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.
Data encryption in the cloud is an absolute requirement these days, therefore organizations are adopting encryption at a rapid and increasingly urgent pace. According to the key findings of a new study which has been added to the vast repository of Market Research Hub (MRH), the global cloud encryption market is primarily driven by the terrible need to encrypt data before it is transferred to the cloud for storage.
Apart from this, frequent advancements such as encrypted payment solutions, automated real-time breach detection and inhibition are projected to positively influence the cloud encryption market.
The study is titled as “Cloud Encryption Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2025” and covers information regarding all the trends and technologies playing a major role in the cloud encryption market growth over the mentioned forecast period.
It highlights the drivers, restraints and opportunities expected to influence the market growth during this period. As per the study key highlights, 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.
Major Insights in Global Cloud Encryption Market
Cloud encryption is a service offered by cloud storage providers whereby data, or text, is transformed using encryption algorithms and is then placed on a storage cloud. At present, increasing adoption of advanced data storage technology and data storage architecture by small and medium enterprises (SMEs) is leading to the increased penetration of cloud encryption solutions around the world.
In order to provide readers a comprehensive overview of the 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.
On the other hand, industry vertical segment includes BFSI, healthcare, government and utilities, telecom and IT, retail, aerospace and defense and others. Of these, Telecom and IT segment among the key industry verticals are likely to display the leading CAGR in the coming years.
In order to understand the geographical presence of the cloud encryption market, the report studies market’s performance in North America, Latin America, Europe, Asia Pacific, South America and the Middle East and Africa. The increasing adoption of software as a service and infrastructure as a service models primarily in developed economies is positively prompting cloud encryption market.
Geography-wise, North America stood as the top revenue generating region in the year 2016.
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Additionally, the early adoption of bring-your-own-device (BYOD) practices and rapid improvements in cloud technology in order to provide high security to private and confidential data is stoking the demand for cloud encryption solutions.
In the later section, to assist in proper decision-making, the report includes the profiling of top players in this industry. Secomba GmbH, Hytrust, Inc., Gemalto NV, Netskope Inc., Skyhigh Networks, Sophos Group Plc., IBM Corporation, Symantec Corporation, CipherCloud, Inc.
and Thales e-Security, Inc. are some of the foremost players functioning within the cloud encryption market profiled in this study. For these players, details such as financials, SWOT analysis, business strategies, recent developments, and others are also defined.
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