Redding, California - September 12, 2024
Cloud Encryption Market to be Worth $30.2 Billion by 2031
Cloud Encryption Market Size, Share, Forecast, & Trends Analysis by Offering, Service Model (IaaS, SaaS, PaaS), Encryption Type (Symmetric, Asymmetric), Organization Size, End User (IT & Telecom, BFSI, Retail), and Geography - Global Forecast to 2031
Meticulous Research®—a leading global market research company, published a research report titled, ‘Cloud Encryption Market—Global Opportunity Analysis and Industry Forecast (2024-2031)’. According to this latest publication from Meticulous Research®, the global cloud encryption market is expected to reach $30.2 billion by 2031, at a CAGR of 30.4% from 2024 to 2031.
The growth of the cloud encryption market is driven by the increasing need for cloud security solutions in the BFSI sector, the growing adoption of technologies such as AI, ML, and IoT, and increasing government initiatives for cloud adoption. However, the high cost of cloud encryption solutions and the availability of free and open-source encryption solutions restrain the growth of this market.
Furthermore, the increasing need for cloud security solutions among SMEs and the growing adoption of BYOD devices are expected to generate growth opportunities for the market's stakeholders. However, the shortage of skilled IT professionals is a major challenge impacting the growth of the cloud encryption market.
The cloud encryption market is segmented by offering (solutions, services (professional service, managed services)), service model (Infrastructure-as-a-Service (IaaS), Software-as-a-Service (SaaS), Platform-as-a-Service (PaaS)), encryption type (symmetric encryption, asymmetric encryption, other encryption types), organization size (large enterprises, small and mid-sized enterprises (SMEs)), and end user (aerospace & defense, government, BFSI, IT & telecom, healthcare, retail, manufacturing, energy & utilities, other end users). The report evaluates industry competitors and analyzes the market at the regional and country levels.
Based on offering, the solutions segment is anticipated to hold the dominant position, with a 76.0% share of the cloud encryption market in 2024. This segment's large market share is attributed to the rising adoption of virtualized computing resources by enterprises, the increase in cyberattacks, and the growing reliance on cloud-based solutions by large enterprises to manage the expanding volume of data resources by enterprises, the rise in a number of cyberattacks, and the increasing use of cloud-based solutions by large enterprises due to the
Based on service model, the Software-as-a-Service (SaaS) segment is anticipated to hold the dominant position, with a 44.0% share of the cloud encryption market in 2024. This segment's large market share is attributed to the growing preference for the SaaS model among enterprises, increasing investments by market players, the integration of advanced technologies with SaaS solutions, and the rising adoption of SaaS models by enterprises for cloud-based data storage and utilization.
Based on encryption type, the symmetric encryption segment is anticipated to hold the dominant position, with a 52.0% share of the cloud encryption market in 2024. This segment's large market share is attributed to the increasing adoption of symmetric encryption by enterprises for bulk data encryption, the rising use of connected devices, and the preference for symmetric encryption due to its simplicity and faster performance compared to asymmetric options.
Based on organization size, the large enterprises segment is anticipated to hold the dominant position, with a 71.0% share of the cloud encryption market in 2024. This segment's large market share is attributed to the rising adoption of advanced technologies such as cloud computing, AI, IoT, ML, and blockchain, the escalation of security regulations and compliance standards set by government bodies, and the growing use of cloud encryption by large enterprises to protect vast amounts of data.
Based on end user, the IT & telecom segment is anticipated to hold the dominant position, with a 26.0% share of the cloud encryption market in 2024. The large market share of this segment is attributed to the rising adoption of advanced technologies such as AI, ML, IoT, and cloud-based solutions, the growing use of the IaaS model to expand storage capacity, the increasing need for enterprises to comply with stringent data privacy regulations, and the surge in cybercrimes within the IT and telecom sectors.
Based on geography, North America is anticipated to hold the dominant position, with over 34.0% share of the cloud encryption market in 2024. The market growth in North America is driven by the strengthening of security regulations and standards by government bodies, increased government initiatives promoting the implementation of cloud-based solutions, the presence of major market players in the region, and the growing adoption of cloud-based solutions to enhance security management.
Key Players
The key players operating in the cloud encryption market are IBM Corporation (U.S.), Cisco Systems, Inc. (U.S.), Microsoft Corporation (U.S.), Sophos Ltd. (U.K.), Trend Micro Incorporated (Japan), Palo Alto Networks, Inc. (U.S.), Thales Group (France), Broadcom Inc. (U.S.), Atos SE (France), Hewlett Packard Enterprise Development LP (U.S.), Netskope Inc. (U.S.), Check Point Software Technologies Ltd. (Israel), Orca Security (Portland), Fortinet, Inc. (U.S.), and Dell Inc. (U.S.).
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Key Questions Answered in the Report:
- What are the high-growth market segments in terms of the offering, service model, encryption type, organization size, and end-user?
- What is the historical market size for the cloud encryption market?
- What are the market forecasts and estimates for 2024–2031?
- What are the major drivers, restraints, opportunities, challenges, and trends in the cloud encryption market?
- Who are the major players in the cloud encryption market, and what are their market shares?
- What is the competitive landscape like?
- What are the recent developments in the cloud encryption market?
- What do major market players adopt the different strategies?
- What are the trends and high-growth countries?
- Who are the local emerging players in the cloud encryption market, and how do they compete with other players?
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