Cloud Encryption Market to Exhibit Massive Growth at 30.1% CAGR

The rising adoption of cloud services among enterprises has resulted in an increased susceptibility of loss or theft of critical business information. Cloud encryption solutions encrypt data at rest and in transit on cloud in a way that ensures only authorized users can access it with the help of an encryption key or password. MarketsandMarkets expects the Cloud Encryption Market to grow from USD 645.4 million in 2017 to USD 2,401.9 million by 2022, at a Compound Annual Growth Rate (CAGR) of 30.1%.

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The services segment is expected to grow at the fastest rate among components. Among cloud encryption services, the managed services segment is expected to grow at the highest CAGR. Small and Medium-sized Enterprises (SMEs) are showing increased inclination toward third-party cloud encryption software vendors and outsourcing services to support their business requirements and focus on their core business functions. This has resulted in higher demands for managed services.

Software-as-a-Service (SaaS) service model in the cloud encryption market is expected to grow at the fastest rate during the forecast period. The major reason for the high growth rate of SaaS among service models is the increased usage of cloud-based applications by the cloud service providers. The SaaS applications might contain malicious activities that may cause significant data loss. Therefore, the cloud encryption solutions and services help in minimizing the loss of data by encrypting it and enabling only an authorized person to access the same with the help of encryption keys.

The telecom and IT vertical is the fastest-growing industry vertical in this market, as the companies in this sector are rapidly adopting cloud encryption solutions to provide their customers with risk-free services. This vertical involves high usage of cloud-based applications for their business operations and is thus frequently attacked by cybercriminals. The usage of cloud encryption has allowed users to save their important information on their mobile devices and use that information through cloud without any risk.

The Asia Pacific (APAC) region is expected to grow at the highest rate during the forecast period, as the enterprises in this region are deploying cloud encryption solutions and services to defend against advanced cyber-attacks and security breaches. North America is expected to contribute to the largest market share in the overall cloud encryption market.

The major growth factors that would further drive the adoption of the cloud encryption market include proliferation in the cloud adoption and virtualization, bigger risks on cloud environment due to big data analytics, and stringent regulations and compliances.

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