Cloud Encryption Market Size, Share, Forecast, & Trends Analysis by Offering, Service Model (IaaS, SaaS, PaaS), Encryption Type (Symmetric, Asymmetric), Organization Size, End User (IT & Telecom, BFSI, Retail), and Geography

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Cloud Encryption Market by Offering, Service Model (IaaS, SaaS, PaaS), Encryption Type (Symmetric, Asymmetric), Organization Size, End User (IT & Telecom, BFSI, Retail), and Geography-Global Forecast to 2031

The research report, 'Cloud Encryption Market by Offering, Service Model (IaaS, SaaS, PaaS), Encryption Type (Symmetric, Asymmetric), Organization Size, End User (IT & Telecom, BFSI, Retail), and Geography-Global Forecast to 2031,' provides an in-depth analysis of the cloud encryption market across five major geographies and emphasizes current market trends, market sizes, market shares, recent developments, and forecasts till 2031.

The cloud encryption market is projected to reach $30.2 billion by 2031, at a CAGR of 30.4% from 2024 to 2031.

The growth of this market is attributed to the increasing need for cloud security solutions in the BFSI sector, the growing adoption of technologies such as AI, ML, and IoT, and increasing government initiatives for cloud adoption. However, the high cost of cloud encryption solutions and the availability of free and open-source encryption solutions restrain the market's growth. Furthermore, the increasing need for cloud security solutions among SMEs and the growing adoption of BYOD devices are expected to create significant opportunities for this market. However, the shortage of skilled IT professionals poses a challenge to this market's growth. Additionally, the multi-cloud encryption and the automation in encryption are a prominent trend in this market.

The cloud encryption market is segmented by offering (solutions, services (professional service, managed services)), service model (Infrastructure-as-a-Service (IaaS), Software-as-a-Service (SaaS), Platform-as-a-Service (PaaS)), encryption type (symmetric encryption, asymmetric encryption, other encryption types), organization size (large enterprises, small and mid-sized enterprises (SMEs)), and end user (aerospace & defense, government, BFSI, IT & telecom, healthcare, retail, manufacturing, energy & utilities, other end users). The study also evaluates industry competitors and analyzes the market at the regional and country levels.

Based on offering, the cloud encryption market is segmented into solutions and services. In 2024, the solutions segment is expected to account for the larger share of over 76.0% of the cloud encryption market. This segment's large market share can be attributed to the rising adoption of virtualized computing resources among SMEs, the increase in cyberattacks, and the growing adoption of cloud-based solutions by large enterprises to manage the expanding volume of data. Moreover, this segment is expected to register the highest CAGR during the forecast period.

Based on service model, the cloud encryption market is segmented into Infrastructure-as-a-Service (IaaS), Software-as-a-Service (SaaS), and Platform-as-a-Service (PaaS). In 2024, the Software-as-a-Service (SaaS) segment is expected to account for the largest share of over 44.0% of the cloud encryption market. This segment's large market share can be attributed to the growing preference for SaaS model among enterprises, increasing investments by market players, integration of advanced technologies such as AI and ML with SaaS solutions, and rising adoption of SaaS models by organizations for storing substantial amounts of data in the cloud. Moreover, this segment is expected to register the highest CAGR during the forecast period.

Based on encryption type, the cloud encryption market is segmented into symmetric encryption, asymmetric encryption, and other encryption types. In 2024, the symmetric encryption segment is expected to account for the largest share of over 52.0% of the cloud encryption market. This segment's large market share can be attributed to the increasing adoption of symmetric encryption by enterprises for bulk data encryption, the increasing number of connected devices, and the preference for symmetric encryption due to its simplicity and faster performance compared to asymmetric options. Moreover, this segment is expected to register the highest CAGR during the forecast period.

Based on organization size, the cloud encryption market is segmented into large enterprises and small and mid-sized enterprises (SMEs). In 2024, the large enterprises segment is expected to account for the larger share of over 71.0% of the cloud encryption market. However, the small and mid-sized enterprises (SMEs) segment is expected to register the highest CAGR during the forecast period. The growth of this segment is attributed to the increasing digital transformation in the IT and telecom sector, growing use of public cloud services, and rising adoption of cloud-based solutions to reduce the upfront costs of purchasing and managing dedicated encryption hardware or software solutions.

Based on end user, the cloud encryption market is segmented into aerospace & defense, government, BFSI, IT & telecom, healthcare, retail, manufacturing, energy & utilities, and other end users. In 2024, the IT & telecom segment is expected to account for the largest share of over 26.0% of the cloud encryption market. This segment's large market share can be attributed to the growing adoption of advanced technologies such as AI, ML, and IoT, including cloud-based solutions, increasing use of the IaaS model to expand storage capacity, increasingly stringent data privacy regulations, and rise in cyberattacks within the IT sector. However, the healthcare segment is expected to register the highest CAGR during the forecast period.

