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What is the current size and annual growth rate of the cloud encryption software market?
The cloud encryption software market size has grown exponentially in recent years. It will grow from $5.83 billion in 2024 to $7.73 billion in 2025 at a compound annual growth rate (CAGR) of 32.5%. 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 $23.54 billion in 2029 at a compound annual growth rate (CAGR) of 32.1%. 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.
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Which major factors have contributed to the expansion of 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.
How is the cloud encryption software market segmented?
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, IT & Communication 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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Who are the top competitors 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 key trends are expected to influence the cloud encryption software market in the coming years?
Major companies operating in the cloud encryption software market are developing innovative solutions such as file encryption-as-a-service management solutions to offer businesses a convenient and secure way to encrypt their files stored in the cloud. A file encryption-as-a-service management solution is a robust software package that securely empowers users to encrypt their files using a service-oriented approach. For instance, in November 2023, Utimaco, a US-based provider of IT security solutions, launched its new easy-to-use file encryption as-a-service management solution, u.trust LAN Crypt Cloud. It is a user-friendly file encryption management solution to safeguard sensitive data from unauthorized access. With client-side encryption, data security is maintained irrespective of its storage location, whether on-premises or in the cloud. This new offering boasts key features such as seamless encryption, centralized management, and versatile deployment options, ensuring comprehensive protection for vital business information.
Which regional trends are influencing the cloud encryption software market, and which area dominates the industry?
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.
What Does The Cloud Encryption Software Market Report 2025 Offer?
The cloud encryption software market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
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.
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