NEW
YORK, July 22, 2024 /PRNewswire/ -- The
global cloud encryption software market size is estimated
to grow by USD 25.39 billion from
2024-2028, according to Technavio. The market is estimated to grow
at a CAGR of over 60.8% during the forecast period.
Increasing use of in-built cloud encryption solutions is
driving market growth, with a trend towards increasing
adoption of BYOD. The strongest encryption software is
generally considered to be OpenVPN using AES-256 encryption,
alongside other advanced options like VeraCrypt for full-disk
encryption, and PGP (Pretty Good Privacy) for securing emails.
These solutions offer robust security and are widely trusted in the
industry.
Get a detailed analysis on regions, market segments, customer
landscape, and companies- View the snapshot of this
report
Cloud Encryption
Software Market Scope
|
Report
Coverage
|
Details
|
Base year
|
2023
|
Historic
period
|
2018 - 2022
|
Forecast
period
|
2024-2028
|
Growth momentum &
CAGR
|
Accelerate at a CAGR of
60.8%
|
Market growth
2024-2028
|
USD 25394
million
|
Market
structure
|
Fragmented
|
YoY growth 2022-2023
(%)
|
43.04
|
Regional
analysis
|
North America, Europe,
APAC, South America, and Middle East and Africa
|
Performing market
contribution
|
North America at
36%
|
Key
countries
|
US, China, UK, Germany,
and Japan
|
Key companies
profiled
|
Alphabet Inc., Check
Point Software Technologies Ltd., Cisco Systems Inc., Dell
Technologies Inc., F Secure Corp., Forcepoint LLC, Hewlett Packard
Enterprise Co., Hitachi Ltd., Intel Corp., International Business
Machines Corp., Intuit Inc., Lookout Inc., McAfee LLC, Microsoft
Corp., Netskope Inc., Proofpoint Inc., Secomba GmbH, Sophos Ltd.,
Thales Group, and Trend Micro Inc.
|
However, high capital investment for deployment poses
a challenge. Key market players include Alphabet Inc., Check Point
Software Technologies Ltd., Cisco Systems Inc., Dell Technologies
Inc., F Secure Corp., Forcepoint LLC, Hewlett Packard Enterprise
Co., Hitachi Ltd., Intel Corp., International Business Machines
Corp., Intuit Inc., Lookout Inc., McAfee LLC, Microsoft Corp.,
Netskope Inc., Proofpoint Inc., Secomba GmbH, Sophos Ltd., Thales
Group, and Trend Micro Inc..
Market Driver
The Bring Your Own Device (BYOD) trend allows employees to use
their personal devices at work to access corporate information.
This policy brings benefits such as reduced IT department workload
and increased productivity, leading to operational cost savings for
organizations. However, it also introduces security challenges.
With employees sharing confidential information through social
media and personal email accounts, monitoring cloud-based
applications and social media platforms becomes difficult. The risk
of security breaches increases, making cloud encryption software a
necessary solution. This market is anticipated to grow due to the
rising demand for securing sensitive data in the BYOD
era.
The Cloud Encryption Software Market is experiencing significant
growth due to increasing data security concerns across various
industry verticals. Sectors like Life Sciences, Government,
Automotive, Food Manufacturing, Consumer Goods, Electronics,
Education, and IT & Telecom are investing heavily in data
security services to protect sensitive information. With the rise
of mobile technology and advancements in smartphones and cloud
computing, data security has become a top priority. Encryption
software is essential for securing intellectual property,
preventing commercial espionage, and mitigating risks from theft
& losses. Deployment options include on-premise and cloud-based
solutions for email, DVDs, cloud storage, and disk encryption. Big
data analytics, internet penetration, and cloud services are
driving the demand for advanced data protection against cyber
threats, including ransomware attacks, insider threats, and
unauthorized access. Large enterprises in sectors like Healthcare,
Aerospace & Defense, and Retail are particularly vulnerable to
these risks and are turning to encryption software for advanced
data protection. Quantum-safe encryption and quantum computing are
emerging trends to counteract the increasing threat from
cybercriminals.
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Market Challenges
- Cloud encryption software is a crucial investment for
businesses seeking to secure their data in the cloud. However, the
cost of deployment is a significant challenge for vendors. This
expense includes software licensing, system design and
customization, implementation, employee training, and ongoing
maintenance. After purchasing the license, organizations must
allocate resources for proper implementation and employee training.
Furthermore, the cost of cloud encryption software includes hidden
expenses, such as training programs to optimally use the software.
Effective implementation necessitates an in-house IT team for
management and troubleshooting, increasing the overall cost. The
substantial investment required for cloud encryption software may
deter some enterprises from adopting in-house cybersecurity
solutions, potentially hindering market growth during the forecast
period.
- In today's digital world, businesses face numerous challenges
when it comes to data security, particularly in the context of
cloud encryption. Strict regulatory standards require companies to
protect critical data, ensuring compliance with data protection
standards. Performance and availability are crucial, but so is
security, as data loss, secure data transfer, and cyberattacks pose
significant risks. Encryption software providers must address these
challenges while dealing with budget restrictions and the
increasing use of mobile technology, which brings new threats such
as identity theft, phishing schemes, and hacking.
