Cloud Encryption Market - Growth, Trends and Forecast (2019 - 2024)

The Cloud Encryption Market is segmented by End-User Industry (Retail, Government and Energy & Power), Service Model (Infrastructure-as-a-Service, Software-as-a-Service, and Platform-as-a-Service), Size of Enterprise (Large Enterprise and Small & Medium-Size Enterprise) and Geography.

Market Snapshot

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Study Period:

2018-2024

Base Year:

2018

Fastest Growing Market:

Asia Pacific

Largest Market:

North America

CAGR:

25%

Key Players:

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Market Overview

A cloud offers not only external storage to various end-user verticals, such as electricity utilities, retail, and government, among others but also is scalable and an on-demand solution, which allows unlimited data access. Cloud computing can improve an enterprise’s computing and analytics capabilities by enabling it to collate, segregate, process, and analyze significant volumes of data. The proliferation of cloud adoption and virtualization and stringent regulations to increase the adoption rate of cloud encryption solutions are some of the factors that are fueling the market growth, across the globe.

In the last decade, the instances of data breaches have increased dramatically resulting in the need for Cloud Encryption. Other dynamics, like cyber-attacks and malicious software, further foster the growth of the Cloud Encryption market. The factor that also positively impacts the market happens to be the high acceptance of cloud-based services.

Scope of the Report

Cloud encryption is a service offered by cloud storage providers whereby data, or text, is transformed using encryption algorithms and is then placed on a storage cloud. Encryption is used when sensitive data such as account details or other information is stored on cloud storage by applying encryption to the data so that only authorized user can access the data. In case the data is lost or stolen due to no encryption key, the data cannot be accessed. In the case of companies who are increasingly using the cloud for storing sensitive data can use encryption to ensure that only authorized users have access.

By End-User Industry
Retail
Government
Energy & Power
By Service Model
Infrastructure-as-a-Service
Platform-as-a-Service
Software-as-a-Service
By Size of Enterprise
Large Enterprise
Small & Medium Size Enterprise
Geography
North America
Europe
Asia Pacific
South America
Middle East and Africa

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Key Market Trends

Increase in Cloud Adoption ,Growth of IoT and Increasing Threats to Cloud Environments is Driving Demand for Cloud Encryption

Increased integration of technology, across all major industries, has had a positive impact on the cloud encryption market. Cloud services are experiencing high adoption, and the demand for IoT systems is on the rise. This rise is driving the demand for the cloud encryption systems; further, users are becoming aware of the threats involved and looking for better and more secure services. All these factors are driving the cloud encryption software market growth. Increasing adoption of software as a service in developed countries by industries such as defense, healthcare, etc., is a crucial factor driving the growth of the global cloud encryption market. Moreover, the increasing complexity of IT systems, growing awareness &  use of cloud encryption security by telecom, banking, and IT industry are other factors expected to boost the growth of the global cloud encryption market.

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North America remains the Largest Market for Cloud Encryption

North America holds a major share of the global cloud encryption market due to the presence of global technology leaders in the United States. This region is the biggest revenue generator in the market amongst all the regions in the world. High-profile data breaches in the past decade have created the demand for highly efficient cloud services as recent breaches have led to the compromise of user data. For examples, Apple faced high public outrage when multiple iCloud accounts of high-profile individuals were compromised. This compelled Apple to tighten its cloud security and implement better encryption in its services. Similar breaches have forced companies to invest highly on encryption. Regulations in the region have also buoyed the demand for security in cloud services, and are required to be adhered by all industry verticals.

Europe holds the second biggest market position. Asia-Pacific has emerged as the fastest growing market in the cloud encryption market. The presence of IT and healthcare sector in China and Japan and large service industry in India, along with the th of other rising Asian economies, is boosting the market of cloud encryption in the Asia-Pacific region.

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Competitive Landscape

The global encryption software market is fragmented with the presence of several well-established players as well as new players. The Companies in this market are continually updating their products according to the evolving regulatory standards and end-user requirements to stay ahead of the curve in the market. Some of the recent developments are-

  • January 2018 - Vodafone announced a partnership with Trend Micro to launch an endpoint security suite for the business, namely, Vodafone Super Shield. The solution is equipped with advanced enterprise-grade features, which include USB port blocking, URL filtering, and full disk encryption. These features are expected to help companies protect critical business data from a multitude of threats, including malware attacks, ransomware, spyware, phishing websites, and data thefts.
  • January 2018 - Google introduced a new security management tool for customers of its G Suite ensemble of cloud-based office productivity and collaboration apps.  The new tool, Security Center, for G Suite is aimed at giving the administrators a centralised view of key security metrics, offering more transparency in the security measures for their data on the cloud.
  • November 2017 - McAfee acquired Skyhigh Networks, a specialist in cloud security. The acquisition by McAfee was aimed at complementing the company’s security suite enabling customers to secure their devices that are connected to the cloud.
  • February 2017 - CipherCloud partnered with BlackBerry to deliver end-to-end cloud security to customers who are relying on the BYOD trend in an organisation. This partnership authorised users to access the critical information stored in the cloud environment.

Major Players

  1. IBM Corporation
  2. Trend Micro Inc.
  3. Dell Technologies Inc.
  4. Symantec Corporation
  5. Cisco Systems, Inc.

* Complete list of players covered available in the table of contents below

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Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Deliverables

    2. 1.2 Study Assumptions

    3. 1.3 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Introduction to Market Dynamics

    3. 4.3 Market Drivers

      1. 4.3.1 Increase in Cloud Adoption and Growth of IoT

      2. 4.3.2 Increasing Threats to Cloud Environments

      3. 4.3.3 Regulations to Increase the Adoption of Cloud Encryption Solutions

    4. 4.4 Market Restraints

      1. 4.4.1 Huge Investment Required for Adoption of the Premium Cloud Service

    5. 4.5 Industry Value Chain Analysis

    6. 4.6 Industry Attractiveness - Porter's Five Force Analysis

      1. 4.6.1 Threat of New Entrants

      2. 4.6.2 Bargaining Power of Buyers/Consumers

      3. 4.6.3 Bargaining Power of Suppliers

      4. 4.6.4 Threat of Substitute Products

      5. 4.6.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 By End-User Industry

      1. 5.1.1 Retail

      2. 5.1.2 Government

      3. 5.1.3 Energy & Power

    2. 5.2 By Service Model

      1. 5.2.1 Infrastructure-as-a-Service

      2. 5.2.2 Platform-as-a-Service

      3. 5.2.3 Software-as-a-Service

    3. 5.3 By Size of Enterprise

      1. 5.3.1 Large Enterprise

      2. 5.3.2 Small & Medium Size Enterprise

    4. 5.4 Geography

      1. 5.4.1 North America

      2. 5.4.2 Europe

      3. 5.4.3 Asia Pacific

      4. 5.4.4 South America

      5. 5.4.5 Middle East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Company Profiles

      1. 6.1.1 IBM Corporation

      2. 6.1.2 Trend Micro Inc.

      3. 6.1.3 Dell Technologies Inc.

      4. 6.1.4 Symantec Corporation

      5. 6.1.5 Google LLC

      6. 6.1.6 Cisco Systems, Inc.

      7. 6.1.7 Sophos Group plc

      8. 6.1.8 Hewlett Packard Enterprise Company

      9. 6.1.9 Skyhigh Networks, Inc. (McAfee Inc.)

      10. 6.1.10 CipherCloud

    2. *List Not Exhaustive
  7. 7. INVESTMENT ANALYSIS

  8. 8. MARKET OPPORTUNITIES AND FUTURE TRENDS

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