-Service (IaaS)
Software-as-a-Service (SaaS)
Platform-as-a-Service (PaaS)
Industry Outlook (Revenue, USD Billion; 2019-2032)
Banking, Financial Services, and Insurance (BFSI)
Healthcare
Government
Aerospace and Defense
Retail
Information Technology (IT) & Telecom
Others
Enterprise Size Outlook (Revenue, USD Billion; 2019-2032)
Small and Medium Enterprises (SMEs)
Large Enterprises
Application Outlook (Revenue, USD Billion; 2019-2032)
Disk Encryption
Database Encryption
Cloud Encryption
Foder Encryption
Others
Regional Outlook (Revenue, USD Billion; 2019–2032)
North America
U.S.
Canada
Europe
Germany
France
UK
Italy
Spain
Benelux
Russia
Rest of Europe
Asia Pacific
China
Japan
South Korea
India
ASEAN Countries
Oceania
Rest of APAC
Latin America
Brazil
Mexico
Rest of LATAM
Middle East & Africa
GCC Countries
Israel
Turkey
South Africa
Rest of Middle East & Africa
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