Cloud Encryption Market ? Advanced Data Storage Technology Drives?Demands

Posted by RASHMI on April 5th, 2019

In a largely consolidated global cloud encryption market well-entrenched players are banking upon technological innovations in a bid to gain competitive advantage and capture larger market share. For example, in September 2017, SonicWall Inc. launched a host of advanced cloud security products for automated breach detection and deep security data analysis.

The global cloud encryption market is primarily driven by the dire need to encrypt data before it is transferred to the cloud for storage. This, along with the rising demand for security capabilities offered by cloud encryption solutions is leading to the penetration and growth of cloud encryption market globally.

Apart from this, numerous advancements such as encrypted payment solutions, automated real-time breach detection and prevention are anticipated to positively influence the cloud encryption market. Further, the rising adoption of software as a service (SaaS) distribution model and increasing switch from in-house data center to cloud among small and medium enterprises (SMEs) to save running and managing costs are stoking demand for cloud encryption solutions for data confidentiality.

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In terms of geography, the market has been segmented into North America, South America, Asia Pacific, Europe, and the Middle East and Africa. Of them, in 2016, North America accounted for the leading revenue contribution to the overall market. The U.S. held the leading market share in the North America cloud encryption market in 2016; the domestic market is anticipated to rise at a significant CAGR over the forecast period. The U.S. accounts for the leading market share due to early adoption of bring your own devices (BYOD) practices that necessitate data encryption prior to being shared over unsecured networks.