
Cloud Encryption Market Forecasts to 2030 – Global Analysis By Encryption Type (File-level Encryption, Database Encryption, Application-level Encryption, Network Traffic Encryption, Communication Encryption and Other Encryption Types), Component, Deployme
Description
Cloud Encryption Market Forecasts to 2030 – Global Analysis By Encryption Type (File-level Encryption, Database Encryption, Application-level Encryption, Network Traffic Encryption, Communication Encryption and Other Encryption Types), Component, Deployment Model, Service Model, Organization Size, End User and By Geography
According to Stratistics MRC, the Global Cloud Encryption Market is accounted for $16.02 billion in 2023 and is expected to reach $45.56 billion by 2030 growing at a CAGR of 16.1% during the forecast period. Cloud encryption involves securing data stored in cloud environments by converting it into a coded format using algorithms. This safeguards sensitive information from unauthorized access, ensuring confidentiality and privacy. Encryption keys, essential for decoding the data, are typically managed and controlled by the user, providing an additional layer of security.
According to Interstate Technology & Regulatory Council (ITRC), the estimated number of data breaches witnessed by enterprises in the United States has grown from 1473 breaches in 2019 to 614 breaches in 2013.
Market Dynamics:
Driver:
Emergence of quantum computing
As quantum computers advance, traditional encryption methods become susceptible to rapid decryption, heightening data vulnerability. Organizations are compelled to adopt quantum-resistant encryption solutions to fortify their data against future quantum threats. This imperative enhances the demand for robust cloud encryption, ensuring the security and confidentiality of sensitive information in an era where quantum computing capabilities pose a potential risk to conventional cryptographic mechanisms. Thereby, the emergence of quantum computing serves as a significant driver in the cloud encryption market.
Restraint:
Lack of standardization
The lack of standardization in cloud encryption arises due to diverse encryption algorithms, key management practices, and varied compliance requirements across cloud service providers. This absence of universally accepted standards hampers interoperability, making it challenging for organizations to seamlessly integrate encryption solutions into different cloud environments. It results in compatibility issues, making data migration and collaboration across multiple platforms complex. This factor impedes the establishment of a cohesive framework for secure data exchange, hindering the market growth.
Opportunity:
Heightened awareness regarding data privacy
In the midst of an increasing focus on protecting sensitive information, individuals and businesses recognize the importance of robust data security measures. The growing frequency and severity of data breaches amplify concerns, propelling the demand for cloud encryption solutions. Stricter data protection regulations and compliance mandates further emphasize the need for encryption to safeguard user privacy. As organizations prioritize securing sensitive data against evolving cyber threats, the heightened awareness of data privacy fuels the adoption of cloud encryption technologies, driving market growth and innovation in secure data management practices.
Threat:
Evolution of cyber threats
Traditional encryption techniques might turn vulnerable as cyber attacks get more complex, requiring ongoing innovation in security measures. Sensitive data may be at danger due to the quick growth of threats beyond the development of efficient encryption solutions. Businesses find it difficult to stay on top of new dangers, which drive increasing demand for cutting-edge encryption solutions. This constant need for robust security measures increases the complexity and cost of implementing effective encryption solutions, potentially hampering the market as businesses strive to stay resilient against evolving cyber risks.
Covid-19 Impact
The covid-19 pandemic has accelerated the adoption of cloud encryption solutions as organizations prioritize secure remote work environments. With an increased reliance on cloud services, businesses are intensifying their efforts to safeguard sensitive data, leading to a surge in demand for encryption technologies. The pandemic has underscored the importance of data security, prompting a greater emphasis on encryption measures within cloud infrastructures to mitigate cyber threats and ensure compliance with privacy regulations. As a result, the cloud encryption market has experienced growth driven by the evolving cybersecurity landscape shaped by the pandemic's impact on work patterns.
The hybrid cloud encryption segment is expected to be the largest during the forecast period
The hybrid cloud encryption segment is estimated to have a lucrative growth. Hybrid cloud encryption combines encryption techniques for data security across both on-premises and cloud environments. It addresses the challenges of securing data in hybrid cloud setups, offering a unified approach to protect sensitive information during storage, processing, and transmission. This strategy ensures that data remains encrypted whether it resides in traditional data centers or across various cloud platforms.
