Trends and Future Prospects for the Global Cloud Encryption Market
RELEASE DATE: Jul 2024 Author: Spherical Insights Request Free Sample
Overview
Cloud encryption is a data security procedure that renders data unreadable in order to safeguard it in the cloud. The Global cloud encryption Market size is expected to Grow from USD 3.06 Billion in 2023 to USD 42.85 Billion by 2033, at a CAGR of 30.20% during the forecast period 2023-2033. Additionally, a lot of organizations concentrate on cloud data encryption to reduce security and privacy issues. Companies can store data in the cloud and safeguard it from hackers and attackers by utilizing strong encryption and storing decryption keys. Cloud cryptography uses encryption techniques such as symmetric and asymmetric encryption to protect sensitive data stored in the cloud from unauthorized access and prevent data breaches.
Advancements in Cloud Encryption
The global market comprises some of the leading companies in the cloud encryption industry, such as Sophos Group, IBM, Netskope, Thales, Cisco Systems, Inc., and Microsoft Corporation. For instance, the world's top technology and security firm Thales announced in June 2023 that its CipherTrust Data Security Platform was now available as a cloud-based, as-a-service subscription model. By streamlining data security operations in both on-premises and cloud environments, Thales' CipherTrust Data Security Platform helps businesses reduce the impact of external threats and overcome operational complexity.
Government Initiatives and Regional Market Expansion
In recent years, the French government has made significant investments to develop the cloud industry in the nation. In 2021, the state unveiled a proposal of €1.8 billion to support French companies that are competitive in the global cloud ecosystem. In addition, the government developed the "Trusted Cloud" label, which is given to businesses that give data security top priority while building their cloud infrastructure. For a company to be granted the label, it must first get the SecNumCloud accreditation from the French cybersecurity agency ANSSI, confirm that its servers are situated in France, maintain that its ownership is European, and obtain legal protection. By 2033, the United States is predicted to have almost 71.5% of the North American cloud encryption market. The market will expand as a result of the USA's increasing adoption of cloud-based solutions as they transition from on-premise to cloud-based platforms.
Insights and Projections: Global Cloud Encryption Market Analysis
The report provides a summary of the global top trends and future prospects for the global cloud encryption market based on historical data sets (current trends, industry statistics, and emerging trends shaping the Cloud Encryption industry’s future, preliminary estimates from 2020-2021, 2022, and 2023), as well as projections for the global cloud encryption trends and future prospects for global regions in 2024 and 2025. This data-driven research offers users an industry-wide view of emerging technologies and innovative insights to help them make critical business decisions.
Growth Factors and Emerging Trends in the Cloud Encryption Industry
- Rising concerns about data security
Businesses and organizations are using cloud encryption strategies more frequently to safeguard their sensitive data against dangers including malware, illegal third-party data use, and data breaches. For example: In 2017, 98% of firms reported having suffered malware attacks, while 69% reported having encountered phishing and social engineering assaults, according to the CMI survey. Therefore, data security is being increased by the use of encryption techniques including cryptography and steganography, which also serve to reduce data breaches caused by cyberattacks. Throughout the forecast period, this is also anticipated to support market expansion.
- The global market for cloud encryption is being driven by the increasing use of clouds and virtualization.
Companies that keep company data on-site on workstations and servers depend on endpoint and network security solutions to safeguard their information. Costs associated with managing massive data quantities are probably going to be high. By using virtualization or cloud migration, businesses can improve their availability, scalability, and operational effectiveness. Cloud installations ensure adherence to regulatory laws, reduce business complexities, increase efficiency, and improve staff productivity. Infrastructure-as-a-Service (IaaS), Platform-as-a-Service (PaaS), and Software-as-a-Service (SaaS) are among the service models that Cloud Service Providers (CSPs) provide. When it comes to IaaS and PaaS, SaaS is more commonly used. Companies can access virtual servers, virtual storage, and virtual networks by implementing virtualization.
Opportunities and Future Prospects in the Cloud Encryption Industry
- An increase in SMEs' need for integrated data protection solutions
Cloud-based solutions are becoming more and more popular among businesses as they become necessary to meet IT security requirements through the leading delivery model. Scalability, flexibility, and cost-effectiveness are offered by cloud deployment, which streamlines corporate processes. SMEs safeguard their networks, data, applications, and endpoints with stringent security procedures. Cloud encryption solutions and service providers should anticipate more chances to safeguard SME data from security breaches as SMEs focus their attention on cloud solutions.
- Generative AI (GenAI) and application modernization will be the main growth drivers
In 2023, public cloud services brought in about $561 billion in revenue, according to Gartner. They predict that in 2024, spending will increase by 20.4% to reach a total of $675.4 billion. The primary growth drivers will be application modernization and generative AI (GenAI). By the end of 2030, end-user spending is predicted to cross $1 trillion with a sustained increase.
