Cloud Encryption Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Growth Factors of Cloud Encryption Market
The cloud encryption market size was valued at USD 3.18 billion in 2023, and the market is now projected to grow from USD 4.07 billion in 2024 to USD 34.63 billion by 2032, exhibiting a CAGR of 30.7% during the forecast period of 2024-2032.
The COVID-19 pandemic elevated cloud carrier adoption amidst remote work, heightening records safety concerns. Addressing protection demanding situations, strong cloud encryption strategies, implementation, and continuous tracking are critical for ensuring information protection within the cloud.
Heightened issues about privateers and statistics safety force call for for cloud encryption answers, ensuring robust protection against unauthorized access and compliance with guidelines like PCI DSS and GDPR. The fee-effectiveness of these solutions appeals to organizations of all sizes, permitting facts safety without good sized infrastructure investments. This fashion speeds up market growth, mainly reaping rewards organizations with restrained budgets.
The growing adoption of cloud and virtualization technology fuels market growth by using offering scalability, flexibility, and fee-performance to agencies. Virtualization permits green resource allocation and the introduction of virtual times, lowering reliance on high-priced on-premises hardware.
Comprehensive Analysis of Cloud Encryption Market
The cloud encryption market growth is rising at an exponential rate due to its market segmentation. This market expansion effectively provides a detailed regional assessments considering the dominant supply and demand forces that impact the industry. These segmentations are methodically segregated by component analysis, by service model analysis, by enterprise type analysis and by industrial analysis. By component analysis include solution and services. By service model analysis include, Platform-as-a-Service, Infrastructure-as-a-Service, and Software-as-a-Service. By enterprise type analysis include, vast amounts of sensitive data, including customer information, financial records, and intellectual property. By industrial analysis include, BFSI, healthcare, retail & ecommerce, IT & telecommunication, government, aerospace & defense and others.
The North America region lead the cloud encryption market share by benefitting a market size of USD 0.68 billion in 2023 due to the region has experienced several high-profile data breaches in recent years, which have resulted in outrage among companies providing cloud services as the privacy of user data was compromised.
The top players in the market play a crucial role in the industry assuring market growth and setting market standards. These players include IBM, Sophos Group plc, Thales Group, Skyhigh Security, Microsoft, Netspoke Inc., Cisco Systems, Inc., Hewlett Packard Enterprise, Atos, Hitachi Solutions, Ltd., these market players provide a level-playing competitive landscape.
In December 2023, Cisco Systems Inc. introduces an artificial intelligence assistant, the Cisco AI Assistant for Security, enhancing cyber security with policy recommendations, advanced data analysis, and automated task management to help customers make informed decisions and automate difficult tasks.
Segmentation Table
Attribute Details
Study Period 2019-2032
Base Year 2023
Estimated Year 2024
Forecast Period 2024-2032
Historical Period 2019-2022
Growth Rate CAGR of 30.7% from 2024 to 2032
Unit Value (USD Billion)
Segmentation By Component
Solution
Services
By Service Model
PaaS
IaaS
SaaS
By Enterprise Type
Large Enterprises
Small & Medium Enterprises
By Industry
BFSI
Healthcare
Retail & Ecommerce
