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.
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.
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