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Cloud Encryption Software Market Size Forecasted To Achieve $23.54 Billion By 2029 With Steady Growth
Cloud Encryption Software Market
What Is the Cloud Encryption Software Market Size and Projected Growth Rate?
The cloud encryption software market is forecasted to grow from $5.83 billion in 2024 to $7.73 billion in 2025, at a CAGR of 32.5%. This growth is driven by the adoption of cloud computing, demand for streamlined payroll processes, the rise of the gig economy, a focus on cost reduction, and the growing prevalence of subscription-based software models.
The cloud encryption software market is expected to grow rapidly, reaching $23.54 billion in 2029 with a CAGR of 32.1%. The growth is due to increasing demand for AI-driven predictive analytics, IoT devices, big data analytics, and integration with cloud computing. Key trends include hybrid encryption, key management advancements, zero trust architecture, and post-quantum cryptography readiness.
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What Are the Major Segments in the Cloud Encryption Software Market?
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
Subsegments:
1) By Solution: Data-At-Rest Encryption Solutions, Data-In-Transit Encryption Solutions, End-To-End Encryption Solutions, Encryption Key Management Solutions, Cloud Storage Encryption Solutions, File And Object Encryption Solutions, Cloud Access Security Broker (Casb) Solutions
2) By Service: Consulting And Advisory Services, Implementation And Integration Services, Encryption Management And Support Services, Compliance And Risk Assessment Services, Training And Certification Services, Encryption-As-A-Service (Eaas)
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What Are The Driving Cloud Encryption Software Market Evolution?
The rise in cybersecurity threats is expected to drive the growth of the cloud encryption software market. Cybersecurity threats are malicious activities that can harm or disrupt information systems, networks, and data. With the increasing connectivity and digitalization of business processes, as well as the growing sophistication of cybercriminals, these threats are on the rise. Cloud encryption software helps mitigate these threats by encrypting data stored in the cloud, making it unreadable and protected even if unauthorized access occurs. For example, in April 2023, the UK government reported that 11% of businesses and 8% of charities were affected by cybercrime, a number that grew significantly for larger organizations. As cybersecurity threats rise, so does the demand for cloud encryption software.
Which Firms Dominate The Cloud Encryption Software Market Segments?
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.
What Trends Are Driving Growth in The Cloud Encryption Software Market?
Leading companies in the cloud encryption software market are innovating with solutions like file encryption-as-a-service management to securely encrypt cloud-stored files. This service enables users to easily encrypt their files while maintaining robust security. In November 2023, Utimaco launched the u.trust LAN Crypt Cloud, a user-friendly file encryption solution for protecting sensitive data from unauthorized access. With client-side encryption, the data remains secure, regardless of whether it's stored on-premises or in the cloud, offering features like seamless encryption, centralized management, and flexible deployment options.
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Which Is The Largest Region In The Cloud Encryption Software Market?
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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Cloud Encryption Software Market?
2. What is the CAGR expected in the Cloud Encryption Software Market?
3. What Are the Key Innovations Transforming the Cloud Encryption Software Industry?
4. Which Region Is Leading the Cloud Encryption Software Market?
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