IT & Telecommunication
Government
Aerospace & Defense
Others (Education, Manufacturing, Media & Entertainment)
By Region
North America (By Component, Service Model, Enterprise Type, Industry and Country)
- U.S. (By Industry)
- Canada (By Industry)
- Mexico (By Industry)
South America (By Component, Service Model, Enterprise Type, Industry and Country)
- Brazil (By Industry)
- Argentina (By Industry)
- Rest of South America
Europe (By Component, Service Model, Enterprise Type, Industry and Country)
- Germany (By Industry)
- France (By Industry)
- Italy (By Industry)
- Spain (By Industry)
- Russia (By Industry)
- Benelux (By Industry)
- Nordics (By Industry)
- Rest of Europe
Middle East & Africa (By Component, Service Model, Enterprise Type, Industry and Country)
- Turkey (By Industry)
- Israel (By Industry)
- GCC (By Industry)
- South Africa (By Industry)
- North Africa (By Industry)
- Rest of the Middle East & Africa
Asia Pacific (By Component, Service Model, Enterprise Type, Industry and Country)
- China (By Industry)
- India (By Industry)
- Japan (By Industry)
- South Korea (By Industry)
- ASEAN (By Industry)
- Oceania (By Industry)
- Rest of Asia Pacific
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- 1. Introduction
- 1.1. Definition, By Segment
- 1.2. Research Methodology/Approach
- 1.3. Data Sources
- 2. Executive Summary
- 3. Market Dynamics
- 3.1. Macro and Micro Economic Indicators
- 3.2. Drivers, Restraints, Opportunities and Trends
- 4. Competition Landscape
- 4.1. Business Strategies Adopted by Key Players
- 4.2. Consolidated SWOT Analysis of Key Players
- 4.3. Global Cloud Encryption Key Players Market Share/Ranking, 2023
- 5. Global Cloud Encryption Market Size Estimates and Forecasts, By Segments, 2019-2032
- 5.1. Key Findings
- 5.2. By Component (USD)
- 5.2.1. Solution
- 5.2.2. Services
- 5.3. By Service Model (USD)
- 5.3.1. PaaS
- 5.3.2. IaaS
- 5.3.3. SaaS
- 5.4. By Enterprise Type (USD)
- 5.4.1. Large Enterprises
- 5.4.2. Small & Medium Enterprises
- 5.5. By Industry (USD)
- 5.5.1. BFSI
- 5.5.2. Healthcare
- 5.5.3. Retail & Ecommerce
- 5.5.4. IT & Telecommunications
- 5.5.5. Government
- 5.5.6. Aerospace & Defense
- 5.5.7. Others (Education, Manufacturing, Media & Entertainment, etc.)
- 5.6. By Region (USD)
- 5.6.1. North America
- 5.6.2. South America
- 5.6.3. Europe
- 5.6.4. Middle East & Africa
- 5.6.5. Asia Pacific
- 6. North America Cloud Encryption Market Size Estimates and Forecasts, By Segments, 2019-2032
- 6.1. Key Findings
- 6.2. By Component (USD)
- 6.2.1. Solution
- 6.2.2. Services
- 6.3. By Service Model (USD)
- 6.3.1. PaaS
- 6.3.2. IaaS
- 6.3.3. SaaS
- 6.4. By Enterprise Type (USD)
- 6.4.1. Large Enterprises
- 6.4.2. Small & Medium Enterprises
- 6.5. By Industry (USD)
- 6.5.1. BFSI
- 6.5.2. Healthcare
- 6.5.3. Retail & Ecommerce
- 6.5.4. IT & Telecommunications
- 6.5.5. Government
- 6.5.6. Aerospace & Defense
- 6.5.7. Others (Education, Manufacturing, Media & Entertainment, etc.)
- 6.6. By Country (USD)
- 6.6.1. United States
- 6.6.1.1. By Industry
- 6.6.2. Canada
- 6.6.2.1. By Industry
- 6.6.3. Mexico
- 6.6.3.1. By Industry
- 7. South America Cloud Encryption Market Size Estimates and Forecasts, By Segments, 2019-2032
- 7.1. Key Findings
- 7.2. By Component (USD)
- 7.2.1. Solution
- 7.2.2. Services
- 7.3. By Service Model (USD)
- 7.3.1. PaaS
- 7.3.2. IaaS
- 7.3.3. SaaS
- 7.4. By Enterprise Type (USD)
- 7.4.1. Large Enterprises
- 7.4.2. Small & Medium Enterprises
- 7.5. By Industry (USD)
- 7.5.1. BFSI
- 7.5.2. Healthcare
- 7.5.3. Retail & Ecommerce
- 7.5.4. IT & Telecommunications
- 7.5.5. Government
- 7.5.6. Aerospace & Defense
- 7.5.7. Others (Education, Manufacturing, Media & Entertainment, etc.)
