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Cloud Encryption Market - Growth, Trends, Covid-19 Impact, And Forecasts (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.
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.
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.
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.
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