The IT & telecommunications segment is expected to have the highest CAGR during the forecast period
The IT & telecommunications segment is anticipated to witness the highest CAGR growth during the forecast period. In the IT & Telecommunications sector, Cloud Encryption is paramount for securing sensitive data transmitted and stored in cloud environments. With the industry's reliance on cloud-based services and data exchange, encryption ensures confidentiality and compliance with data protection regulations. It safeguards telecommunications infrastructure, customer information, and critical communication networks from cyber threats. It not only enhances data security but also fosters trust among users and stakeholders.
Region with largest share:
Asia Pacific is projected to hold the largest market share during the forecast period owing to its increasing digitalization, rising cybersecurity concerns, and stringent data protection regulations. Organizations across diverse industries in the region are prioritizing secure cloud solutions. As businesses recognize the importance of safeguarding sensitive information, the Asia Pacific cloud encryption market is witnessing significant expansion, with a surge in investments to deploy advanced encryption solutions, ensuring a resilient and secure cloud computing landscape in the region.
Region with highest CAGR:
North America is projected to have the highest CAGR over the forecast period, propelled by a mature digital landscape, stringent data protection laws, and a growing emphasis on cybersecurity. The region's advanced technological infrastructure and increasing instances of cyber threats contribute to a strong demand for sophisticated encryption solutions. As businesses focus on compliance and data privacy, the North American cloud encryption market experiences significant growth, characterized by continual investments in cutting-edge encryption technologies to fortify cloud-based systems and protect critical information assets.
Key players in the market
Some of the key players profiled in the Cloud Encryption Market include Broadcom Inc, McAfee LLC, IBM Corporation, Microsoft Corporation, Cisco Systems, Trend Micro Incorporated, Thales Group, Sophos Group, Check Point Software Technologies Limited, Cryptomathic, Utimaco Safeware, Entrust, CipherCloud, Netskope Inc, Varonis Systems, Zscaler, Bitglass, CloudMask, Amaryllo and Interra Systems.
Key Developments:
In November 2023, Utimaco, a leading global provider of IT security solutions, launched its new easy-to-use file encryption as-a-service management solution, u.trust LAN Crypt Cloud, to protect sensitive and business-critical data against unauthorized access. Client-side encryption ensures that data remains protected, regardless of its storage location, whether on-premises or in the cloud.
In September 2023, Amaryllo, a trailblazer in cutting-edge technology solutions, launched its latest innovation: an unparalleled encryption app with private cloud storage, fortified by the revolutionary power of blockchain technology. This cutting-edge app enables users to effortlessly and securely share encrypted files, empowered by advanced user verifications, directly from their mobile devices.
In October 2022, Cryptomathic launched the new Cryptomathic AWS BYOK Service, a cloud-based service that enables security-conscious users of Amazon Web Services globally to harness enterprise-class Bring Your Own Key (BYOK) encryption key management capabilities on demand. It offers enterprises the opportunity to forego the influence of the cloud provider’s default-generated encryption keys, by increasing security and control while simultaneously simplifying compliance audits.
Encryption Types Covered:
• File-level Encryption
• Database Encryption
• Application-level Encryption
• Network Traffic Encryption
• Communication Encryption
• Other Encryption Types
Components Covered:
• Software
• Hardware
• Service
Deployment Models Covered:
