USD 2.37 Billion
Global Cloud Encryption Software Market Size, Share, Growth Analysis, By Application(Disk Encryption, Database Encryption), By Component(Software and Services), By Enterprise Size(Large Enterprises and Small and Medium-sized Enterprises (SMEs)), By Deployment Model(On-Premises and Cloud), By Industry Vertical(IT and Telecommunication, Banking) - Industry Forecast 2024-2031
Report ID:
SQMIG45A2313 |
Region:
Global |
Published Date: April, 2024
Pages:
196
|
Tables:
147 |
Figures:
73
Global Cloud Encryption Software Market Insights
Global Cloud Encryption Software Market size was valued at USD 2.37 Billion in 2022 and is poised to grow from USD 3.1 Billion in 2023 to USD 26.56 Billion by 2031, growing at a CAGR of 30.8% in the forecast period (2024-2031).
Cloud encryption is a data security technique that encrypts plaintext data in unreadable ciphertext to help keep that data secure within or between cloud environments. This is one of the most effective ways to ensure data confidentiality and protect cloud data from cyber-attacks in transit or at rest. Additionally, the cloud storage provider sends the encryption key to the user using the encryption data. These keys are used to properly decrypt data if necessary and convert encrypted data into readable data during data transmission.
The global cloud encryption software market is growing rapidly due to increasing adoption of cloud computing and increasing data security and privacy concerns. Cloud encryption software ensures that data stored in the cloud remains secure by encrypting it before transmission and storage. Factors such as increasing number of cyber threats, stringent regulations, and the need to comply with data security regulations are driving the demand for cloud encryption solutions in industries including BFSI, healthcare, government, and IT & telecom ho Furthermore, the proliferation of cloud-based applications, increasing data breaches have led organizations to invest in strong encryption solutions to protect their sensitive data Key players in the market is focused on product innovation, strategy and acquisition to gain competitive advantage.
Additionally, many companies focus on data encryption in the cloud to mitigate security concerns and privacy risks. Cloud cryptography uses encryption techniques including symmetric and asymmetric encryption to protect sensitive data stored in the cloud from unauthorized access and prevent data breaches and through strong encryption using and protecting decryption keys, businesses can store data in the cloud, protecting it from hackers and abusers.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Disk Encryption
Fastest Growth
Cloud Encryption
Growth Rate
30.8% CAGR
Global Cloud Encryption Encryption Software Market ($ Bn)
Country Share for North America Region (%)
Global Cloud Encryption Encryption Software Market By Application ($ Bn)
Global Cloud Encryption Encryption Software Market By Application (%)
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Global Cloud Encryption Software Market Segmental Analysis
Based on application, the market is segmented into disk encryption, database encryption, cloud encryption, folder encryption, and others. Based on the components, the market is segmented into software and services. Based on enterprise size, the market is segmented into large enterprises and small and medium-sized enterprises (SMEs). Based on the deployment model, the market is segmented into on-premises and clouds. Based on industry vertical, the market is segmented into it and telecommunication, banking, finance, security and insurance (BFSI), healthcare and life sciences, manufacturing, retail, government, energy and utilities, others. Further, the major countries studied in the market report are North America, South America, Europe, Middle East and Africa, and Asia Pacific.
Analysis by Application
The disk encryption segment held the largest share in the global market. Traditionally, companies in many industries used disk drives to protect their business data. These disks are more susceptible to malicious activity and data theft. Therefore, the demand for disk encryption software has increased in recent years. In the global cloud encryption software market, the disk encryption segment plays an important role in ensuring the security of data stored in cloud environments. Disk encryption is the process of encrypting data at rest on physical storage devices such as hard disk drives (HDDs).
Disk encryption is essential to protect data stored on cloud servers from intrusion and breach. Encrypting data at rest ensures that the data remains inaccessible without a valid decryption key even if physical storage is compromised or stolen.
The cloud encryption segment is expected to grow at the highest CAGR during the forecast period. Data storage is one of the key requirements of various end-user verticals including retail, healthcare, BFSI, and others. With more and more companies shifting to the cloud, the market for global cloud encryption software is expected to grow due to versatility in terms of scalability and user policies.
