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Cloud Encryption Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Cloud Encryption Market is segmented by End-user Industry (Retail, Government, and Energy and Power), Service Model (Infrastructure-as-a-Service, Software-as-a-Service, and Platform-as-a-Service), Size of Enterprise (Large Enterprises, and Small and Medium-size Enterprises), and Geography.

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Market Snapshot

cloud encryption securing cloud for protecting sensitive information industry
Study Period: 2018 - 2026
Base Year: 2021
Fastest Growing Market: Asia Pacific
Largest Market: North America
CAGR: 28.2 %

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Market Overview

The cloud encryption market is expected to grow at a CAGR of 28.2% over the forecast period (2021 - 2026). The cloud not only offers external storage to various end-user verticals, such as electricity utilities, retail, and government, among others, but also is a scalable and an on-demand solution, which allows unlimited data access.

  • Cloud computing can improve an enterprise’s computing and analytics capabilities, by enabling it to collate, segregate, process, and analyze significant volumes of data.
  • The proliferation of cloud adoption and virtualization and introduction of stringent regulations to increase the adoption rate of cloud encryption solutions are some of the factors that are fueling the market growth, globally.
  • In the last decade, the number of instances of data breaches increased dramatically, resulting in the need for cloud encryption.
  • Other dynamics, like cyberattacks and malicious software, further foster the growth of the cloud encryption market.
  • Another factor that also positively impacts the market happens to be the high acceptance of cloud-based services.

Scope of the Report

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. Encryption is used when sensitive data, such as account details or other information, is stored on cloud storage by applying encryption to the data, so that only authorized users can access the data. In case the data is lost or stolen without the encryption key, the data cannot be accessed. Companies that are increasingly using the cloud for storing sensitive data can use encryption to ensure that only authorized users have access.

End-User Industry
Retail
Government
Energy and Power
Service Model
Infrastructure-as-a-Service
Platform-as-a-Service
Software-as-a-Service
Size of Enterprise
Large Enterprise
Small and Medium-size Enterprises
Geography
North America
United States
Canada
Europe
United Kingdom
Germany
France
Rest of Europe
Asia-Pacific
China
Australia
Singapore
Rest of Asia-Pacific
Latin America
Mexico
Brazil
Rest of Latin America
Middle East & Africa
United Arab Emirates
Saudi Arabia
Rest of Middle-East & Africa

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Key Market Trends

Increase in Cloud Adoption, Growth of IoT, and Increasing Threats to Cloud Environments are Driving the Demand for Cloud Encryption

The increased integration of technology, across all major industries, has had a positive impact on the cloud encryption market. Cloud services are experiencing high adoption, and the demand for IoT systems is on the rise. This rise is driving the demand for cloud encryption systems. Additionally, users are becoming aware of the threats involved and looking for better and more secure services. All these factors are driving the cloud encryption software market growth. The increasing adoption of SaaS in the developed countries by industries, such as defense and healthcare, is a crucial factor driving the growth of the cloud encryption market. Moreover, the increasing complexity of IT systems and the rising awareness and use of cloud encryption security by the telecom, banking, and IT industries, are other factors expected to boost the growth of the cloud encryption market.

cloud encryption securing cloud for protecting sensitive information industry

North America Remains the Largest Market for Cloud Encryption

North America holds a major share of the cloud encryption market, due to the presence of global technology leaders in the United States. This region is the biggest revenue generator in the market among all the regions in the world. High-profile data breaches in the past decade have created the demand for highly efficient cloud services as recent breaches have led to the compromise of user data. For examples, Apple faced high public outrage when multiple iCloud accounts of high-profile individuals were compromised. This compelled Apple to tighten its cloud security and implement better encryption in its services. Similar breaches have forced companies to invest highly on encryption. Regulations in the region have also buoyed the demand for security in cloud services, and they are required to be adhered by all industry verticals.

