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Cloud Encryption Market Size, Industry Share & Trends 2033
Cloud Encryption Market Size
As per the report, 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 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%.
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Cybersecurity Threats Propel Cloud Encryption Software Market Growth
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.
Advancements In Cloud Encryption Software
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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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.
Contents of the report:
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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