Cloud Encryption Market - The Rising Demand For Security Capabilities Offered by Cloud Encryption Solutions
According
to the global cloud encryption market is highly consolidated. A few
key players who are well established are holding key market shares.
Names of the leading players operating in the cloud encryption market
are: Thales e-Security Inc., Sophos Group Plc., CipherCloud Inc., IBM
Corporation, Secomba GmbH, Gemalto NV, Hytrust Inc., Symantec
Corporation, and Netskope Inc. Key players are indulging in
technological innovations to strengthen their foothold and eliminate
competition. Companies such as SonicWall Inc have released a range of
advanced cloud security products in 2017 including SonicWall Cloud
Analytics application for deep security data analysis and automated
breach detection. Players are also looking to tap on the markets in
emerging nations of Asia Pacific as these nations are rapidly
adopting cloud solutions.
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As
per estimates of the TMR report, the global cloud encryption market
will be worth US$2,912.3 mn by the end of 2025. The market is
expected to showcase an outstanding CAGR of 21.5% between 2017 and
2025. On the basis of service model, the infrastructure as a service
(IaaS) segment is expected to lead in the market on account of its
various benefits over other service model components. By end user,
the Telecom and IT segment are expected to be leading among the key
industry verticals. On the basis of geography, North America has been
leading in the market for cloud encryption.
According
to the report, the dire need to encrypt data before it is transferred
for storing in the cloud is the primary factor behind the growth of
the global cloud encryption market. The rise in the penetration of
cloud encryption Solutions is also due to the high demand for
security capabilities for cloud storage. The rising adoption of
advanced data storage technology and data storage architecture small
and medium Enterprises will also fuel the demand for Cloud encryption
solutions. This particular Trend regarding the adoption of advanced
data storage technology and data storage architecture by small and
medium Enterprises is particularly true for emerging Nations such as
India, China, and Japan on account of the growing adoption of
software-as-a-service distribution model. SMEs are increasingly
shifting to Cloud from in-house data centers. This is because of the
various applications which help in the saving and managing cost of
their data centers. This in turn is expected to bolster the demand
for cloud encryption.
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The
growing adoption of infrastructure-as-a-service model as well as
software-as-a-service model in developed nations are having a
positive bearing on the cloud interruption market. The developing
nations are also benefiting from the early adoption of bring your own
device practices. In addition to this advancements in cloud
technology in developed nations as well as the demand for private and
confidential data will drive the growth of the global cloud
encryption solutions market. The growing complexities of it systems
and capability to deploy new applications with booster cloud
encryption market in developing nations such as india and china. In
particular, healthcare and BFSI sectors display substantial demand
for cloud encryption solutions due to the growing complexity of IT
systems.
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