Global Cloud Encryption Market: Snapshot
In a largely consolidated global cloud encryption market well-entrenched players are banking upon technological innovations in a bid to gain competitive advantage and capture larger market share. For example, in September 2017, SonicWall Inc. launched a host of advanced cloud security products for automated breach detection and deep security data analysis.
The global cloud encryption market is primarily driven by the dire need to encrypt data before it is transferred to the cloud for storage. This, along with the rising demand for security capabilities offered by cloud encryption solutions is leading to the penetration and growth of cloud encryption market globally.
Apart from this, numerous advancements such as encrypted payment solutions, automated real-time breach detection and prevention are anticipated to positively influence the cloud encryption market. Further, the rising adoption of software as a service (SaaS) distribution model and increasing switch from in-house data center to cloud among small and medium enterprises (SMEs) to save running and managing costs are stoking demand for cloud encryption solutions for data confidentiality.
A report by Transparency Market Research (TMR) forecasts the global cloud encryption market will display an outstanding 21.5% CAGR over the forecast period from 2017 to 2025, to become worth US$2,912.3 mn by the end of 2025 from US$507.2 mn in 2016.
IaaS Service Model to Report Strong Growth
The global cloud encryption market is primarily studied on the basis of service model, industry vertical, and geography. On the basis of service model, the market is classified into infrastructure as a service (IaaS), software as a service (SaaS), and PaaS. Of them, IaaS segment is likely to continue to dominate over the forecast period owing to benefits of workload optimization, self-service interface, and enabling metering and billing. The IaaS segment is anticipated to rise at a phenomenal 21.0% CAGR over the 2017-2025 forecast period.
By industry vertical, the market is bifurcated into BFSI, healthcare, government and utilities, telecom & IT, retail, aerospace & defense, and others. Of them, the telecom & IT segment is likely to rise at the leading CAGR over the forecast period.
Powered by the U.S., North America to Display Dominant Demand
In terms of geography, the market has been segmented into North America, South America, Asia Pacific, Europe, and the Middle East and Africa. Of them, in 2016, North America accounted for the leading revenue contribution to the overall market. The U.S. held the leading market share in the North America cloud encryption market in 2016; the domestic market is anticipated to rise at a significant CAGR over the forecast period. The U.S. accounts for the leading market share due to early adoption of bring your own devices (BYOD) practices that necessitate data encryption prior to being shared over unsecured networks. The rising adoption of cloud encryption solutions in the healthcare industry is also a key factor stoking growth of North America cloud encryption market. For example, in October 2017, Hudson Valley Fertility, an IVF and infertility center, deployed email encryption solution and Health Insurance Portability and Accountability Act (HIPPA) compliant tool, “Delivery Trust” to safeguard patient’s confidential information.
Powered by the U.K. and Germany, Europe is anticipated to hold significant share in the global cloud encryption market over the forecast period. Europe is likely to display 20.9% CAGR over the forecast period. A large of companies in the region are assessing the reliability of Cloud Access Security Broker (CASB) for encrypting their cloud-based data to keep it protected.
Furthermore, CASB enables the connection between cloud apps and the outside world by means of a combination of API connectors that helps to provide high standard security and prevent data loss.
Leading players in the global cloud encryption market include CipherCloud Inc., Hytrust inc., Gemalto NV, IBM Corporation, Netskope Inc., Secomba GmbH, Skyhigh Networks, Symantec Corporation, and Thales e-Security among others.
Global Cloud Encryption Market: Overview
The report provides analysis of the cloud encryption market for the period 2015–2025, wherein the years from 2017 to 2025 is the forecast period and 2016 is considered as the base year. Data for 2015 has been included as historical information. The report covers all the trends and technologies playing a major role in the cloud encryption market growth over the forecast period. It highlights the drivers, restraints and opportunities expected to influence the market growth during this period. The study provides a holistic perspective on the market’s growth in terms of revenue (in US$ Mn) across different geographical regions, namely North America, Europe, Asia Pacific, Middle East & Africa and South America. Report highlights the key trends affecting the market on a global scale. Furthermore, region wise prominent countries/regions covered in the report includes - The U.S, Canada, Germany, France, the U.K., India, China, Japan, GCC, South Africa and Brazil.
Global Cloud Encryption Market: Scope of Study
The market overview section of the report demonstrates the market dynamics such as the drivers, restraints, opportunities, trends that is expected to influence the current nature and future status of this market. Key indicators mentioned in the report provides a robust view about the vital factors that led to the strong adoption of cloud encryption solutions around the globe. The key indicators also provide significance of the factors which are capable of changing the market scenario. These indicators are expected to define the market position during the forecast period. An attractiveness analysis has also been provided for every segment in the report, in order to provide a thorough understanding of the overall scenario of cloud encryption market. Moreover, the report provides an overview of various strategies adopted by the key players present in the market in company profile section. The report also includes key industry developments covering significant advances made by leading market players over the period of time.
This report provides all the essential information required to understand the key developments in cloud encryption market, growth trend of each segment and strategy of each company that helps them to efficiently compete in the market. Also, the report provides insights related to trends and its impact on the market. Furthermore, Porter’s Five Forces analysis explains the factors which are currently affecting the cloud encryption market.
The report segments the market on the basis of service model, industry vertical and region. The service model segment includes IaaS, SaaS and PaaS. Industry vertical segment includes BFSI, healthcare, government and utilities, telecom and IT, retail, aerospace and defense and others.
Global Cloud Encryption Market: Competitive Landscape
The report also highlights the competitive landscape of the global cloud encryption market, thereby positioning all the major players according to their presence in different regions of the world and recent key developments initiated by them in the cloud encryption market. The comprehensive cloud encryption market estimates are the result of our in-depth secondary research, primary interviews, and in-house expert panel reviews. These market estimates have been analyzed by taking into account the impact of different political, social, economic, technological, and legal factors along with the current market dynamics affecting cloud encryption market growth.
CipherCloud, Inc., Hytrust, Inc., Gemalto NV, IBM Corporation, Netskope Inc., Secomba GmbH, Skyhigh Networks, Sophos Group Plc., Symantec Corporation and Thales e-Security, Inc. are some of the major players operating within the cloud encryption market profiled in this study. Details such as financials, SWOT analysis, business strategies, recent developments, and other such strategic information pertaining to these players have been duly provided as part of company profiling.
Global Cloud Encryption Market
By Service Model
By Industry Vertical
- Government and Utilities
- Telecom and IT
- Aerospace and Defense
- North America
- The U.S.
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East and Africa
- South Africa
- Rest of MEA
- South America
- Rest of South America