Europe holds the second market position. Asia-Pacific has emerged as the fastest-growing market in the cloud encryption market. The presence of the IT and healthcare sectors in China and Japan and the large service industry in India, along with the other rising Asian economies, are boosting the market for cloud encryption in the Asia-Pacific region.

cloud encryption securing cloud for protecting sensitive information industry

Competitive Landscape

The cloud encryption market is fragmented, with the presence of several well-established players and new players.  Companies in this market are continually updating their products according to the evolving regulatory standards and end-user requirements to stay ahead of the curve in the market. Some of the recent developments are-

  • January 2018 - Vodafone announced a partnership with Trend Micro to launch an endpoint security suite for the business, namely, Vodafone Super Shield. The solution is equipped with advanced enterprise-grade features, which include USB port blocking, URL filtering, and full disk encryption. These features are expected to help companies protect critical business data from a multitude of threats, including malware attacks, ransomware, spyware, phishing websites, and data thefts.
  • January 2018 - Google introduced a new security management tool for customers of its G Suite ensemble of cloud-based office productivity and collaboration apps.  The new tool, Security Center, for G Suite is aimed at giving the administrators a centralized view of key security metrics, offering more transparency in the security measures for their data on the cloud.
  • November 2017 - McAfee acquired Skyhigh Networks, a specialist in cloud security. The acquisition by McAfee was aimed at complementing the company’s security suite, thus, enabling customers to secure their devices that are connected to the cloud.
  • February 2017 - CipherCloud partnered with BlackBerry to deliver end-to-end cloud security to customers who are relying on the BYOD trend in an organization. This partnership authorized users to access the critical information stored in the cloud environment.
cloud encryption securing cloud for protecting sensitive information industry

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

      1. 4.2.1 Increase in Cloud Adoption and Growth of IoT

      2. 4.2.2 Increasing Threats to Cloud Environments

      3. 4.2.3 Regulations to Increase the Adoption of Cloud Encryption Solutions

    3. 4.3 Market Restraints

      1. 4.3.1 Huge Investment Required for the Adoption of the Premium Cloud Service

    4. 4.4 Industry Value Chain Analysis

    5. 4.5 Industry Attractiveness - Porter's Five Forces Analysis

      1. 4.5.1 Threat of New Entrants

      2. 4.5.2 Bargaining Power of Buyers/Consumers

      3. 4.5.3 Bargaining Power of Suppliers

      4. 4.5.4 Threat of Substitute Products

      5. 4.5.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 End-User Industry

      1. 5.1.1 Retail

      2. 5.1.2 Government

      3. 5.1.3 Energy and Power

    2. 5.2 Service Model

      1. 5.2.1 Infrastructure-as-a-Service

      2. 5.2.2 Platform-as-a-Service

      3. 5.2.3 Software-as-a-Service

    3. 5.3 Size of Enterprise

      1. 5.3.1 Large Enterprise

      2. 5.3.2 Small and Medium-size Enterprises

    4. 5.4 Geography

      1. 5.4.1 North America

        1. 5.4.1.1 United States

        2. 5.4.1.2 Canada

      2. 5.4.2 Europe

        1. 5.4.2.1 United Kingdom

        2. 5.4.2.2 Germany

        3. 5.4.2.3 France

        4. 5.4.2.4 Rest of Europe

      3. 5.4.3 Asia-Pacific

        1. 5.4.3.1 China

        2. 5.4.3.2 Australia

        3. 5.4.3.3 Singapore

        4. 5.4.3.4 Rest of Asia-Pacific

      4. 5.4.4 Latin America

        1. 5.4.4.1 Mexico

        2. 5.4.4.2 Brazil

        3. 5.4.4.3 Rest of Latin America

      5. 5.4.5 Middle East & Africa

        1. 5.4.5.1 United Arab Emirates

        2. 5.4.5.2 Saudi Arabia

        3. 5.4.5.3 Rest of Middle-East & Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Company Profiles

      1. 6.1.1 IBM Corporation

      2. 6.1.2 Trend Micro Inc.

      3. 6.1.3 Dell Technologies Inc.

      4. 6.1.4 Broadcom Inc. (Symantec Corporation)

      5. 6.1.5 Google LLC

      6. 6.1.6 Cisco Systems Inc.

      7. 6.1.7 Sophos Group PLC

      8. 6.1.8 Hewlett Packard Enterprise Company

      9. 6.1.9 Skyhigh Networks Inc. (McAfee Inc.)

      10. 6.1.10 CipherCloud

      2. *List Not Exhaustive

  7. 7. INVESTMENT ANALYSIS

  8. 8. MARKET OPPORTUNITIES AND FUTURE TRENDS

**Subject to Availability

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Frequently Asked Questions

The Cloud Encryption Market market is studied from 2018 - 2026.

The Cloud Encryption Market is growing at a CAGR of 28.2% over the next 5 years.

Asia Pacific is growing at the highest CAGR over 2021- 2026.

North America holds highest share in 2020.

IBM Corporation, Trend Micro Inc., Dell Technologies Inc., Broadcom Inc. (Symantec Corporation), Cisco Systems Inc. are the major companies operating in Cloud Encryption Market.

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