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Cloud Encryption Software Market Size

  • Report ID: GMI7225
  • Published Date: Oct 2023
  • Report Format: PDF

Cloud Encryption Software Market Size

Cloud Encryption Software Market size was valued at USD 3.5 billion in 2022 and is estimated to register a CAGR of over 22.5% between 2023 and 2032. With the increasing adoption of cloud services, data security and privacy have become paramount concerns for individuals and organizations. The need to protect sensitive data from cyber threats and unauthorized access has propelled the demand for cloud encryption software.

 

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For instance, in December 2022, Apple introduced three innovative tools to enhance data protection in the cloud. The first, iMessage Contact Key Verification, allows users to confirm that they are communicating exclusively with their intended recipients, ensuring privacy, and preventing eavesdropping. The second, Security Keys for Apple ID, empowers users to mandate a physical security key from a third-party for accessing their Apple ID, thus thwarting potential phishing attempts. The third feature, Advanced Data Protection for iCloud, elevates data security to its highest level across 23 categories, encompassing iCloud Backup, Photos, Notes, and other iCloud data, fortifying Apple's commitment to safeguarding user data.
 

Compliance with data protection regulations such as GDPR, HIPAA, and CCPA will also spur the adoption of encryption solutions, driving the cloud encryption software industry. Growing adoption of quantum-safe encryption will stimulate the cloud encryption business growth. As quantum computing technology advances, the threat to traditional encryption methods increases. In response, there is a growing trend towards the development and adoption of quantum-safe encryption solutions. These encryption methods are designed to resist attacks by quantum computers, which could potentially break current encryption algorithms. The market is likely to see increased interest in and adoption of quantum-resistant encryption techniques.
 

While data security is a top priority, the cost associated with implementing and maintaining cloud encryption software can be a significant factor limiting its adoption. This includes the initial investment in encryption solutions, ongoing maintenance, and the cost of managing encryption keys. Some organizations may perceive these costs as barriers, especially if they have budget constraints or if they believe that other security measures are sufficient for their needs.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The cloud encryption software industry was valued at USD 3.5 billion in 2022 and is estimated to register a CAGR of over 22.5% between 2023 and 2032, favored by the need to protect sensitive data from cyber threats and unauthorized access.

The BFSI segment accounted for a market share of around 25% in 2022 and is anticipated to grow through 2032, as financial institutions increasingly migrate data & services to the cloud, necessitating the protection of sensitive customer information, financial data, and transactions from cyber threats.

North America cloud encryption software market accounted for around 46% share in 2022 and is expected to register significant growth through 2032, as businesses in the region prioritize data security and compliance, particularly with stringent data protection laws like GDPR and CCPA.

Check Point Software Technologies Ltd., Dell Technologies Inc., Hewlett Packard Enterprise, Intel Corp., Proofpoint Inc., Sophos Ltd., Symantec (Broadcom), Thales Group, and Trend Micro Inc.

Cloud Encryption Software Market Scope

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Access to only 1 person; cannot be shared; cannot be printed
Access for 2 to 5 users only within same department of one company
Access to a company wide audience; includes subsidiary companies or other companies within a group of companies

Premium Report Details

  • Base Year: 2022
  • Companies covered: 20
  • Tables & Figures: 340
  • Countries covered: 20
  • Pages: 250
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