The cloud encryption software global market report 2024from The
Business Research Company provides comprehensive market statistics,
including global market size, regional shares, competitor market share,
detailed segments, trends, and opportunities. This report offers an
in-depth analysis of current and future industry scenarios, delivering a
complete perspective for thriving in the industrial automation software
market.
Cloud Encryption Software Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size -
The
cloud encryption software market size has grown exponentially in recent
years. It will grow from $4.42 billion in 2023 to $5.83 billion in 2024
at a compound annual growth rate (CAGR) of 31.9%. The growth in the
historic period can be attributed to increased adoption of cloud
computing technologies, growth in the demand for streamlined payroll
processes, growth of the gig economy, increased focus on cost reduction,
and growth of subscription-based software models.
The cloud
encryption software market size is expected to see exponential growth in
the next few years. It will grow to $17.82 billion in 2028 at a
compound annual growth rate (CAGR) of 32.2%. The growth in the forecast
period can be attributed to rising adoption of advanced AI, increasing
demand for predictive analytics, rising demand for integrated
forecasting solutions, increasing use of IOT devices, and increasing
reliance on big data analytics. Major trends in the forecast period
include hybrid encryption solutions, advanced key management, zero trust
architecture, post-quantum cryptography readiness, data privacy, and
regulatory compliance.
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Scope Of Cloud Encryption Software Market
The Business Research Company's reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market's historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Cloud Encryption Software Market Overview
Market Drivers -
The
increasing cybersecurity threats are expected to propel the growth of
the cloud encryption software market going forward. Cybersecurity
threats refer to any potential malicious activities or actions that can
damage or disrupt information systems, networks, data, or users.
Cybersecurity threats are increasing due to increasing connectivity,
digitalization of business processes, reliance on technology, the
sophistication of cybercriminals, and vulnerabilities in software and
hardware systems. Cloud encryption software reduces cybersecurity
threats by encrypting data stored in the cloud, ensuring that the data
remains unreadable and protected from theft even if unauthorized access
occurs. For example, in April 2023, data from the Department for
Science, Innovation, and Technology, a UK government body, cybercrime
impacted 11% of businesses and 8% of charities in the previous year.
This number increased to 26% for medium-sized businesses, 37% for large
businesses, and 25% for high-income charities. Therefore, increasing
cybersecurity threats are driving the growth of the cloud encryption
software market.
Market Trends -
Major companies
operating in the cloud encryption software market are developing
innovative solutions such as file encryption-as-a-service management
solutions to offer businesses a convenient and secure way to encrypt
their files stored in the cloud. A file encryption-as-a-service
management solution is a robust software package that securely empowers
users to encrypt their files using a service-oriented approach. For
instance, in November 2023, Utimaco, a US-based provider of IT security
solutions, launched its new easy-to-use file encryption as-a-service
management solution, u.trust LAN Crypt Cloud. It is a user-friendly file
encryption management solution to safeguard sensitive data from
unauthorized access. With client-side encryption, data security is
maintained irrespective of its storage location, whether on-premises or
in the cloud. This new offering boasts key features such as seamless
encryption, centralized management, and versatile deployment options,
ensuring comprehensive protection for vital business information.
The cloud encryption software market covered in this report is segmented –
1) By Component: Solution, Service
2) By Enterprise Size: Large Enterprise, Small And Medium-Sized Enterprise (SMEs)
3) By Application: Disk Encryption, File Encryption, Database Encryption, Communication Encryption, Cloud Encryption
4)
By Industry Vertical: Banking, Financial Services, And Insurance
(BFSI), Aerospace And Defense, Government And Public Utilities,
Information Technology (IT) And Telecommunication, Healthcare, Retail,
Other Industry Verticals
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Regional Insights -
North
America was the largest region in the cloud encryption software market
in 2023. The regions covered in the cloud encryption software market
report are Asia-Pacific, Western Europe, Eastern Europe, North America,
South America, Middle East, Africa.
Key Companies -
Major
companies operating in the cloud encryption software market are
Amazon.com Inc., Alphabet Inc., Microsoft Corporation, Alibaba Group
Holding Limited, International Business Machines Corporation, Cisco
Systems Inc., Oracle Corporation, SAP SE, Hewlett Packard Enterprise
Company, Salesforce Inc., NEC Corporation, Adobe Inc., VMware Inc.,
ServiceNow Inc., Palo Alto Networks Inc., Workday Inc., Red Hat Inc.,
OpenText Corporation, Citrix Systems Inc., Rackspace Technology Inc.,
Dropbox Inc., Lumen Technologies Inc., Progress Software Corporation,
HashiCorp Inc., Canonical Ltd.
Table of Contents
1. Executive Summary
2. Cloud Encryption Software Market Report Structure
3. Cloud Encryption Software Market Trends And Strategies
4. Cloud Encryption Software Market – Macro Economic Scenario
5. Cloud Encryption Software Market Size And Growth
…..
27. Cloud Encryption Software Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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