Cloud encryption is a part of enterprise key management and used in securing the data transferred to the cloud. It includes creation, maintenance, access, and deletion. The global cloud encryption market report by Market Research Future (MRFR) takes a deeper look into the industry and outlines projections for the period for 2017 to 2023 (forecast period). The COVID-19 pandemic and its implications on the industry are explored in the report.
The cloud encryption market is expected to grow at approximately USD 2,959 million by 2023 at 29% CAGR over the forecast period. Cloud solution accounts for highest market share as it helps enterprises by minimizing cost associated with the IT infrastructure. Cloud solution enables enterprise to focus on core business competencies. It provides enterprises with data protection and security, efficiently manages data storage and privacy issues, offers data integrity and provides information related to governance and make enterprise legally prepared.
Safeguards against cyberattacks and compliance to cyber guidelines are projected to drive market growth over the forecast period. Adoption of cloud solutions across businesses can facilitate the demand or cloud encryption. Rising spending from the IT industry and increased investments by governments for securing the data and storage of valid documents can bolster the market demand.
But lack of awareness of the technology and high installation costs can restrain market growth.
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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
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.
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