List of Key Companies in the Cloud Encryption Industry
- Thales Group
- International Business Machines Corporation
- Musarubra US LLC
- Microsoft Corporation
- Sophos Group
- Netskope Inc.
- Lookout, Inc.
- Cisco Systems, Inc.
- Open Text
- Atos SE
Top 5 Players in the Cloud Encryption Industry
- Microsoft Corporation
Headquarters: Redmond, Washington.
Microsoft was established by Bill Gates and Paul Allen on April 4, 1975. The corporation, well-known for Windows, Microsoft Office, and Azure has recently placed a strong emphasis on cloud computing and provides strong encryption solutions. Azure stands out in the cloud encryption market due to its cutting-edge security features, robust encryption choices, and worldwide architecture, which give businesses a dependable and safe cloud computing platform.
- Cisco Systems, Inc.
Headquarters: San Jose, California
Founded in 1984, Cisco Systems, Inc. is a multinational technological conglomerate specializing in networking hardware, software, and telecommunications apparatus. Cisco is now a market leader, having started as a pioneer in multi-protocol routers. Cisco provides a portfolio of technological advancements that leads the industry. Cisco supports the safe connectivity of communities and industries through networking, security, cloud management, and other services. Cisco prioritizes offering strong security solutions in the field of cloud encryption, placing a strong emphasis on scalability, dependability, and extensive integration options. Notable for influencing the expansion of the internet, Cisco is still a major force in determining how networking and cloud security develop in the future.
- Thales Group
Headquarters: La Défense, France
Thales Group, a worldwide company established in 2000, has led the cloud encryption market and provided reliable key management solutions since its founding. Thale’s solutions are already used by more than 30,000 organizations to encrypt data, verify the identities of people and objects, provide access to digital services, analyze enormous amounts of data, and more. In early 2019, Thales bought Gemalto, a worldwide security firm, and integrated it with our existing digital possessions to form an emerging digital security pioneer.
- International Business Machines
Headquarters: Armonk, New York
IBM was established in 1911 and has been a major player in the technology sector for more than a century. IBM is a leader in AI, blockchain, and quantum computing and offers hardware, software, and cloud services. Among the notable innovations are the IBM PC and the hard disk drive. IBM has prioritized cloud computing and artificial intelligence in recent years, offering safe cloud solutions with strong encryption technology. In the market for cloud encryption, IBM stands out due to its solid reputation for security and data protection, dependable and scalable solutions, and decades of experience.
- Amazon
Headquarters: Seattle, Washington, United States
A subsidiary of Amazon, Amazon Web Services, Inc. offers governments, companies, and individuals metered, pay-as-you-go cloud computing platforms and APIs. Amazon Web Services is the industry's top cloud provider. It gives developers access to more than 170 AWS services, enabling them to use them whenever and wherever they're needed. AWS serves more than 190 countries with clients, including 2000 government agencies and 5000 educational technology institutes. Numerous businesses use AWS services, including ESPN, Adobe, Twitter, Netflix, and Facebook.
Recent Development
- In June 2024, Telefónica Tech and IBM (NYSE: IBM) established a new collaboration agreement to accelerate the adoption of Artificial Intelligence (AI), analytics, and data governance services in response to organizations' ever-changing needs. The firms will collaborate on the development and deployment of an open, hybrid, and multi-cloud structure, focusing on data management and AI, to streamline and expedite business efforts for clients.
- In June 2024, Microsoft avoided an EU antitrust investigation and a potentially large fine by reaching a 20 million euro ($21.7 million) settlement to resolve an antitrust complaint regarding its cloud computing licensing policies.
- In June 2024, AWS has unveiled intentions to put up an infrastructure region in Taiwan by early 2025, in light of the growth in demand for cloud services in Asia-Pacific.
- In March 2023, Vaultree declared that it has accomplished the Google Cloud Ready - AlloyDB certification for AlloyDB for PostgreSQL, the latest fully operated PostgreSQL-compatible database solution offered by Google Cloud, suitable for especially rigorous enterprise database workloads.
- In February 2023, Irdeto, the world's leading digital platform cybersecurity company, has announced the release of a new and improved ActiveCloak for Media (ACM), a software digital rights management (DRM) software development kit. This improved approach had many layers of security, ensuring that content encryption keys couldn't be illegally extracted from devices.
- In October 2022, Cryptomathic has announced the debut of the Cryptomathic AWS BYOK Service, a cloud-based product that allows concerned with security Amazon Web Services users worldwide to leverage enterprise-class Bring Your Own Key (BYOK) encryption key administration features on consumer demand.
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