Press release
Encryption as a Service Market Will Surpass US$ 14,302.03 Million at 24.8% CAGR Growth From 2025 to 2034
Encryption as a Service Market
Report Scope:
This comprehensive study provides an accurate overview of the worldwide encryption as a service industry. Comprehensive analyses of sales volume, price, revenue, market share, and important companies are included. The market is further divided into segments by service type, organization size, industry vertical, and region in the study, which offers a comprehensive picture of the state of the market.
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Market Definition:
With encryption as a service, users and firms can cipher susceptible details reserved in the cloud or passed on over networks. This service provides encryption key handling, guaranteeing that only approved users can retrieve the encrypted data. Further, it disentangles the application of encryption in the absence of the users to handle intricate encryption procedures themselves.
Drivers and Trends:
• Firms functioning across numerous locations require safe interaction channels and data-safeguarding proceedings to prohibit cyber menaces and uncredited approaches. Firms invest in these solutions to protect intellectual property.
• Smartphones cause an escalation in susceptible ventures such as banking, online shopping, and communication, generating susceptibility to cyber menaces. This pushes smartphone owners to acquire encryption as a service to safeguard their susceptible data.
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Top Companies:
Prominent market contenders are funding massively in R&D to augment their offerings which will assist the industry to grow even more. Here are the top companies in the encryption as a service market:
• Akeyless
• AWS
• Bluefin
• Box
• Cisco
• CLAI PAYMENTS
• Cogito Group
• Fortanix
• GarbleCloud
• HashiCorp
• IBM
• Intermedia
• Kloch
• Microsoft
• Network Fish
• NordLocker
• Piiano
• Proton
• Retarus
• StorMagic
• Tencent Cloud
• Thales
• Utimaco
• Virtru
Country-Wise Insights
According to regional research, North America dominated the market. The region's growth is aided by the robust existence of prominent technology firms and strict data-safeguarding directives. Also, Asia Pacific is anticipated to emerge as the fastest-growing region in the encryption as a service market.
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Segmental Outlook:
By Service Type Outlook (Revenue, USD Million, 2020-2034)
• Data Encryption as a Service
• Management Encryption as a Service
• Email Encryption as a Service
• Application-level Encryption as a Service
• Other
By Organization Size Outlook (Revenue, USD Million, 2020-2034)
• Large Enterprises
• SMEs
By Industry Vertical Outlook (Revenue, USD Million, 2020-2034)
• BFSI
• Aerospace & Defense
• Government & Public Utilities
• IT & Telecommunications
• Healthcare
• Retail
• Other
Encryption as a Service Market: Key Developments
• June 2024: Arqit Quantum Inc., a leading provider of quantum-safe encryption, introduced a new encryption intelligence service. This solution helps organizations identify network vulnerabilities and implement mitigation strategies to strengthen their security posture against emerging cybersecurity threats.
• November 2023: Utimaco, a global IT security solutions provider, unveiled u.trust LAN Crypt Cloud, a user-friendly file encryption-as-a-service management platform. This solution safeguards sensitive and business-critical data from unauthorized access.
• November 2023: Retarus introduced an advanced service designed to streamline administrative tasks for email encryption. As a core feature of Retarus' Email Encryption solution, this service enables IT security teams to automate key processes, improving efficiency and reducing costs.
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