Industry Outlook and Trend Analysis
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 ciphertext. 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.
Service Model Outlook and Trend Analysis
On the basis of Service Model, the worldwide Cloud Encryption market is segmented into IaaS, SaaS and PaaS. SaaS section of the service model segment is expected to generate highest market share over the forecast period owing to the rising adoption of (SaaS) in developing economies. For example, in North America, organizations that are engaged with giving cloud based administrations and arrangements are going into coordinated efforts with each other and are engaged to offer different propelled advances to shoppers which indicate increase in demand of SaaS. Moreover, rising application of BYOD practices and fast progressions in cloud innovation with a specific end goal to give high security to private and classified information will also fuel the growth of cloud encryption market.
Industry Vertical Outlook and Trend Analysis
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.
Regional Outlook and Trend Analysis
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.
The market includes various competitors prevailing across the regions. The major players in the market are CipherCloud Inc., Hytrust Inc., Gemalto NV, IBM Corporation, Netskope Inc., Secomba GmbH, Skyhigh Networks, Sophos Group Plc., Symantec Corporation, and Thales e-Security Inc. are involved in strategic acquisition and mergers for further product development.
The Cloud Encryption Market is segmented as follows-
By Service Model:
By Industry Vertical:
Government and Utilities
Telecom and IT
Aerospace and Defense
Other Industry Vertical
Rest of Europe
Rest of Asia Pacific
Rest of the World
United Arab Emirates
Some of the key questions answered by the report are:
What was the market size in 2014 and forecast from 2014 to 2023?
What will be the industry market growth from 2014 to 2023?
What are the major drivers, restraints, opportunities, challenges and industry trends and their impact on the market forecast?
What are the major segments leading the market growth and why?
Which are the leading players in the market and what are the major strategies adopted by them to sustain the market competition?