Cloud Encryption Software Market

The cloud encryption software market size is projected to register a substantial CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the rapid usage of cloud computing and virtualization.

Cloud encryption is a service provided by cloud security companies that transforms data or text into an encrypted code known as cipher text using various methods. After then, the encrypted code is sent to the cloud. So the cloud data encryption code can only be translated with a data encryption key that never leaves the organization, the data is kept safe. Data encryption is the act of converting readable data into an encoded format that can only be read or processed with the help of a decryption key. Data encryption ensures the integrity of user information transmitted over the network in a simple and effective manner. The symmetric-key and asymmetric-key techniques are the two most used data encryption methods.

Market Trends, Drivers, Restraints, and Opportunities

• Rapid usage of cloud computing and virtualization is projected to fuel the market during the forecast period.
• Rising number of cyber-attacks is key factors propelling the market in the coming years.
• Complicated encryption key management is expected to restrict the market growth.
• Lack of awareness act as major challenge that can hinder the market in the coming years.
• R&D investment and technological advancement is anticipated to create lucrative opportunities for the market players.

Scope of the Report

The report on the cloud encryption software market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Market Segment Insights

The large enterprises segment is projected to represent a major market share

In terms of organizations size, the cloud encryption software market is divided into small and medium enterprises, large enterprises. The large enterprises segment is expected to represent a key share of the market during the forecast period. The growing usage of cyber security technology to protect data privacy is driving the market. As large enterprises create enormous volumes of data, the demand for encryption to protect data has increased.

The BFSI segment is anticipated to register high CAGR

On the basis of industry vertical, the cloud encryption software market is segregated into BFSI, healthcare, and retail. The BFSI segment is expected to represent a key share of the market during the forecast period. Critical data, such as client information and financial details, are stored by banks and financial organizations. This information is particularly vulnerable to data breaches, and banks may be forced to pay significant fines in the event of a breach. Due to the industry's complexity and the growing number of cyber threats, it is more important than ever to protect sensitive financial data from breaches.  

North America is expected to dominate the market

On the basis of geography, the cloud encryption software market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is anticipated to dominate the market during the forecast period. The cloud encryption software market is projected to develop rapidly, as data privacy and security is becoming one of the top issues for businesses in this region. In recent years, region has seen a number of high-profile data breaches, which have raised concern among cloud service providers since customer data privacy has been violated. As a result, a number of businesses have tightened their cloud security and implemented stronger encryption technologies. In addition, previous security breaches have compelled several businesses to invest heavily in strong encryption software. This fear of data loss is anticipated to increase demand for encryption solutions. Furthermore, governments have tightened security standards by enacting rigorous rules requiring businesses to provide better cloud protection.

Segments

Segments Covered in the Report
The cloud encryption software market has been segmented on the basis of

Organization Size

• Small and Medium Enterprises
• Large Enterprises

Industry Vertical

• BFSI
• Healthcare
• Retail

Geography

• Asia Pacific
• North America
• Latin America
• Europe
• Middle East & Africa

Key Players

• Hitachi Vantara
• Google LLC
• Symantec Corporation
• Trend Miccro Inc.
• Hewlett Packard Enterprise

Competitive Landscape

Key players competing in the cloud encryption software market include Hitachi Vantara, Google LLC, Symantec Corporation, Trend Miccro Inc., and Hewlett Packard Enterprise.

Some of these players are using several market strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to increase their market shares.