- 7.6. By Country (USD)
- 7.6.1. Brazil
- 7.6.1.1. By Industry
- 7.6.2. Argentina
- 7.6.2.1. By Industry
- 7.6.3. Rest of South America
- 8. Europe Cloud Encryption Market Size Estimates and Forecasts, By Segments, 2019-2032
- 8.1. Key Findings
- 8.2. By Component (USD)
- 8.2.1. Solution
- 8.2.2. Services
- 8.3. By Service Model (USD)
- 8.3.1. PaaS
- 8.3.2. IaaS
- 8.3.3. SaaS
- 8.4. By Enterprise Type (USD)
- 8.4.1. Large Enterprises
- 8.4.2. Small & Medium Enterprises
- 8.5. By Industry (USD)
- 8.5.1. BFSI
- 8.5.2. Healthcare
- 8.5.3. Retail & Ecommerce
- 8.5.4. IT & Telecommunications
- 8.5.5. Government
- 8.5.6. Aerospace & Defense
- 8.5.7. Others (Education, Manufacturing, Media & Entertainment, etc.)
- 8.6. By Country (USD)
- 8.6.1. United Kingdom
- 8.6.1.1. By Industry
- 8.6.2. Germany
- 8.6.2.1. By Industry
- 8.6.3. France
- 8.6.3.1. By Industry
- 8.6.4. Italy
- 8.6.4.1. By Industry
- 8.6.5. Spain
- 8.6.5.1. By Industry
- 8.6.6. Russia
- 8.6.6.1. By Industry
- 8.6.7. Benelux
- 8.6.7.1. By Industry
- 8.6.8. Nordics
- 8.6.8.1. By Industry
- 8.6.9. Rest of Europe
- 9. Middle East & Africa Cloud Encryption Market Size Estimates and Forecasts, By Segments, 2019-2032
- 9.1. Key Findings
- 9.2. By Component (USD)
- 9.2.1. Solution
- 9.2.2. Services
- 9.3. By Service Model (USD)
- 9.3.1. PaaS
- 9.3.2. IaaS
- 9.3.3. SaaS
- 9.4. By Enterprise Type (USD)
- 9.4.1. Large Enterprises
- 9.4.2. Small & Medium Enterprises
- 9.5. By Industry (USD)
- 9.5.1. BFSI
- 9.5.2. Healthcare
- 9.5.3. Retail & Ecommerce
- 9.5.4. IT & Telecommunications
- 9.5.5. Government
- 9.5.6. Aerospace & Defense
- 9.5.7. Others (Education, Manufacturing, Media & Entertainment, etc.)
- 9.6. By Country (USD)
- 9.6.1. Turkey
- 9.6.1.1. By Industry
- 9.6.2. Israel
- 9.6.2.1. By Industry
- 9.6.3. GCC
- 9.6.3.1. By Industry
- 9.6.4. North Africa
- 9.6.4.1. By Industry
- 9.6.5. South Africa
- 9.6.5.1. By Industry
- 9.6.6. Rest of MEA
- 10. Asia Pacific Cloud Encryption Market Size Estimates and Forecasts, By Segments, 2019-2032
- 10.1. Key Findings
- 10.2. By Component (USD)
- 10.2.1. Solution
- 10.2.2. Services
- 10.3. By Service Model (USD)
- 10.3.1. PaaS
- 10.3.2. IaaS
- 10.3.3. SaaS
- 10.4. By Enterprise Type (USD)
- 10.4.1. Large Enterprises
- 10.4.2. Small & Medium Enterprises
- 10.5. By Industry (USD)
- 10.5.1. BFSI
- 10.5.2. Healthcare
- 10.5.3. Retail & Ecommerce
- 10.5.4. IT & Telecommunications
- 10.5.5. Government
- 10.5.6. Aerospace & Defense
- 10.5.7. Others (Education, Manufacturing, Media & Entertainment, etc.)
- 10.6. By Country (USD)
- 10.6.1. China
- 10.6.1.1. By Industry
- 10.6.2. India
- 10.6.2.1. By Industry
- 10.6.3. Japan
- 10.6.3.1. By Industry
- 10.6.4. South Korea
- 10.6.4.1. By Industry
- 10.6.5. ASEAN
- 10.6.5.1. By Industry
- 10.6.6. Oceania
- 10.6.6.1. By Industry
- 10.6.7. Rest of Asia Pacific
- 11. Company Profiles for Top 10 Players (Based on data availability in public domain and/or on paid databases)
- 11.1. IBM
- 11.1.1. Overview
- 11.1.1.1. Key Management
- 11.1.1.2. Headquarters
- 11.1.1.3. Offerings/Business Segments
- 11.1.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.1.2.1. Employee Size
- 11.1.2.2. Past and Current Revenue
- 11.1.2.3. Geographical Share
- 11.1.2.4. Business Segment Share
- 11.1.2.5. Recent Developments
- 11.2. Sophos Group Plc.