Analysis by Component
The solutions segment dominates the market with the largest share. The primary function of these solutions is to protect data. Sensitive information is protected from unauthorized access and data breaches, ensuring the privacy and integrity of data stored in the cloud Thales CipherTrust, Symantec, McAfee MVISION Cloud and solutions many others are essential tools for protecting data, meeting regulatory requirements and providing confidence in the use of cloud environments the evolving security challenges posed by the kerning And by increasing the price of data, many organizations have been relying on robust encryption solutions to boost the growth of the global cloud encryption market.
Moreover, the service segment is predicted to grow at the highest CAGR during the forecast period. Major cloud service providers like AWS, Azure, and Google Cloud have built encryption services into their platforms. This integration makes it easier for organizations to implement encryption as part of their cloud infrastructure. Therefore, the need to protect sensitive data in an increasingly digitized and connected world drives the adoption of encryption services.
Global Cloud Encryption Encryption Software Market By Application (%), 2022 (%)
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Global Cloud Encryption Software Market Regional Insights
North America held the largest share of the global market in 2022. The rise of the Internet is likely to drive the adoption of encryption solutions in the region. Additionally, the rise of mobile wireless networks has expanded the vulnerabilities in data security such that encryption technology has become an integral and important part of every organization across the region. North America, particularly the United States, is leading the way in technology innovation and adoption. Many major cloud encryption software providers are headquartered in North America or have a strong presence. This region tends to set the trends and standards for cloud computing and cybersecurity, which influences the growth of the global market.
Strong regulatory frameworks in this area, such as GDPR in the EU and various privacy laws in the United States (e.g. HIPAA, GLBA) These regulations are driving adoption of encryption solutions to ensure compliance and data protection, and increased demand for cloud encryption software
Asia-Pacific is expected to grow in terms of market share during the forecast period. The Asia Pacific region in the market is expected to grow in the next few years due to the lack of data storage technologies that companies will require to store their data in cloud servers this increases the possibility of data loss and theft and increasing the demand for encryption technology at county level. The Asia Pacific region is witnessing rapid economic growth, urbanization and digital transformation. As companies in the region modernize their operations and embrace cloud technologies, the demand for cloud storage software is growing. Government policies and regulations focused on data security are driving the adoption of encryption solutions in the region.
Global Cloud Encryption Encryption Software Market By Geography, 2024-2031
- Largest
- Fastest
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Global Cloud Encryption Software Market Dynamics
Drivers
Increasing Data Breach Incidents
- The incidence of data and security breaches has increased in recent years. For instance, in June 2020, the Canadian Chartered Professional Accountants (CPA) discovered a cyberattack that resulted in the loss of the personal information of more than 329,000 participants and members. A growing number of data breaches occurred at corporate levels increased the importance of introducing data security policies and technologies, which enable businesses to help secure and protect sensitive data. Companies around the world are choosing encryption software as a primary means of protection from data security breaches.
Rising Adoption of Cloud Computing
- One of the most important drivers of the global cloud encryption software market is the increasing adoption of cloud computing. Entrepreneurs across industries are migrating their operations to cloud platforms to gain benefits such as scalability, cost-effectiveness and flexibility but this shift also raises data security and privacy concerns. Cloud encryption software solves these concerns by providing robust encryption solutions to protect sensitive data stored in the cloud. As organizations adopt cloud technology, the demand for cloud encryption software is expected to increase, leading to market growth.
Restraints
Use of Hacked and Open-Source Encryption Solutions to Disrupt Market Growth
- From the efficiency and opportunities for enterprises, encryption software growth is constrained by several drawbacks. The use of pirated and open-source platforms has increased in recent years, as they can be easily downloaded from the Internet and other platforms. Despite the threat associated with pirated software, some companies use stolen software to cut costs. This allows them to lead third-party and ransomware attacks on sensitive business data. Thus, the continued use of cracked encryption software is one of the major restraints that could hinder the market growth of the global market.
Rising Complexity of Implementation and Management
- The complexity of implementation and management is a key restraint for market growth. Implementing encryption solutions in a cloud environment can be challenging, especially for organizations with limited IT infrastructure or technical expertise. Furthermore, managing encryption keys and ensuring that they are seamlessly integrated into existing systems can pose additional problems. As a result, some organizations may be reluctant to adopt cloud encryption software due to concerns about deployment challenges and operational complexity. Addressing these implementation and operational challenges through easy-to-use interfaces, automation, and comprehensive support services are critical to eliminating these limitations and adopting cloud encryption solutions the atom size.
