Cloud encryption is a service offered by cloud storage providers where the data is encrypted before it is shifted to cloud storage. It is used when sensitive data such as account details or other information is stored on cloud storage by applying encryption to the data so that only authorized user can access the data. In case the data is lost or stolen due to no encryption key the data cannot be accessed.
Increasing adoption of software as a services by various industrial verticals is expected to boost growth of global cloud encryption market
Increasing adoption of software as a services in developed countries by industries such as defense, healthcare, etc., is a key factor driving growth of the global cloud encryption market. In addition, increasing complexity of IT systems, growing awareness & regulatory standards related to data security, and use of cloud encryption security by telecom, banking, and IT industry are other factors expected to boost growth of the global cloud encryption market.
However, high cost associated with the cloud storage to providers based in developing countries is expected to challenge growth of the global cloud encryption market. In addition, complexity of sharing cloud encrypted data on mobile or other device platforms is other factor expected to hamper growth of the global cloud encryption market.
Technological advancements such as automatic detection of breach and deep analysis is expected to present new opportunities to market players operating in global cloud encryption market over the forecast period.
The global cloud encryption market is segmented on basis of services, industrial verticals, and region. On the basis of region, the global cloud encryption market is segmented in to North America, Europe, Asia Pacific, Latin America, Middle East & Africa
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North America market is a dominant player in the global cloud encryption market and accounts for largest market share in terms of revenue as compared to that of markets in other regions. This is attributed to increasing demand from well-developed industrial verticals such as healthcare, IT, retail, government, banking, etc. Europe market accounts for the second largest revenue share contribution in the global cloud encryption market followed by markets in Asia Pacific, Latin America and Middle East & Africa respectively. The market in Asia Pacific is projected to witness fastest growth in terms of revenue, owing to increase in IT infrastructure development and rise in complexity of IT systems in emerging economies in this region.
Prominent market players operating in the global cloud encryption market are CipherCloud Inc., Hytrust Inc., Gemalto NV, IBM Corporation, Netskope Inc., Secomba GmbH, Skyhigh Networks Inc., Sophos Group Plc., Symantec Corporation, and Thales e-Security Inc.