• Public Cloud Encryption
• Private Cloud Encryption
• Hybrid Cloud Encryption
Service Models Covered:
• Infrastructure as a Service (IaaS)
• Platform as a Service (PaaS)
• Software as a Service (SaaS)
Organization Sizes Covered:
• Small & Medium-sized Enterprises (SMEs)
• Large Enterprises
End Users Covered:
• Healthcare
• Banking, Financial Services, & Insurance (BFSI)
• Government & Defense
• IT & Telecommunications
• Retail
• Manufacturing
• Other End Users
Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Benchmarking of key players based on product portfolio, geographical presence, and strat
Table of Contents
200 Pages
- 1 Executive Summary
- 2 Preface
- 2.1 Abstract
- 2.2 Stake Holders
- 2.3 Research Scope
- 2.4 Research Methodology
- 2.4.1 Data Mining
- 2.4.2 Data Analysis
- 2.4.3 Data Validation
- 2.4.4 Research Approach
- 2.5 Research Sources
- 2.5.1 Primary Research Sources
- 2.5.2 Secondary Research Sources
- 2.5.3 Assumptions
- 3 Market Trend Analysis
- 3.1 Introduction
- 3.2 Drivers
- 3.3 Restraints
- 3.4 Opportunities
- 3.5 Threats
- 3.6 End User Analysis
- 3.7 Emerging Markets
- 3.8 Impact of Covid-19
- 4 Porters Five Force Analysis
- 4.1 Bargaining power of suppliers
- 4.2 Bargaining power of buyers
- 4.3 Threat of substitutes
- 4.4 Threat of new entrants
- 4.5 Competitive rivalry
- 5 Global Cloud Encryption Market, By Encryption Type
- 5.1 Introduction
- 5.2 File-level Encryption
- 5.3 Database Encryption
- 5.4 Application-level Encryption
- 5.5 Network Traffic Encryption
- 5.6 Communication Encryption
- 5.7 Other Encryption Types
- 6 Global Cloud Encryption Market, By Component
- 6.1 Introduction
- 6.2 Software
- 6.2.1 Encryption Software
- 6.2.2 Tokenization Software
- 6.2.3 Key Management Software
- 6.3 Hardware
- 6.3.1 Hardware Security Modules (HSMs)
- 6.3.2 Secure Sockets Layer (SSL)
- 6.3.3 Transport Layer Security (TLS) Encryption Hardware
- 6.4 Service
- 6.4.1 Consulting
- 6.4.2 Training & Education
- 6.4.3 Support & Maintenance
- 6.4.4 Managed Encryption Services
- 7 Global Cloud Encryption Market, By Deployment Model
- 7.1 Introduction
- 7.2 Public Cloud Encryption
- 7.3 Private Cloud Encryption
- 7.4 Hybrid Cloud Encryption
- 8 Global Cloud Encryption Market, By Service Model
- 8.1 Introduction
- 8.2 Infrastructure as a Service (IaaS)
- 8.3 Platform as a Service (PaaS)
- 8.4 Software as a Service (SaaS)
- 9 Global Cloud Encryption Market, By Organization Size
- 9.1 Introduction
- 9.2 Small & Medium-sized Enterprises (SMEs)
- 9.3 Large Enterprises
- 10 Global Cloud Encryption Market, By End User
- 10.1 Introduction
- 10.2 Healthcare
- 10.3 Banking, Financial Services, & Insurance (BFSI)
- 10.4 Government & Defense
- 10.5 IT & Telecommunications
- 10.6 Retail
- 10.7 Manufacturing
- 10.8 Other End Users
- 11 Global Cloud Encryption Market, By Geography
- 11.1 Introduction
- 11.2 North America
- 11.2.1 US
- 11.2.2 Canada
- 11.2.3 Mexico
- 11.3 Europe
- 11.3.1 Germany
- 11.3.2 UK
- 11.3.3 Italy
- 11.3.4 France
- 11.3.5 Spain
- 11.3.6 Rest of Europe
- 11.4 Asia Pacific
- 11.4.1 Japan
- 11.4.2 China
- 11.4.3 India
- 11.4.4 Australia
- 11.4.5 New Zealand
- 11.4.6 South Korea
- 11.4.7 Rest of Asia Pacific
- 11.5 South America
- 11.5.1 Argentina
- 11.5.2 Brazil
- 11.5.3 Chile
- 11.5.4 Rest of South America
- 11.6 Middle East & Africa
- 11.6.1 Saudi Arabia
- 11.6.2 UAE
- 11.6.3 Qatar
- 11.6.4 South Africa
- 11.6.5 Rest of Middle East & Africa
- 12 Key Developments
- 12.1 Agreements, Partnerships, Collaborations and Joint Ventures
- 12.2 Acquisitions & Mergers
- 12.3 New Product Launch
- 12.4 Expansions
- 12.5 Other Key Strategies
- 13 Company Profiling
- 13.1 Broadcom Inc
- 13.2 McAfee LLC
- 13.3 IBM Corporation
- 13.4 Microsoft Corporation
- 13.5 Cisco Systems
- 13.6 Trend Micro Incorporated
- 13.7 Thales Group
- 13.8 Sophos Group
- 13.9 Check Point Software Technologies Limited
- 13.10 Cryptomathic
- 13.11 Utimaco Safeware
- 13.12 Entrust
- 13.13 CipherCloud
- 13.14 Netskope Inc
