In a largely consolidated global cloud encryption market well-entrenched players are banking upon technological innovations in a bid to gain competitive advantage and capture larger market share. For example, in September 2017, SonicWall Inc. launched a host of advanced cloud security products for automated breach detection and deep security data analysis.
The global cloud encryption market is primarily driven by the dire need to encrypt data before it is transferred to the cloud for storage. This, along with the rising demand for security capabilities offered by cloud encryption solutions is leading to the penetration and growth of cloud encryption market globally.
Apart from this, numerous advancements such as encrypted payment solutions, automated real-time breach detection and prevention are anticipated to positively influence the cloud encryption market. Further, the rising adoption of software as a service (SaaS) distribution model and increasing switch from in-house data center to cloud among small and medium enterprises (SMEs) to save running and managing costs are stoking demand for cloud encryption solutions for data confidentiality.
A report by Transparency Market Research (TMR) forecasts 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.
IaaS Service Model to Report Strong Growth
The global cloud encryption market is primarily studied on the basis of service model, industry vertical, and geography. On the basis of service model, the market is classified into infrastructure as a service (IaaS), software as a service (SaaS), and PaaS. Of them, IaaS segment is likely to continue to dominate over the forecast period owing to benefits of workload optimization, self-service interface, and enabling metering and billing. The IaaS segment is anticipated to rise at a phenomenal 21.0% CAGR over the 2017-2025 forecast period.
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By industry vertical, the market is bifurcated into BFSI, healthcare, government and utilities, telecom & IT, retail, aerospace & defense, and others. Of them, the telecom & IT segment is likely to rise at the leading CAGR over the forecast period.
Powered by the U.S., North America to Display Dominant Demand
In terms of geography, the market has been segmented into North America, South America, Asia Pacific, Europe, and the Middle East and Africa. Of them, in 2016, 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. The rising adoption of cloud encryption solutions in the healthcare industry is also a key factor stoking growth of North America cloud encryption market. For example, in October 2017, Hudson Valley Fertility, an IVF and infertility center, deployed email encryption solution and Health Insurance Portability and Accountability Act (HIPPA) compliant tool, “Delivery Trust” to safeguard patient’s confidential information.
Powered by the U.K. and Germany, Europe is anticipated to hold significant share in the global cloud encryption market over the forecast period. Europe is likely to display 20.9% CAGR over the forecast period. A large of companies in the region are assessing the reliability of Cloud Access Security Broker (CASB) for encrypting their cloud-based data to keep it protected.
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Furthermore, CASB enables the connection between cloud apps and the outside world by means of a combination of API connectors that helps to provide high standard security and prevent data loss.
Leading players in the global cloud encryption market include CipherCloud Inc., Hytrust inc., Gemalto NV, IBM Corporation, Netskope Inc., Secomba GmbH, Skyhigh Networks, Symantec Corporation, and Thales e-Security among others.