Companies and organizations are increasingly adopting cloud encryption techniques for protecting their sensitive information from threats such as data breaches, unauthorized use of data by third party, and malware. For instance: According to CMI survey, in 2017, 98 % of the companies are have experienced the malware attacks, 69% of the companies have experienced the phishing and social engineering attacks. Thus, encryption techniques such as cryptography and steganography are being used for increasing data security, which in turn, is help in reducing data breaches sue to cyber-attacks. This is further expected to aid in growth of the market over the forecast period.
Cloud encryption is the service offered by cloud storage providers for encrypting data before storing on the cloud. Encryption is one of the most effective approaches towards data security, scrambling content of any system, database, and file in such a way that it is not possible to decode without a decryption key. Thus, encrypting the data is an essential for data security, and is a major factor propelling growth of the market. Increasing cloud traffic is another major driver for growth of the cloud encryption market. For instance, according to Coherent Market Insights, global cloud IP traffic is expected to reach 14 ZB by the end of 2020, up from 4 ZB per year in 2015.
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Cloud Encryption Market: Regional Insights
On the basis of geography, global cloud encryption market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. The market for cloud encryption in North America is expected to account for the largest share in the global market over the forecast period. The U.S. held the dominant position in North America cloud encryption market in 2016. The U.S. and Canada are major growth engines in North America. Organizations in North America are focusing on their shifting business workload to cloud environment and this is one of major driving factors for growth of the cloud encryption market. For instance, in 2016, North America accounted for around 42% of the cloud data center workload, globally. As these businesses to shift their workload to cloud, demand for encryption techniques for managing the sensitive data increases, in order to protect the data from cyber threats. Therefore, this is expected to aid in growth of the market. Moreover, increasing cloud traffic in North America is also another major factor for growth of the market. According to the Coherent Market Insights analysis, in 2015, the cloud traffic was 1891 EB (Exabyte) and is estimated to reach 6844EB (Exabyte) by 2020.
Cloud Encryption Market: Competitive Background
Major players operating in the cloud encryption market are Cipher Cloud Inc. (U.S.), Hytrust Inc. (U.S.), Gemalto N.V. (the Netherlands), IBM Corporation (U.S.), Secomba GmbH (Germany), Sky-high Networks Inc. (U.S.)., Sophos Group Plc. (U.K.), Vormetric (U.S.), Boxcyrptor (U.S.), Viivo, Wave System, Symantec Corporation (U.S.), and Thales e-Security Corporation (France).