Business news

Cloud Encryption Market is Estimated to Increase at a CAGR of 30.9% from 2022 to 2032

According to Future Market Insights (FMI), demand for cloud encryption is expected to grow at a CAGR of 30.9% between 2022 and 2032. The market valuation is expected to rise by US$ 2.4 billion by 2022 and US$ 34.8 billion by 2032.

Organizations are investing in data storage strategy modernization through the use of cloud technologies for digital transformation. This is expected to propel the cloud encryption market forward.

The growing need to store data in public and private cloud-based storage is driving market demand. Furthermore, the pandemic compelled organizations to implement remote work, which increased the use of digital technologies and online data sharing. As a result, cyber breaches such as ransomware, malware attacks, and phishing have increased exponentially.

As a result, businesses are turning to cloud encryption to protect their sensitive data from data breaches and cyberattacks. Cloud encryption encrypts data by converting plain text data into cypher text, which is unreadable by malicious users and thus prevents data breaches. It offers built-in security controls and continuous protection to provide enterprises with automated security, reduced complexity, and risk reduction.

Request a Sample of this Report

Important Takeaways:

  • The solution segment is expected to expand at a 32% CAGR through 2032.
  • The infrastructure as a service (IaaS) segment is expected to grow 17.8X during the forecast period.
  • The SMEs segment is expected to grow 16.8X during the assessment period based on enterprise size.
  • In terms of industry, sales in the IT & telecom segment are expected to grow at a 36.5% CAGR between 2022 and 2032.
  • The United States is expected to control 71.5% of the North American cloud encryption market by 2032.
  • Indonesia will emerge as a profitable market, with sales increasing at a CAGR of 43.2% through 2032.

Competitive Environment

To gain a competitive advantage in the global cloud encryption market, key players are pursuing inorganic strategies such as mergers, acquisitions, and collaborations. They are also investing in research and development in order to diversify their product offerings. As an example:

Thales and Google Cloud formed a strategic partnership in October 2021 to provide a trusted cloud service in France, allowing French businesses to innovate and reap the full benefits of hyper-scale cloud technologies while maintaining data privacy.

Ankush Nikam

Ankush Nikam is a seasoned digital marketing professional, having worked for numerous online firms in his distinguished career. He believes in continuous learning, considering that the digital marketing sector’s rapidly evolving nature. Ankush is an avid music listener and loves to travel.

Share
Published by
Ankush Nikam

Recent Posts

What is the crypto and blockchain revolution?

The previous twelve months have witnessed two activities which are essential for the future of…

1 min ago

Ben Schwartz Sonic 2 (Movie Review)

In this sequel, Sonic (Ben Schwartz) and his friends Tom Wachowski (James Marsden) and Maddie…

5 mins ago

The 10 Best Cell Phone Accessories You Need In Your Life

You probably don't think much about your phone accessories, but they're actually some of the…

13 mins ago

What is Uniswap (UNI)? Let’s know about it

Nearly all crypto trading is conducted with the help of standard order books on decentralized…

23 mins ago

Working With Data Requires Certain Skills. What Are They?

Are you looking to get into a career working with data? Whether you want to…

43 mins ago

How to Download Microsoft Teams for Huawei in 2023

Microsoft Teams allows you to collaborate and communicate in real-time, attend meetings, and share files…

2 hours ago