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Global Cloud Encryption Software Market Competitive Landscape
The competitive environment of the global cloud encryption software market is dynamic and characterized by the presence of a mix of well-established brands, emerging players, and niche producers. Innovation is a key competitive factor. The global cloud encryption software market is highly competitive with many major players trying to dominate the market. Key players include Symantec Corporation, Microsoft Corporation, Trend Micro Incorporated, McAfee LLC, Sophos Group Plc, IBM Corporation, CipherCloud, Netscope Inc., Thales eSecurity, Gemalto (Thales Company) and other products of these companies, pricing strategy, partnerships, geographic presence of the factors They are the basis for competition. Moreover, mergers and acquisitions are strategies used by major players to strengthen their market positions and expand their product portfolio.
Top Player’s Company Profiles
- F Secure Corp.
- Hewlett Packard Enterprise Co.
- Hitachi Ltd.
- Intel Corp.
- International Business Machines Corp.
- Intuit Inc.
- Lookout Inc.
- McAfee LLC
- Microsoft Corp.
- Netskope Inc.
- Proofpoint Inc.
- Secomba GmbH
- Sophos Ltd.
- Thales Group
- Trend Micro Inc.
Recent Developments
- June 2022: MongoDB announces that the company has launched Queryable Encryption software, which allows users to take confidential information from clients, place it in a completely non-random encrypted form on database servers, and perform analytics which appears on encrypted information.
- March 2022: Utimaco, a provider of IT security solutions, announces the launch of its data encryption tool, u.trust Data File. With the addition of the new product to its product portfolio, Utimaco will now be able to offer its customers a comprehensive range of options for their IT security needs, including key management, hardware security devices, data protection and public key management (PKI).
- In December 2022, Apple launched iCloud, an end-to-end encryption system called Advanced Data Protection. This will keep most iCloud account data safe even if Apple is hacked and Apple will not be able to access iCloud phone backups in response to law enforcement requests
- In October 2022, Valuetree announced the release of its data-in-use encryption for Google’s AlloyDB. The offering combines the world’s first fully functional encryption-in-use solution offered by Vaultree with Google’s AlloyDB for PostgreSQL.
Global Cloud Encryption Software Key Market Trends
Rise in Demand for Cloud Services
- Many organizations are increasingly moving their operations to the cloud due to their scalability, flexibility and cost effectiveness. Cloud services will provide the ability to exchange on their basis or under or below their own its basis system, so that the need to have a large an-Promises Hardware will be reduced. The role is to use more resources in the amount of work they manage. This feature is expected to boost market growth during the analytical period.
Global Cloud Encryption Software Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
The global cloud encryption software market is experiencing robust growth driven by increasing adoption of cloud computing and growing concerns regarding data security. Cloud encryption software ensures the security of data stored in the cloud by encrypting it before transmission and storage. Key players in the market include Symantec Corporation, Microsoft Corporation, Trend Micro Incorporated, McAfee LLC, and others. The market is highly competitive, with companies focusing on product innovation, partnerships, and mergers to strengthen their market position. The IT industry is also using the cloud in a big way. Now that infrastructure and accounts are moved from the cloud, businesses can easily cut costs and improve efficiencies. Moreover, cloud systems also solve data management problems in these industries. Demand for services and lower operating costs are driving the adoption of cloud technologies by the telecom and IT industry in a significant way. January 2023, Gmail client-side encryption (CSE) is official for Google Workspace Enterprise Plus, Education Standard customers, and Education Plus. Last year, the feature was released as a beta test in Gmail for the first time since Google Docs, Google Drive, Slides, Sheets, Google Meet, and Google Calendar (in beta) became available and if made available work completed, Gmail CSE delivers the email Attachments (including inline images) and any sensitive data sent as part of the body are encrypted and cannot be read before reaching Google servers.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 2.37 Billion |
| Market size value in 2031 | USD 26.56 Billion |
| Growth Rate | 30.8% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Cloud Encryption Software Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Cloud Encryption Software Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Cloud Encryption Software Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Cloud Encryption Software Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Cloud Encryption Software Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Cloud Encryption Software Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
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Global Cloud Encryption Software Market Report Snapshots
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