Cloud Encryption Market to become worth US$2,912.3 mn by the end of 2025 from US$507.2 mn in 2016

The global cloud encryption market is primarily driven by the dire need to encrypt data before it is transferred to the cloud for storage. This, along with the rising demand for security capabilities offered by cloud encryption solutions is leading to the penetration and growth of cloud encryption market globally.

Apart from this, numerous advancements such as encrypted payment solutions, automated real-time breach detection and prevention are anticipated to positively influence the cloud encryption market. Further, the rising adoption of software as a service (SaaS) distribution model and increasing switch from in-house data center to cloud among small and medium enterprises (SMEs) to save running and managing costs are stoking demand for cloud encryption solutions for data confidentiality.

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A report by Transparency Market Research (TMR) forecasts the global cloud encryption market will display an outstanding 21.5% CAGR over the forecast period from 2017 to 2025, to become worth US$2,912.3 mn by the end of 2025 from US$507.2 mn in 2016.

The global cloud encryption market is primarily studied on the basis of service model, industry vertical, and geography. On the basis of service model, the market is classified into infrastructure as a service (IaaS), software as a service (SaaS), and PaaS. Of them, IaaS segment is likely to continue to dominate over the forecast period owing to benefits of workload optimization, self-service interface, and enabling metering and billing. The IaaS segment is anticipated to rise at a phenomenal 21.0% CAGR over the 2017-2025 forecast period.

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By industry vertical, the market is bifurcated into BFSI, healthcare, government and utilities, telecom & IT, retail, aerospace & defense, and others. Of them, the telecom & IT segment is likely to rise at the leading CAGR over the forecast period.Powered by the U.K. and Germany, Europe is anticipated to hold significant share in the global cloud encryption market over the forecast period. Europe is likely to display 20.9% CAGR over the forecast period. A large of companies in the region are assessing the reliability of Cloud Access Security Broker (CASB) for encrypting their cloud-based data to keep it protected.

Furthermore, CASB enables the connection between cloud apps and the outside world by means of a combination of API connectors that helps to provide high standard security and prevent data loss. Leading players in the global cloud encryption market include CipherCloud Inc., Hytrust inc., Gemalto NV, IBM Corporation, Netskope Inc., Secomba GmbH, Skyhigh Networks, Symantec Corporation, and Thales e-Security among others.

Transparency Market Research (TMR) is a next-generation provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations

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