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New report shares details about the cloud encryption market to grow at CAGR value of 30.1%

IT Market Research

Cloud Encryption Market By Component (Solution And Service), Service Model (Infrastructure-as-a-Service, Software-as-a-Service, And Platform-as-a-Service), Organization Size, Vertical, And Region - Global Forecast To 2022

The cloud encryption market is expected to grow from USD 645.4 million in 2017 to USD 2,401.9 million by 2022, at a Compound Annual Growth Rate (CAGR) of 30.1%. The market is driven by factors, such as proliferation in the cloud adoption and virtualization, bigger risks on cloud environment due to big data analytics, and stringent regulations and compliances.

However, the major hindrance faced by the enterprises while adopting cloud encryption are lack of budget for the adoption of best-in-class cloud encryption solution, and misbelief of performance issue caused by cloud encryption.

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Software-as-a-Service (SaaS) service model in the cloud encryption market is expected to grow at the fastest rate, during the forecast period.

The major reason for the high growth rate of SaaS among service models is the increased usage of the cloud-based applications from the cloud service providers. The SaaS applications might contain malicious activities that may cause significant data loss.

Therefore, the cloud encryption solutions and services help in minimizing the loss of data by encrypting it and allowing only authorized a person to access the same with the help of encryption keys.

With strict regulations governing the BFSI sector and the pressure on IT teams to address the dynamic needs of the businesses, this sector is exploring possibilities of exploiting cloud computing as a mechanism to deliver faster services to the businesses and at the same time reduce the cost of delivering such services. However, with this evolution arises the need to protect sensitive data that is being acquired and transmitted.

This can be achieved using the cloud encryption technology, encrypting confidential data in transit as well as at rest.

North America is the foremost potential market due to the presence of a large number of players offering the cloud encryption in this region. This region is expected to hold the largest market size during the forecast period, as organizations are more focused on securing the cloud data at rest as well as in transit.

Furthermore, organizations have invested hugely in advanced technologies to gain competitive advantage and improve business operations. The APAC region is in the initial growth phase; however, it is the fastest growing region in the global cloud encryption market.

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