The cloud encryption market size 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%.
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The report "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 demand for cloud encryption is majorly driven by stringent government regulations and the need to protect mission critical data residing on the cloud.
With the rising demand for cloud and virtualization across different industry verticals, the adoption rate of cloud encryption among enterprises is expected to gain a major traction during the forecast period.
The Infrastructure-as-a-Service (IaaS) model is expected to hold the largest market share
The IaaS segment includes the offerings such as servers, storages, and networking infrastructure on-premises private cloud.
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This infrastructure is used to run the applications on the public cloud. It enables the organizations to reduce the total cost of ownership as the infrastructure is being provided by third-party vendors in the form of cloud-based data centers.
However, virtualization introduces new security challenges. Thus, enterprises are adopting cloud encryption solution and services to run business-critical functions securely.
The telecom and IT vertical is expected to grow at the fastest rate
The telecom and IT vertical involves high usage of cloud-based applications for their business operations and is thus frequently attacked by cybercriminals. Companies in this sector are adopting cloud encryption solutions so as to provide their customers risk-free services.
The usage of cloud encryption has allowed users to save the important information on their mobile devices and use that information through the cloud without any risk. Therefore, cloud encryption solutions are helping telecom and IT companies in enhancing their services and providing secure information to customers while complying with regulations.
North America is expected to contribute to the largest market share; Asia Pacific to grow the fastest during the forecast period
North America is expected to have the largest market share and dominate the cloud encryption market from 2017 to 2022, owing to the early adoption of new and emerging technologies and the presence of a large number of players in this region. APAC offers extensive growth avenues in the cloud encryption market, owing to a widespread presence of SMEs that are extensively adopting cloud technology.
The major vendors providing cloud encryption solutions and services are Thales e-Security (La Defense, France), Gemalto N.V. (Amsterdam, Netherlands), Sophos Group plc (Abingdon, UK), Symantec Corporation (California, US), Skyhigh Networks (California, US), Netskope Inc.
(California, US), CipherCloud (California, US), HyTrust, Inc. (California, US), Trend Micro Incorporated (Tokyo, Japan), Vaultive, Inc.
(Massachusetts, US), and TWD Industries AG (Unteriberg, Switzerland).
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