IT & Telecommunication is Expected to Dominate the Global Cloud Encryption Software Market

Rapid increase of cloud adoption and virtualization, and with the stringent regulations helping to increase the adoption of cloud encryption solutions are a major factor attributable to the growth of the market.

According to TechSci Research report, “Global Cloud Encryption Software Market - Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028”. The Global  Cloud Encryption Software is anticipated to project robust growth in the forecast period with a CAGR of  32.89% through 2028, Traditionally, it was a lot easier to protect the data. There were security features available in the market for protecting and securing the data. The data came in from IT-approved, enterprise-controlled devices, and applications and was stored in the servers. It was protected by walling off the outsiders and trusting the insiders.

But in today's times, there is a drastic change in how things happen. Now, more data than ever is collected from more applications, users, devices, and connected hardware. New business models demand easy access from the outside. Moreover, with the emergence of the cloud, a firm's data may not even be on the inside anymore, also, the insiders now include third-party cloud providers who are not even the part of your organization, which is the primary factor for the adoption of encryption solution thus, driving the market.

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Based on Industry Vertical, IT & Telecommunication Segment to Dominate the Market. The IT & telecommunication industry is one of the major consumers of the cloud encryption software market. Data security is one of the primary concerns of the telecom and IT industry which is driving the market. Cloud technologies are integrated into the core levels of the IT and telecom industry. The telecom industry is using cloud services to reduce the time and cost of the processes. With cloud capabilities, the industry is focused to grow at a faster pace, driving the market for cloud encryption software. The IT industry is also implementing cloud on a very large scale. With processes and computing now sourced on clouds, the companies are finding it easier to reduce costs and improve efficiency. Additionally, the concern of data management is also being addressed by the cloud system in these industries. On-demand services and the low cost of operations are driving the telecom and IT industry to utilize cloud technology at the core level. With the increasing number of data breaches and cyber thefts the cloud encryption software market is expected to grow further.

North America will dominate the market in the forecast period, North American region is one of the largest economies of the world and holds a major share of the global cloud encryption software market. The cloud encryption software market is expected to witness rapid growth in this region as data privacy and security is becoming one of the major concerns for companies in this region, thus, driving the market. This region has witnessed some high-profile data breaches in the past few years which have resulted in an outrage on companies providing cloud services, as the privacy of user data was compromised. This compelled various firms to tighten their cloud security and implement better encryption solutions. Moreover, similar breaches have forced many companies to invest highly in better encryption software. This data loss concern is expected to drive the market for these encryption solutions. Also, the governments in this region have also tightened the security norms by passing strict regulations for firms to provide better cloud security for users data.

Key market players in the Global  Cloud Encryption Software Market are following:-

• Trend Micro
• Ciphercloud
• Symantec Corporation
• Hewlett Packard Enterprise
• Google LLC
• Sophos
• Voltage Security Inc.
• CyberArk
• Safenet
• Hitachi Vantara     

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“The global Cloud Encryption Software Market is driven by several key factors that underscore the growing significance of data security in cloud computing. First and foremost, heightened data security concerns are compelling organizations to invest in robust encryption solutions as they migrate sensitive data and applications to the cloud. The proliferation of cyber threats, including data breaches and ransomware attacks, has made encryption essential for protecting digital assets. Regulatory compliance mandates, such as GDPR and HIPAA, also play a pivotal role in driving the demand for cloud encryption software. Organizations must adhere to stringent data protection regulations, and encryption is a core requirement to ensure data privacy and compliance. Additionally, the rapid adoption of cloud services across various industries is fueling the need for encryption solutions. As more data is stored and processed in the cloud, businesses seek to safeguard their information against unauthorized access and breaches.  The strategic focus of major cloud service providers on enhancing security features, including encryption services, further encourages customers to adopt encryption tools to bolster the security provided by their cloud providers. Overall, data security concerns, regulatory requirements, the evolving threat landscape, and the increasing reliance on cloud computing are the primary drivers propelling the global Cloud Encryption Software Market. These factors are expected to continue shaping the market as organizations prioritize data protection in an increasingly interconnected digital world.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based  global management consulting firm.

Cloud Encryption Software Market – Global Industry Size, Share, Trends, Opportunity, and Forecast Segmented by Organization Size (Small and Medium Enterprises (SMEs), Large Enterprises), by Service (Professional Services, Managed Services), by Industry Vertical (BFSI, Healthcare, Retail), By Region, Competition 2018-2028 has evaluated the future growth potential of Global  Cloud Encryption Software Market and provides statistics and information on market structure, size, share, and future growth. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities present in the Global  Cloud Encryption Software Market.

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