Cloud encryption market projected to grow significantly, with increasing focus on data security and compliance
From GlobeNewswire: 2024-12-09 09:00:00
The global Cloud Encryption Market, valued at USD 4.0 billion in 2023, is projected to reach USD 42.5 billion by 2032, with a CAGR of 30.1% from 2024 to 2032. Enterprises are increasingly adopting advanced encryption solutions to secure data in cloud environments amidst rising cyber threats and regulatory compliance requirements.
Key trends in the cloud encryption market include the adoption of zero-trust security models and integration with AI and ML technologies for enhanced threat detection. SaaS platforms are driving market growth by offering tailored encryption solutions to ensure data security in motion and at rest, meeting the challenges posed by dynamic cloud environments.
Major players in the cloud encryption market include Atos, Cisco Systems, Dell Technologies, IBM, Microsoft, and Thales Group, among others. These companies offer a range of encryption solutions and services to cater to the growing demand for data security in cloud environments across various industries.
In 2023, North America led the cloud encryption market with a 40% market share, driven by widespread cloud technology adoption and stringent data security regulations. The BFSI sector emerged as the dominant end-use vertical, accounting for around 35% of the market share, due to the critical need to protect sensitive financial data in cloud environments. The BFSI, healthcare, and technology sectors in North America heavily rely on encryption solutions for data protection and regulatory compliance. The APAC region is expected to grow rapidly, especially in countries like China and India, due to increased adoption of cloud technologies and government initiatives promoting secure digital transformation. Europe also emphasizes data privacy, driving investment in encryption solutions to comply with regulations like GDPR.
Recent developments in cloud encryption include Thales Group’s key management solution for SaaS platforms, IBM’s quantum-safe encryption solution, and AWS’s integration of machine learning for automated breach response. The market analysis covers various key points, including market dynamics, segmentation, regional analysis, and company profiles. SNS Insider offers consulting services like Go To Market Assessment and Competitive Benchmarking in the cloud encryption market.
SNS Insider is a leading market research and consulting agency providing clients with the knowledge needed to navigate changing market conditions. By utilizing various research techniques like surveys and focus groups, the company delivers accurate market data and insights to support informed decision-making.
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