Cloud Encryption Market Size and Share

Cloud Encryption Market Size and Share
- Global Industry Insights, Trends,
Outlook, (2017-2025)
Cloud encryption is the service offered by cloud storage providers for encrypting data
before storing on the cloud. Encryption is one of the most effective approaches towards
data security, scrambling content of any system, database, and file in such a way that it
is not possible to decode without a decryption key. Thus, encrypting the data is an
essential for data security, and is a major factor propelling growth of the market.
Increasing cloud traffic is another major driver for growth of the cloud encryption market.
For instance, according to Coherent Market Insights, global cloud IP traffic is expected
to reach 14 ZB by the end of 2020, up from 4 ZB per year in 2015.
Increasing concerns related to data security is among the major driving factors
for growth of the market
Companies and organizations are increasingly adopting cloud encryption techniques for
protecting their sensitive information from threats such as data breaches, unauthorized
use of data by third party, and malware. For instance: According to CMI survey, In 2017,
98 % of the companies are have experienced the malware attacks, 69% of the
companies have experienced the phishing and social engineering attacks. Thus,
encryption techniques such as cryptography and steganography are being used for
increasing data security, which in turn, is help in reducing data breaches sue to
cyber-attacks. This is further expected to aid in growth of the market over the forecast
period.
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Cloud Encryption Market: Segmentation
● By component
○ Solution
○ Services
● By organization size
○ Small Enterprises
○ Medium Enterprises
○ Large Enterprises
● By service model:
○ SAAS(software as a services)
○ PAAS(platform as a services)
○ IAAS(Infrastructure as a services)
● By platform/End-User:
○ BFSI
○ Healthcare
○ Retail and Consumer goods
○ IT and Telecom
○ Media and Entertainment
○ Travel and Hospitality
○ Government
○ Other
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Cloud Encryption Market: Regional Insights
On the basis of geography, global cloud encryption market is segmented into North
America, Europe, Asia Pacific, Latin America, Middle East, and Africa. The market for
cloud encryption in North America is expected to account for the largest share in the
global market over the forecast period. The U.S. held the dominant position in North
America cloud encryption market in 2016. The U.S. and Canada are major growth
engines in North America. Organizations in North America are focusing on their shifting
business workload to cloud environment and this is one of major driving factors for
growth of the cloud encryption market. For instance, in 2016, North America accounted
for around 42% of the cloud data center workload, globally. As these businesses to shift
their workload to cloud, demand for encryption techniques for managing the sensitive
data increases, in order to protect the data from cyber threats. Therefore, this is
expected to aid in growth of the market. Moreover, increasing cloud traffic in North
America is also another major factor for growth of the market. According to the
Coherent Market Insights analysis, in 2015, the cloud traffic was 1891 EB (Exabyte) and
is estimated to reach 6844EB (Exabyte) by 2020.
Cloud Encryption Market: Competitive Background
Major players operating in the cloud encryption market are Cipher Cloud Inc. (U.S.),
Hytrust Inc. (U.S.), Gemalto N.V. (the Netherlands), IBM Corporation (U.S.), Secomba
GmbH (Germany), Sky-high Networks Inc. (U.S.)., Sophos Group Plc. (U.K.), Vormetric
(U.S.), Boxcyrptor (U.S.), Viivo, Wave System, Symantec Corporation (U.S.), and
Thales e-Security Corporation (France).
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The market for cloud encryption in North America is expected to account for the largest share in the global market over the forecast period. The U.S. held the dominant position in North America cloud encryption market in 2016.

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