- 13.15 Varonis Systems
- 13.16 Zscaler
- 13.17 Bitglass
- 13.18 CloudMask
- 13.19 Amaryllo
- 13.20 Interra Systems
- List of Tables
- Table 1 Global Cloud Encryption Market Outlook, By Region (2021-2030) ($MN)
- Table 2 Global Cloud Encryption Market Outlook, By Encryption Type (2021-2030) ($MN)
- Table 3 Global Cloud Encryption Market Outlook, By File-level Encryption (2021-2030) ($MN)
- Table 4 Global Cloud Encryption Market Outlook, By Database Encryption (2021-2030) ($MN)
- Table 5 Global Cloud Encryption Market Outlook, By Application-level Encryption (2021-2030) ($MN)
- Table 6 Global Cloud Encryption Market Outlook, By Network Traffic Encryption (2021-2030) ($MN)
- Table 7 Global Cloud Encryption Market Outlook, By Communication Encryption (2021-2030) ($MN)
- Table 8 Global Cloud Encryption Market Outlook, By Other Encryption Types (2021-2030) ($MN)
- Table 9 Global Cloud Encryption Market Outlook, By Component (2021-2030) ($MN)
- Table 10 Global Cloud Encryption Market Outlook, By Software (2021-2030) ($MN)
- Table 11 Global Cloud Encryption Market Outlook, By Encryption Software (2021-2030) ($MN)
- Table 12 Global Cloud Encryption Market Outlook, By Tokenization Software (2021-2030) ($MN)
- Table 13 Global Cloud Encryption Market Outlook, By Key Management Software (2021-2030) ($MN)
- Table 14 Global Cloud Encryption Market Outlook, By Hardware (2021-2030) ($MN)
- Table 15 Global Cloud Encryption Market Outlook, By Hardware Security Modules (HSMs) (2021-2030) ($MN)
- Table 16 Global Cloud Encryption Market Outlook, By Secure Sockets Layer (SSL) (2021-2030) ($MN)
- Table 17 Global Cloud Encryption Market Outlook, By Transport Layer Security (TLS) Encryption Hardware (2021-2030) ($MN)
- Table 18 Global Cloud Encryption Market Outlook, By Service (2021-2030) ($MN)
- Table 19 Global Cloud Encryption Market Outlook, By Consulting (2021-2030) ($MN)
- Table 20 Global Cloud Encryption Market Outlook, By Training & Education (2021-2030) ($MN)
- Table 21 Global Cloud Encryption Market Outlook, By Support & Maintenance (2021-2030) ($MN)
- Table 22 Global Cloud Encryption Market Outlook, By Managed Encryption Services (2021-2030) ($MN)
- Table 23 Global Cloud Encryption Market Outlook, By Public Cloud Encryption (2021-2030) ($MN)
- Table 24 Global Cloud Encryption Market Outlook, By Private Cloud Encryption (2021-2030) ($MN)
- Table 25 Global Cloud Encryption Market Outlook, By Hybrid Cloud Encryption (2021-2030) ($MN)
- Table 26 Global Cloud Encryption Market Outlook, By Service Model (2021-2030) ($MN)
- Table 27 Global Cloud Encryption Market Outlook, By Infrastructure as a Service (IaaS) (2021-2030) ($MN)
- Table 28 Global Cloud Encryption Market Outlook, By Platform as a Service (PaaS) (2021-2030) ($MN)
- Table 29 Global Cloud Encryption Market Outlook, By Software as a Service (SaaS) (2021-2030) ($MN)
- Table 30 Global Cloud Encryption Market Outlook, By Organization Size (2021-2030) ($MN)
- Table 31 Global Cloud Encryption Market Outlook, By Small & Medium-sized Enterprises (SMEs) (2021-2030) ($MN)
- Table 32 Global Cloud Encryption Market Outlook, By Large Enterprises (2021-2030) ($MN)
- Table 33 Global Cloud Encryption Market Outlook, By End User (2021-2030) ($MN)
- Table 34 Global Cloud Encryption Market Outlook, By Healthcare (2021-2030) ($MN)
- Table 35 Global Cloud Encryption Market Outlook, By Banking, Financial Services, & Insurance (BFSI) (2021-2030) ($MN)
- Table 36 Global Cloud Encryption Market Outlook, By Government & Defense (2021-2030) ($MN)
- Table 37 Global Cloud Encryption Market Outlook, By IT & Telecommunications (2021-2030) ($MN)
- Table 38 Global Cloud Encryption Market Outlook, By Retail (2021-2030) ($MN)
- Table 39 Global Cloud Encryption Market Outlook, By Manufacturing (2021-2030) ($MN)
- Table 40 Global Cloud Encryption Market Outlook, By Other End Users (2021-2030) ($MN)
- Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
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