Cloud Encryption Software
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What Is the Expected CAGR for the Cloud Encryption Software Market Through 2025?
The market size of cloud encryption software has seen a significant upward trend in the past few years. Its growth is projected to rise from $5.83 billion in 2024 to $7.73 billion in 2025, indicating a compound annual growth rate (CAGR) of 32.5%. Factors contributing to this growth during the historical period include the widespread use of cloud computing technologies, an increase in demand for efficient payroll processes, the expansion of the gig economy, a greater emphasis on cost-cutting, and the emergence of subscription-based software models.
What’s the Projected Size of the Global Cloud Encryption Software Market by 2029?
In the following years, the cloud encryption software market is projected to experience significant expansion. The market is likely to reach a worth of $23.54 billion by 2029, displaying a compound annual growth rate (CAGR) of 32.1%. Factors contributing to this predicted growth include the growing implementation of sophisticated AI, escalating demand for predictive analytics, increased need for integrated forecasting solutions, surge in the use of IoT devices, and a growing dependency on big data analytics. Key trends anticipated during the forecast period include hybrid encryption solutions, advanced key management, zero trust architecture, readiness for post-quantum cryptography, data privacy, and regulatory compliance.
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Top Growth Drivers in the Cloud Encryption Software Industry: What’s Accelerating the Market?
The escalating threats related to cyber security are projected to drive the expansion of the cloud encryption software market. These threats refer to possible malicious actions that can disrupt or damage networks, information systems, user data, or the users themselves. The growth in these cyber threats can be attributed to increased connectivity, digital business procedures, dependence on technology, advanced cyber criminals, and software and hardware system susceptibilities. By encrypting data stored in the cloud, cloud encryption software mitigates these cyber threats, ensuring that the data remains secure and undecipherable, protecting it from theft even in cases of unauthorized access. Case in point, in April 2023, figures from the Department for Science, Innovation, and Technology, a governmental entity in the UK, revealed that cybercrime had affected 11% of businesses and 8% of charities the previous year. These percentages rose to 26% for medium-sized businesses, 37% for large businesses, and 25% for high-income charities. Hence, the surge in cyber security threats is fuelling the expansion of the cloud encryption software market.
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What Trends Will Shape the Cloud Encryption Software Market Through 2029 and Beyond?
Leading businesses in the cloud encryption software market are revolutionizing their offerings by developing unique solutions like file encryption-as-a-service management systems. These systems offer businesses a secure and simple way to encrypt their cloud-stored files. File encryption-as-a-service management solution is a potent software that uses a service-oriented approach to provide users with a secure method to encrypt their files. For instance, in November 2023, Utimaco, a U.S. based IT security solutions provider, unveiled its new straightforward file encryption as-a-service management solution, u.trust LAN Crypt Cloud. It is designed to protect sensitive data from unauthorized access in an easy-to-navigate manner. Regardless of if the data is stored on-premises or in the cloud, client-side encryption ensures security is upheld. This innovative product includes features such as seamless encryption, centralized management, and flexible deployment options, assuring extensive protection for crucial business data.
What Are the Main 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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Which Top Companies are Driving Growth in the Cloud Encryption Software Market?
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.
Which Regions Will Dominate the Cloud Encryption Software Market Through 2029?
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.
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