Cloud Encryption Software Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)
Author : Poojan Dogra | Published On : 10 Aug 2021
The Cloud Encryption Software Market has registered a CAGR of 40% over the forecast period 2021 - 2026. With the rapid increase of cloud adoption and virtualization, and with the stringent regulations helping to increase the adoption of cloud encryption solutions are some of the factors that are boosting the market growth across the globe.
- Traditionally, it was a lot easier to protect the data. There were security features available in the market for protecting and securing the data. The data came in from IT-approved, enterprise-controlled devices, and applications and was stored in the servers. It was protected by walling off the outsiders and trusting the insiders.
- But in today's times, there is a drastic change in how things happen. Now, more data than ever is collected from more applications, users, devices, and connected hardware. New business models demand easy access from the outside. Moreover, with the emergence of the cloud, a firm's data may not even be on the inside anymore, also, the insiders now include third-party cloud providers who are not even the part of your organization, which is the primary factor for the adoption of encryption solution thus, driving the market.
- Cloud encryption is a service offered by cloud storage providers whereby data is transformed using different encryption algorithms and is then placed on a storage cloud. Encryption use has risen sharply in the past few years and is deployed in a multitude of ways, from encrypting data in databases and file systems to data being transferred over public and internal networks.
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Key Market Trends
IT & Telecommunication Segment to Witness High Growth
- The IT & telecommunication industry is one of the major consumers of the cloud encryption software market. Data security is one of the primary concerns of the telecom and IT industry which is driving the market.
- Cloud technologies are integrated into the core levels of the IT and telecom industry. The telecom industry is using cloud services to reduce the time and cost of the processes. With cloud capabilities, the industry is focused to grow at a faster pace, driving the market for cloud encryption software.
- The IT industry is also implementing cloud on a very large scale. With processes and computing now sourced on clouds, the companies are finding it easier to reduce costs and improve efficiency. Additionally, the concern of data management is also being addressed by the cloud system in these industries. On-demand services and the low cost of operations are driving the telecom and IT industry to utilize cloud technology at the core level.
- With the increasing number of data breaches and cyber thefts the cloud encryption software market is expected to grow further.
North America Occupies the Largest Market Share
- North American region is one of the largest economies of the world and holds a major share of the global cloud encryption software market. The cloud encryption software market is expected to witness rapid growth in this region as data privacy and security is becoming one of the major concerns for companies in this region, thus, driving the market.
- This region has witnessed some high-profile data breaches in the past few years which have resulted in an outrage on companies providing cloud services, as the privacy of user data was compromised. This compelled various firms to tighten their cloud security and implement better encryption solutions. Moreover, similar breaches have forced many companies to invest highly in better encryption software. This data loss concern is expected to drive the market for these encryption solutions.
- Also, the governments in this region have also tightened the security norms by passing strict regulations for firms to provide better cloud security for users data.
The cloud encryption software market is highly competitive owing to the presence of many small and large players in the domestic as well as in the international market. The market appears to be mildly concentrated and the key strategies adopted by the major players are product innovation and mergers and acquisition. Some of the major players in the market are Google LLC, Symantec Corporation, Hewlett Packard Enterprise, Trend Micro Inc. among others.
- January 2018 - Vodafone announced a partnership with Trend Micro to launch an endpoint security suite for the business, namely, Vodafone Super Shield. The solution is equipped with advanced enterprise-grade features, which include USB port blocking, URL filtering, and full disk encryption. These features are expected to help companies protect critical business data from a multitude of threats, including malware attacks, ransomware, spyware, phishing websites, and data thefts.
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