Cloud Encryption Market Overview:
Technological advancements have taken the world by surprise, every sector of the economy has undergone some sort of change. This is one of the prime factors that drives the growth of the global market for cloud encryption. During the projection period of 2017-2023, the market is expected to progress at an unprecedented rate.
Cloud encryption is a process that can modify cloud-service based customer data into ciphertext. The data is altered by the use of an algorithm that is later uploaded to the storage of cloud. This procedure can help businesses, small or big, to protect their sensitive data against potential threats.
At present, data security is the need of the hour. Owing to this fact it is being speculated that the global cloud encryption market will have a fruitful and benefitting term, even the statistics confirm this fact. By the end of the forecast period i.e. by 2023, the market is expected to generate a revenue of around USD 2,959 million. Furthermore, the CAGR rate too looks encouraging at 29%.
The chief driver for the market is the heightened demand to encrypt sensitive data before it is moved to the cloud to be stored. Along with it, higher need for enhanced security measures leads to market expansion.
In the last few years, the instances of data breaches and spamming have increased dramatically. Resultantly, the necessity for Cloud Encryption Market intensified. And in the end, it is the market that got the most out of this situation.
Additional aspects like cyber-attacks and malicious software further foster the growth of the market. Another factor that also positively impacts the market happens to be the high acceptance of cloud based services.
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Market Players & Key Strategies
Some of the most prominent players of this market are Virtalis, CAE, Qualcomm Technologies, Inc., Mimic Technologies, GE Healthcare and Virtual Realities. The strategies used by these players to stay ahead of the competition are new product development and strategic alliance.
The worldwide cloud encryption market has been segmented into five different parts. Each of these has a sub-segment of their own and they are listed as below:
Cloud Deployment: Hybrid, public and private.
Component: Cloud services (professional services and managed services) and cloud solutions. Cloud solutions have the lead amongst the two as it helps organizations to concentrate on performing their business’s output.
Verticals: Media & entertainment, IT & telecommunication, healthcare & life science, retail & ecommerce and automotive & manufacturing.
Service Model: Infrastructure-as-a-services, platform-as-service and software-as-a-service. Out of these infrastructure-as-a-service platform dominates the market because it is employed to run the applications on the public cloud.
Organization Size: Small & medium enterprises and large enterprises.
Comprehensive Regional Analysis:
Cloud encryption market has its reach across various areas of the world. The major ones are North America, Europe, Asia Pacific and Rest of the World.
Out of these regions, North America leads the market with greater market share. The main reason for this is the prevalence of major players in this region. North America keeps updating itself with the changing industry trends and has a much deserved edge over others.
The next region in line after NA is Europe followed by Asia Pacific. APAC has surfaced as a rapidly growing market in the arena of cloud encryption. It is because in this area IT and healthcare sectors are undergoing a phase of technological evolution.
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January 2018: This year in the month of January, Google launched a brand new security management tool for the clients who used G suite ensemble which offers cloud-based office productivity and collaboration applications. This new tool is called Security Center and it focuses on providing administrators a centralized vision of the main security metrics, which offers more transparency in the security measures for their data on cloud.
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