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

The Cloud Encryption Market is segmented by Organization Size (Small and Medium Enterprises (SMEs), Large Enterprises), Service (Professional Services, Managed Services), Industry Vertical (BFSI, Healthcare, Retail), 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:

23.36%

Key Players:

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Market Overview

The cloud encryption market is expected to register a CAGR of 23.36% over the forecast period (2019 - 2024). With the rapid increase of cloud adoption and virtualization, and with the stringent regulations helping to increase the adoption of cloud encryption solutions are some of the factors that are boosting the market growth across the globe.

  • Traditionally, it was a lot easier to protect the data. There were security features available in the market for protecting and securing the data. The data came in from IT-approved, enterprise-controlled devices, and applications and was stored in the servers. It was protected by walling off the outsiders and trusting the insiders.
  • But in today's times, there is a drastic change in how things happen. Now, more data than ever is collected from more applications, users, devices, and connected hardware. New business models demand easy access from the outside. Moreover, with the emergence of the cloud, a firm's data may not even be on the inside anymore, also, the insiders now include third-party cloud providers who are not even the part of your organization, which is the primary factor for the adoption of encryption solution thus, driving the market.
  • Cloud encryption is a service offered by cloud storage providers whereby data is transformed using different encryption algorithms and is then placed on a storage cloud. Encryption use has risen sharply in the past few years and is deployed in a multitude of ways, from encrypting data in databases and file systems to data being transferred over public and internal networks.

Scope of the Report

Cloud encryption is a service offered by cloud security firms that use different algorithms to transform data or text into an encrypted code, known as ciphertext. The encrypted code is then passed on to the cloud. The data is kept safe because the cloud data encryption code can only be translated with a data encryption key, which never leaves the enterprise.

By Organization Size
SMEs
Large Enterprises
By Service
Professional Services
Managed Services
By Industry Vertical
IT & Telecommunication
BFSI
Healthcare
Entertainment and Media
Retail
Education
Other Industry Verticals
Geography
North America
Europe
Asia-Pacific
Latin America
Middle East & Africa

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Key Market Trends

IT & Telecommunication Segment to Witness High Growth

  • The IT & telecommunication industry is one of the major consumers of the cloud encryption market. Data security is one of the primary concerns of the telecom and IT industry which is driving the market.
  • Cloud technologies are integrated into the core levels of the IT and telecom industry. The telecom industry is using cloud services to reduce the time and cost of the processes. With cloud capabilities, the industry is focused to grow at a faster pace, driving the market for cloud encryption.
  • The IT industry is also implementing cloud on a very large scale. With processes and computing now sourced on clouds, the companies are finding it easier to reduce costs and improve efficiency. Additionally, the concern of data management is also being addressed by the cloud system in these industries. On-demand services and the low cost of operations are driving the telecom and IT industry to utilize cloud technology at the core level.
  • With the increasing number of data breaches and cyber thefts, the cloud encryption market is expected to grow further.
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North America Occupies the Largest Market Share

  • North American region is one of the largest economies of the world and holds a major share of the global cloud encryption market. The cloud encryption market is expected to witness rapid growth in this region as data privacy and security is becoming one of the major concerns for companies in this region, thus, driving the market. 
  • This region has witnessed some high-profile data breaches in the past few years which have resulted in an outrage on companies providing cloud services, as the privacy of user data was compromised. This compelled various firms to tighten their cloud security and implement better encryption solutions. Moreover, similar breaches have forced many companies to invest highly in better encryption software. This data loss concern is expected to drive the market for these encryption solutions.
  • Also, the governments in this region have also tightened the security norms by passing strict regulations for firms to provide better cloud security for users data.
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Competitive Landscape

The cloud encryption market is highly competitive owing to the presence of many small and large players in the domestic as well as in the international market. The market appears to be mildly concentrated and the key strategies adopted by the major players are product innovation and mergers and acquisition. Some of the major players in the market are Google LLC, Symantec Corporation, Hewlett Packard Enterprise, Trend Micro Inc. among others. 

  • 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.

Major Players

  1. Google LLC
  2. Symantec Corporation
  3. Hewlett Packard Enterprise
  4. Trend Micro Inc.
  5. IBM Corporation

* 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 Drivers and Restraints

    3. 4.3 Market Drivers

      1. 4.3.1 Regulatory Standards Related to Data Transfer and its Security

      2. 4.3.2 Growing Volume of Strength of Cyber Attacks and Mobile Theft

    4. 4.4 Market Restraints

      1. 4.4.1 Rise in Organizational Overhead Expenses

    5. 4.5 Industry Attractiveness - Porter's Five Force Analysis

      1. 4.5.1 Threat of New Entrants

      2. 4.5.2 Bargaining Power of Buyers/Consumers

      3. 4.5.3 Bargaining Power of Suppliers

      4. 4.5.4 Threat of Substitute Products

      5. 4.5.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Organization Size

      1. 5.1.1 SMEs

      2. 5.1.2 Large Enterprises

    2. 5.2 By Service

      1. 5.2.1 Professional Services

      2. 5.2.2 Managed Services

    3. 5.3 By Industry Vertical

      1. 5.3.1 IT & Telecommunication

      2. 5.3.2 BFSI

      3. 5.3.3 Healthcare

      4. 5.3.4 Entertainment and Media

      5. 5.3.5 Retail

      6. 5.3.6 Education

      7. 5.3.7 Other Industry Verticals

    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 Latin America

      5. 5.4.5 Middle East & 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 Vaultive, Inc.

      6. 6.1.6 Google Inc.

      7. 6.1.7 Cisco Sytems Inc.

      8. 6.1.8 Sophos Group PLC

      9. 6.1.9 Hewlett Packard Enterprise Company

      10. 6.1.10 Perspecsys Inc.

      11. 6.1.11 SkyHigh Networks ( McAfee Inc.)

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

  8. 8. MARKET OPPORTUNITIES AND FUTURE TRENDS

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