Telecommunications sectors and communication service providers are
particularly vulnerable to cyberattacks, making cybersecurity a top
priority. End-to-end encryption is essential for online financial
transactions, and the Indian government and internet intermediaries
have established national cybersecurity frameworks to address these
issues. Consulting services from Global Technology Services and
Global Business Services, along with cybersecurity products and
services, can help businesses navigate these challenges and protect
their IT spending from fraud risk. Computer technology
companies offer software solutions for endpoint protection, network
protection, mainframe security, application security, and data
security. Advanced fraud protection is also crucial in
this landscape. Overall, the need for qualified cybersecurity
professionals and consulting services continues to grow as
businesses strive to stay ahead of evolving cyber threats.
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challenges - Request a sample report!
Segment Overview
This cloud encryption software market report extensively covers
market segmentation by
- End-user
- 1.1 BFSI
- 1.2 Manufacturing
- 1.3 Professional services
- 1.4 Healthcare
- 1.5 Others
- Type
- 2.1 Large enterprise
- 2.2 SME
- Geography
- 3.1 North America
- 3.2 Europe
- 3.3 APAC
- 3.4 South America
- 3.5 Middle East and
Africa
1.1 BFSI- The Cloud Encryption Software market is
growing as more businesses adopt cloud solutions for data storage.
Encryption software provides an essential layer of security by
encoding data before it is transmitted or stored in the cloud. This
helps protect against data breaches and unauthorized access. Major
players in this market include IBM, Microsoft, and Amazon Web
Services, who offer robust encryption solutions to meet various
business needs. These companies invest in research and development
to provide advanced features, such as key management and
multi-factor authentication, ensuring data security in the cloud
environment.
For more information on market segmentation with geographical
analysis including forecast (2024-2028) and historic data
(2017-2021) - Download a Sample Report
Learn and explore more about Technavio's in-depth research
reports
The global Talent Management Software Market is experiencing
robust growth due to increasing demand for employee engagement and
retention solutions. Similarly, the global Software-Defined Storage
(SDS) Market is expanding rapidly, driven by the need for
cost-effective and scalable storage solutions. The global User
Provisioning Market is also on the rise, fueled by the growing
emphasis on security and compliance in user access management.
These markets are set to witness significant advancements as
organizations continue to adopt innovative technologies to enhance
operational efficiency and data management.
Research Analysis
The Cloud Encryption Software market is witnessing significant
growth due to the increasing adoption of cloud services and the
resulting data security concerns. Cyber threats such as
unauthorized access, ransomware attacks, and commercial espionage
pose a major risk to individuals and organizations, making data
encryption essential. Cloud encryption software provides
quantum-safe encryption, ensuring data remains secure even against
quantum computing attacks. Stakeholder information, regulatory
standards, and critical data require the highest level of
protection. Digital transformation methods, including mobile
technology advancements in smartphones and hardware and software,
necessitate robust encryption solutions. Performance, availability,
and security are key considerations, with encryption ensuring data
remains accessible and secure. Data security concerns continue to
escalate, with theft & losses and sensitive data at risk. Cloud
encryption software offers a vital solution, mitigating risks and
safeguarding valuable information.
Market Research Overview
Cloud encryption is a critical component of advanced data
protection in the digital age, as cloud services become
increasingly popular for individuals and organizations. With the
rise of cyber threats such as unauthorized access, ransomware
attacks, insider threats, and fraud risk, the need for
robust encryption solutions has never been greater. Quantum-safe
encryption, a method that protects data from quantum computing
attacks, is gaining traction as a key defense against advanced
cyberattacks. Industries like healthcare, aerospace & defense,
IT & telecom, retail, and the telecommunications sector are
particularly vulnerable to data loss and cyberattacks. Regulatory
standards, such as HIPAA and GDPR, impose stringent requirements
for data protection. Encryption software providers offer solutions
for end-to-end encryption, secure data transfer, and compliance
with data security standards. Performance, availability, and
security are top priorities for large enterprises, which are
investing heavily in IT spending to address data security concerns.
Mobile technology advancements, including smartphones and cloud
computing, have expanded the attack surface for hackers, making
encryption essential for protecting sensitive data. Budget
restrictions and the need for consulting services and global
technology and business services have led to a growing market for
cybersecurity products and services, including encryption software,
endpoint protection, network protection, mainframe security,
application security, and data security services. Industry
verticals like life sciences, government, automotive, food
manufacturing, consumer goods, electronics, and education are all
investing in encryption software to protect intellectual property,
sensitive data, and critical infrastructure from cyber threats. The
Indian government and internet intermediaries are also implementing
national cybersecurity frameworks to address the growing threat
landscape. Qualified cybersecurity professionals are in high demand
to help organizations deploy encryption software and navigate the
complex regulatory landscape. Consulting services and global
financing offerings are available to help organizations overcome
budget restrictions and implement effective encryption
strategies.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- End-user
-
- BFSI
- Manufacturing
- Professional Services
- Healthcare
- Others
- Type
-
- Geography
-
- North America
- Europe
- APAC
- South America
- Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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