Global Cloud Encryption Software Market Size Forecast 2024 - 2033
19 Dec, 2024
What Is The Overview Of The Global Cloud Encryption Software Market?
Cloud encryption software refers to specialized tools and applications designed to secure data stored in cloud computing environments through encryption techniques. These software solutions encrypt data before it is uploaded to the cloud, ensuring it remains protected in transit and at rest within cloud storage systems.
Cloud Encryption Software Global Market Report 2024 provides data on the global cloud encryption software market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The Cloud Encryption Software market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
How Is The Global Cloud Encryption Software Market Expected To Grow In Size And Annual Rates?
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 growth in the historic period can be attributed to increased adoption of cloud computing technologies, growth in the demand for streamlined payroll processes, growth of the gig economy, increased focus on cost reduction, and growth of subscription-based software models. 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%. The growth in the forecast period can be attributed to rising adoption of advanced AI, increasing demand for predictive analytics, rising demand for integrated forecasting solutions, increasing use of IoT devices, and increasing reliance on big data analytics. Major trends in the forecast period include hybrid encryption solutions, advanced key management, zero trust architecture, post-quantum cryptography readiness, data privacy, and regulatory compliance.
What Main Forces Are Fueling Expansion In The Cloud Encryption Software Market?
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.
Get Your Free Sample of the Global Cloud Encryption Software Market ReportWhat Are The Primary Segments In The Global 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
Which Key Trends Are Driving Changes In The Cloud Encryption Software Market?
Major players in the cloud encryption software market are developing advanced solutions such as file encryption-as-a-service management to provide businesses with a secure and convenient way to encrypt cloud-stored files. This solution is a robust software offering that enables users to encrypt their files using a service-oriented approach. For example, in November 2023, Utimaco, a US-based IT security provider, introduced its user-friendly file encryption-as-a-service management solution, u.trust LAN Crypt Cloud. This solution ensures data security with client-side encryption, regardless of storage location, and includes features like seamless encryption, centralized management, and flexible deployment options for comprehensive business protection.
What Is The Leading 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.