Pune, India, July 24, 2019 (GLOBE NEWSWIRE) -- Cloud Encryption Market Overview:
Market Research Future (MRFR) in their recent report on the cloud encryption market provides significant support to the possibility of attaining 29% CAGR during the forecast period (2017-2023) for the market. By the end of 2023, the cloud encryption market could easily surpass a valuation of USD 2959 million.
The cloud encryption is a process to transform data or text using encryption algorithms before storing them on the cloud. The end-product comes to be known as ciphertext. This service gets provided by cloud-support providers.
Chief factors improving the global cloud encryption market are protections it offers from spams, cyber-attacks and malicious software. Its substantial takers in the e-commerce sector are growing in numbers to provide complete informational security to their clients. On the other hand, the healthcare industry is expected to provide substantial scope for market expansion owing to the inclusion of data management technologies.
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Competitive Landscape:
Companies are showing great interest in the Global Cloud Encryption Market as its market percolation is growing at a tremendous speed. This is happening due to the increasing digitalization across nations. MRFR, while profiling the market in their latest report, included companies like Sophos Group Plc (U.K.), Thales e-Security (France), Gemalto N.V. (Netherlands), Skyhigh Networks (U.S.), Symantec Corporation (U.S.), CipherCloud (U.S.), Netskope Inc. (U.S.), Trend Micro Incorporated (Japan), HyTrust, Inc. (U.S.), Vaultive, Inc. (U.S.), and others for better analysis. The market is expected to gain more from their strategic moves as well. Merger, acquisition, product launch, and other methods are expected to be a part of their long-term planning.
In July 2019, Boxcryptor introduced an end-to-end encryption for Google Drive, Dropbox, and other cloud services. By applying RSA and AES encryption, Boxcryptor assigns exclusive secured key to each file.
Segmentation:
MRFR’s attempt to decipher various trend in the Cloud Encryption Market leads to a segmentation that includes solution, service model, cloud deployment, organization size, and vertical. The market is gaining high traction due to cloud solution’s ability to curb operational cost. In such an endeavor, it gets backup from better IT infrastructure.
Based on the solution, the global market can be segmented into professional service and managed service.
Based on the service model, the cloud encryption incorporates infrastructure-as-a-service, software-as-a-service, and platform-as-service. The software-as-a-service segment has significant market dominance owing to which the market is predicted to gain more.
Based on the cloud deployment, the cloud encryption industry is founded upon public, private, and hybrid models. The hybrid segment has high market takers.
Based on the organization size, the cloud encryption market comprises large enterprise, small & medium enterprises (SMEs). Its high cost is an initial barrier for SMEs but its ability to curb the price is making cloud encryption market quite popular among SMEs.
Based on the vertical, the cloud encryption market encompasses BFSI, healthcare & life science, media & entertainment, retail & ecommerce, automotive & manufacturing, and IT & telecommunication. Among these segments, prolific use of the cloud encryption technology in the IT & telecommunication market has helped the market fetch substantial revenue. The BFSI segment is also doing well.
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Regional Analysis:
MRFR, region-specifically, segments the cloud encryption market into four distinct regions North America, Europe, Asia-Pacific (APAC), and Rest of the World (RoW).
North America holds the largest market share in cloud encryption market as it is gaining advantage due to the presence of the US. Europe’s market influence is second only to North America and its features are quite similar to the other. These features are better infrastructure, high investment capacity, easy technological integration, and others.
The APAC market, on the other hand, is the fastest growing one. Its potential lies in its strong IT & telecommunication industry in countries like India, Australia, Thailand, and others. Japan is showing substantial market proliferation due to high technology and is expected to emerge as one of the strongest economies in the region.
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