Cloud Encryption Market 2023 Industry Competitive Landscape Analysis

From: crystal market research
Published: Tue Dec 05 2017

The Cloud Encryption Market was worth USD 0.26 billion in the year 2014 and is expected to reach approximately USD 2.80 billion by 2023, while registering itself at a compound annual growth rate (CAGR) of 30.15% during the forecast period. The worldwide cloud encryption market is anticipated to encounter a critical development over the figure time frame. The expanding selection of software as a service (SaaS) and infrastructure as service (IaaS) models dominatingly in developing countries is emphatically affecting cloud encryption advertise. Cloud encryption is the change of a cloud benefit client's information into cipher text. Cloud encryption is practically indistinguishable to in-house encryption with one vital contrast that the cloud client must set aside opportunity to find out about the supplier's strategies and methodology for encryption and encryption key administration. The cloud encryption abilities of the specialist organization need to coordinate the level of affectability of the information being facilitated.

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The worldwide cloud encryption market is segmented into BFSI, Healthcare, Government and Utilities, Telecom and IT, Retail, Aerospace and Defense and other industry verticals, on the basis of industry vertical. Healthcare sections of the industry vertical segment is expected to generate highest market share over the forecast period owing to the rising adoption of cloud encryption in the healthcare sectors for better patient management. Moreover, increasing complexities of IT systems and ability to deploy new applications will also fuel the growth of the market in the upcoming years.
North America held a significant share of the Cloud Encryption Market in 2014 due to the increasing adoption of the cloud encryption in the healthcare sectors and increase in investments in the private sectors. The Asia-Pacific market has not experienced any substantial growth due to high pricing and low Government initiatives towards the market, but can experience favorable growth in coming years owing to increasing in disposable income in the region.

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The Cloud Encryption Market is segmented as follows-

By Service Model:

• IaaS
• SaaS
• PaaS

By Industry Vertical:

• Healthcare
• Government and Utilities
• Telecom and IT
• Retail
• Aerospace and Defense
• Other Industry Vertical

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