Market Overview
The global Cloud Encryption Market size is expected to reach USD 2959 Million at a CAGR of 29% during the forecast period.
The process of converting or encoding data before it is saved in cloud storage is referred to as cloud encryption. The cloud encryption industry employs mathematical techniques to convert data in plain text, picture, or file form into an unreadable format. In this approach, malevolent and unauthorized individuals are prevented from accessing the data. It's one of the simplest and most effective ways to ensure that data isn't hacked, read, or stolen by someone with nefarious motives. All of these features have increased the market potential for cloud encryption.
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The COVID-19 wave has had a significant impact on the entire world, both in terms of health and finance. Almost all sectors were affected by the pandemic's negative effects, and they faced numerous obstacles in carrying out their routine functions. Manufacturing and industrial activity were banned during the lockdown. The companies' supply chains were disrupted, resulting in a significant gap between demand and supply. However, as the epidemic progressed, the number of cyberattacks rose, and businesses began to demand cloud encryption solutions. This has aided in the continued growth of the cloud encryption business. Even the major market players are putting out their best efforts to provide superior solutions and restore the growth of the cloud encryption market. As a result of the lockdown restrictions, businesses began to rely more and more on cloud-based technologies. The need for cloud encryption solutions grew as a result, and its capabilities helped protect data from unauthorized and malicious users. Shortly, the growing need for cloud encryption solutions will fuel the growth of the cloud encryption market.
Market Segmentation:
Based on the Service Model, the market is segmented into software-as-a-service (SaaS), platform-as-a-service (PaaS), and infrastructure-as-a-service (IaaS).
Based on Cloud Deployment, the market is segmented into public, private, and hybrid cloud deployment.
Based on the Component, the market is segmented into solutions (Cloud solutions) and service sections (managed service and professional service).
Based on the Organization type, the market is segmented into large-scale enterprises, medium and small-scale enterprises.
Based on the Verticals, the market is segmented into healthcare and life science, retail and e-commerce, automotive and manufacturing, media and entertainment, IT and telecommunication, and many more.
Based on the Region, the market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World (RoW).
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Regional Classification:
Because of the presence of large market participants in the US and technology leaders in the region, the North American region has the largest cloud encryption market share. In terms of cloud encryption solutions, Europe is the second-largest market. The increasing economy and significant presence of the healthcare and IT sectors in the Asia-Pacific region will drive market expansion in the coming years.
Industry News:
The prominent cloud encryption market players are Vaultive, Inc. (U.S.), Thales e-Security (France), Trend Micro Incorporated (Japan), Gemalto N.V. (Netherlands), HyTrust, Inc. (U.S.), Sophos Group Plc (U.K.), CipherCloud (U.S.), Symantec Corporation (U.S.), Netskope Inc. (U.S.), and Skyhigh Networks (U.S.).
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