Latest News- Cloud Encryption Software Market: BFSI is expected to lead the End-user segment during 2024-2028

The Cloud Encryption Software Market is being driven by Increasing use of in-built cloud encryption solutions

The Cloud Encryption Software Market is expected to grow at a CAGR of 60.8% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 25394 million. In today's business landscape, the Bring Your Own Device (BYOD) trend permits employees to utilize their personal devices, such as smartphones, laptops, and tablets, for corporate data access within the office environment. This practice offers several benefits, including reduced IT department burden for device updates and enhanced productivity, leading to operational cost savings for organizations. However, the implementation of BYOD has introduced new challenges, including heightened security risks. With employees potentially sharing confidential information via social media or personal email accounts, the monitoring of cloud-based applications and social media platforms becomes a complex task. To mitigate these risks and restore cybersecurity, the demand for cloud encryption software is surging within businesses. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• End-user
  • BFSI
  • Manufacturing
  • Professional services
  • Healthcare
  • Others
• Type
  • Large enterprise
  • SME
• Deployment Model
  • Public Cloud
  • Private Cloud
  • Hybrid Cloud
• Service Model
  • Software-as-a-Service (SaaS)
  • Platform-as-a-Service (PaaS)
  • Infrastructure-as-a-Service (IaaS)
• Component
  • Software
  • Services
• Geography
  • North America
    • US
    • Canada
  • Europe
    • France
    • Germany
    • Italy
    • UK
  • APAC
    • China
    • India
    • Japan
  • South America
    • Argentina
    • Brazil
  • Middle East and Africa
    • Egypt
    • KSA
    • Oman
    • UAE

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increasing use of in-built cloud encryption solutions
• Growing data privacy and security concerns
• Data security due to strict regulatory compliance

However, the market also witnesses some limitations, which are as follows:

• High capital investment for deployment
• Challenges from open-source platforms
• Complexities associated with integration of cloud encryption software

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Market Scope in Cloud Encryption Software Market Research Report

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Research Analysis Overview

The Cloud Encryption Software Market is experiencing significant growth due to the increasing adoption of cloud computing, mobile technology advancements, and digital transformation methods. With the proliferation of smartphones and other devices, sensitive data is increasingly being stored in the cloud. However, this comes with its own set of challenges, including theft & losses, commercial espionage, data security concerns, and cyber threats. Organizations and individuals alike are seeking robust encryption solutions to protect their critical data in the cloud. Hardware and software encryption offerings are becoming increasingly popular, providing advanced security features such as quantum-safe encryption to mitigate the risks of ransomware attacks and unauthorized access. Cloud services providers are responding to these concerns by offering encryption services as part of their offerings. Regulatory standards, such as HIPAA and GDPR, are also driving the adoption of encryption. Quantum computing poses a future threat to traditional encryption methods, making quantum-safe encryption an essential consideration for those dealing with sensitive information. Availability, performance, and stakeholder information are also critical factors in the selection of cloud encryption software. As cyber threats continue to evolve, encryption software will remain a vital tool in ensuring the security, availability, and performance of data in the cloud.

Market Research Overview

The global IT software market encompasses businesses specializing in the creation and distribution of application and systems software, including database management solutions. This market segment comprises organizations involved in application development and management, cloud computing, data centers, hosting, IT management, mobility, networking, security, and storage software production. Notably, it excludes entities producing home entertainment software. According to Technavio's analysis, the global systems software market size is determined by aggregating the revenues of companies providing various types of software, including cloud-based solutions.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/