Pune, India, Nov. 01, 2023 (GLOBE NEWSWIRE) -- The global cloud encryption market size was USD 2.53 billion in 2022 and is projected to reach USD 22.63 billion by 2030, exhibiting a CAGR of 32.3% over the study period. Fortune Business Insights presents this information in their report titled "Global Cloud Encryption Market Forecast, 2023-2030."
Cloud encryption is one of the most effective methods deployed for protecting cloud data and ensuring data privacy. It involves the encryption of plaintext data into unreadable cipher text for ensuring data security between or within cloud environments.
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Key Industry Development:
July 2022 – Thales inked an agreement worth EUR 100 million to acquire OneWelcome. The deal would help the company strengthen its position as a leading cybersecurity provider in the global market.
Key Takeaways
- Cloud encryption market size in North America was USD 0.59 billion in 2022
- Solution Segment Leads the Market Due to Extensive Product Adoption for Addressing Security Challenges
- PaaS Segment Records the Largest Share Driven by Advantage of Enhanced Security
- Large Enterprises Segment Held Prominent Market Share Owing to Rising Product Usage in Handling Sensitive Data
- IT & Telecommunication Segment Accounted for Leading Share Due to Growing Product Deployment for Data Protection
Discover the Leading Players Featured in the Report:
“Companies leading the global cloud encryption market are IBM (U.S.), Sophos Group plc (U.S.), Thales Group (France), Skyhigh Security (U.S.), Microsoft (U.S.), Netspoke Inc. (U.S.), Cisco Systems, Inc. (U.S.), Hewlett Packard Enterprise (U.S.), Atos (France), Hitachi Solutions, Ltd. (Japan).”
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 32.3% |
| 2030 Value Projection | USD 22.63 Billion |
| Base Year | 2022 |
| Cloud Encryption Market Size in 2022 | USD 2.53 Billion |
| Historical Data for | 2017 to 2021 |
| No. of Pages | 150 |
| Segments Covered | Component, Service Model, Enterprise Type, Industry and Geography |
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Drivers and Restraints:
Increasing Data Security Concerns to Impel the Industry Expansion
One of the pivotal factors driving cloud encryption market growth is the increasing product demand on account of surging concerns of data security and privacy. Besides, these solutions are cost-effective, which is a major factor boosting their adoption.
However, the lack of awareness associated with cloud encryption may hinder industry expansion to a considerable extent.
Segmentation
By Component
- Solution
- Services
By Service Model
- PaaS
- IaaS
- SaaS
By Enterprise Type
- Large Enterprises
- Small & Medium Enterprises
By Industry
- BFSI
- Healthcare
- Retail & Ecommerce
- IT & Telecommunication
- Government
- Aerospace & Defense
- Others (Education, Manufacturing, Media & Entertainment)
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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Regional Insights:
North America Accounts for Dominating Share Due to Rising Data Privacy Concerns
Enterprises in North America depict major concerns pertaining to data security and privacy given the data breach incidents over recent years. This factor is driving the market growth in the region. The regional cloud encryption market share records a key position in the global market.
Asia Pacific is touted to exhibit rapid growth over the study period. This can be attributed to the growing product adoption in the telecom and healthcare sectors in China and Japan.
Competitive Landscape:
Major Companies Ink Partnerships to Increase Product Reach
Prominent industry participants are entering partnership agreements for increasing their geographical footprints and expanding the reach of their products. These companies are also keen to deploy various strategies for strengthening their market presence. These comprise merger agreements, acquisitions, and research activities, among others.
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FAQs
How big is the cloud encryption market?
The cloud encryption market size was USD 2.53 billion in 2022. It is expected to reach USD 22.63 billion by 2030.
How fast is the cloud encryption market growing?
The cloud encryption market will exhibit a CAGR of 32.3% during the forecast period, 2023-2030.
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