- 11.2.1. Overview
- 11.2.1.1. Key Management
- 11.2.1.2. Headquarters
- 11.2.1.3. Offerings/Business Segments
- 11.2.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.2.2.1. Employee Size
- 11.2.2.2. Past and Current Revenue
- 11.2.2.3. Geographical Share
- 11.2.2.4. Business Segment Share
- 11.2.2.5. Recent Developments
- 11.3. Thales Group
- 11.3.1. Overview
- 11.3.1.1. Key Management
- 11.3.1.2. Headquarters
- 11.3.1.3. Offerings/Business Segments
- 11.3.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.3.2.1. Employee Size
- 11.3.2.2. Past and Current Revenue
- 11.3.2.3. Geographical Share
- 11.3.2.4. Business Segment Share
- 11.3.2.5. Recent Developments
- 11.4. Skyhigh Security
- 11.4.1. Overview
- 11.4.1.1. Key Management
- 11.4.1.2. Headquarters
- 11.4.1.3. Offerings/Business Segments
- 11.4.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.4.2.1. Employee Size
- 11.4.2.2. Past and Current Revenue
- 11.4.2.3. Geographical Share
- 11.4.2.4. Business Segment Share
- 11.4.2.5. Recent Developments
- 11.5. Microsoft
- 11.5.1. Overview
- 11.5.1.1. Key Management
- 11.5.1.2. Headquarters
- 11.5.1.3. Offerings/Business Segments
- 11.5.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.5.2.1. Employee Size
- 11.5.2.2. Past and Current Revenue
- 11.5.2.3. Geographical Share
- 11.5.2.4. Business Segment Share
- 11.5.2.5. Recent Developments
- 11.6. Netspoke, Inc.
- 11.6.1. Overview
- 11.6.1.1. Key Management
- 11.6.1.2. Headquarters
- 11.6.1.3. Offerings/Business Segments
- 11.6.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.6.2.1. Employee Size
- 11.6.2.2. Past and Current Revenue
- 11.6.2.3. Geographical Share
- 11.6.2.4. Business Segment Share
- 11.6.2.5. Recent Developments
- 11.7. Cisco Systems, Inc.
- 11.7.1. Overview
- 11.7.1.1. Key Management
- 11.7.1.2. Headquarters
- 11.7.1.3. Offerings/Business Segments
- 11.7.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.7.2.1. Employee Size
- 11.7.2.2. Past and Current Revenue
- 11.7.2.3. Geographical Share
- 11.7.2.4. Business Segment Share
- 11.7.2.5. Recent Developments
- 11.8. Hewlett Packard Enterprise
- 11.8.1. Overview
- 11.8.1.1. Key Management
- 11.8.1.2. Headquarters
- 11.8.1.3. Offerings/Business Segments
- 11.8.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.8.2.1. Employee Size
- 11.8.2.2. Past and Current Revenue
- 11.8.2.3. Geographical Share
- 11.8.2.4. Business Segment Share
- 11.8.2.5. Recent Developments
- 11.9. Atos
- 11.9.1. Overview
- 11.9.1.1. Key Management
- 11.9.1.2. Headquarters
- 11.9.1.3. Offerings/Business Segments
- 11.9.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.9.2.1. Employee Size
- 11.9.2.2. Past and Current Revenue
- 11.9.2.3. Geographical Share
- 11.9.2.4. Business Segment Share
- 11.9.2.5. Recent Developments
- 11.10. Hitachi Solutions, Ltd.
- 11.10.1. Overview
- 11.10.1.1. Key Management
- 11.10.1.2. Headquarters
- 11.10.1.3. Offerings/Business Segments
- 11.10.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.10.2.1. Employee Size
- 11.10.2.2. Past and Current Revenue
- 11.10.2.3. Geographical Share
- 11.10.2.4. Business Segment Share
- 11.10.2.5. Recent Developments
- 12. Key Takeaways
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