Global Cloud Encryption Software Market

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

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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).

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. '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.'

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.

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.

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.

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