Based on geography, the cloud encryption market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, North America is expected to account for the largest share of over 34.0% of the cloud encryption market. The region's large share is attributed to the growing government initiatives promoting the adoption of cloud computing technologies, the presence of major technology firms in the region, the increasing use of cloud solutions to enhance security, and the strengthening of security regulations and standards by government bodies. However, Asia-Pacific is expected to register the highest CAGR of over 32.0% during the forecast period.

Key Players:

The key players operating in the cloud encryption market are IBM Corporation (U.S.), Cisco Systems, Inc. (U.S.), Microsoft Corporation (U.S.), Sophos Ltd. (U.K.), Trend Micro Incorporated (Japan), Palo Alto Networks, Inc. (U.S.), Thales Group (France), Broadcom Inc. (U.S.), Atos SE (France), Hewlett Packard Enterprise Development LP (U.S.), Netskope Inc. (U.S.), Check Point Software Technologies Ltd. (Israel), Orca Security (Portland), Fortinet, Inc. (U.S.), and Dell Inc. (U.S.).

Key questions answered in the report:

Which are the high-growth market segments in terms of offering, service model, encryption type, organization size, and end user?
What is the historical market size for cloud encryption across the globe?
What are the market forecasts and estimates for the period 2024-2031?
What are the major drivers, restraints, opportunities, and challenges in the cloud encryption market?
Who are the major players in the market, and what are their market shares?
How is the competitive landscape for the cloud encryption market?
What are the recent developments in the cloud encryption market?
What are the different strategies adopted by the major players in the market?
What are the key geographic trends, and which are the high-growth countries?
Who are the local emerging players in the cloud encryption market, and how do they compete with other players?

Scope of the Report:

Cloud Encryption Market Assessment-by Offering

Solutions
Services
- Professional Service
- Managed services

Cloud Encryption Market Assessment-by Service Model

Infrastructure-as-a-Service (IaaS)
Software-as-a-Service (SaaS)
Platform-as-a-Service (PaaS)

Cloud Encryption Market Assessment-by Encryption Type

Symmetric Encryption
Asymmetric Encryption
Other Encryption Types

Cloud Encryption Market Assessment-by Organization Size

Large Enterprises
Small and Mid-sized Enterprises (SMEs)

Cloud Encryption Market Assessment-by End User

Aerospace & Defense
Government
BFSI
IT & Telecom
Healthcare
Retail
Manufacturing
Energy & Utilities
Other End Users

Cloud Encryption Market Assessment-by Geography

North America
- U.S.
- Canada
Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Rest of Europe
Asia-Pacific
- Japan
- China
- India
- South Korea
- Australia & New Zealand
- Rest of Asia-Pacific
Latin America
- Mexico
- Brazil
- Rest of Latin America
Middle East & Africa
- UAE
- Israel
- Rest of Middle East & Africa

Product Code: MRICT - 1041317

1. Market Definition & Scope

1.1. Market Definition
1.2. Currency & Limitations
- 1.2.1. Currency
- 1.2.2. Limitations

2. Research Methodology

2.1. Research Approach
2.2. Data Collection & Validation Process
- 2.2.1. Secondary Research
- 2.2.2. Primary Research/Interviews with Key Opinion Leaders from the Industry
2.3. Market Sizing and Forecasting
- 2.3.1. Market Size Estimation Approach
- 2.3.2. Growth Forecast Approach
2.4. Assumptions for the Study

3. Executive Summary

3.1. Overview
3.2. Market Analysis, by Offering
3.3. Market Analysis, by Service Model
3.4. Market Analysis, by Encryption Type
3.5. Market Analysis, by Organization Size
3.6. Market Analysis, by End User
3.7. Market Analysis, by Geography
3.8. Competitive Analysis

4. Market Insights

4.1. Overview
4.2. Factors Affecting Market Growth
- 4.2.1. Drivers
  - 4.2.1.1. Growing Significance of Cloud Security Solutions in the BFSI Sector
  - 4.2.1.2. Increasing Adoption of Technologies Such as AI, ML, and IoT
  - 4.2.1.3. Rising Government Initiatives to Boost Cloud Adoption
- 4.2.2. Restraints
  - 4.2.2.1. High Cost of Cloud Encryption Solutions
  - 4.2.2.2. Availability of Free and Open-source Encryption Solutions
- 4.2.3. Opportunities
  - 4.2.3.1. Growing Need for Cloud Security Solutions Among SMEs
  - 4.2.3.2. Increasing Adoption of BYOD Devices
- 4.2.4. Challenges
  - 4.2.4.1. Shortage of Skilled IT Professionals
4.3. Key Trends
- 4.3.1. Multi-cloud Encryption
- 4.3.2. Automation in Encryption
4.4. Case Studies

5. Cloud Encryption Market Assessment-by Offering

5.1. Overview
5.2. Solutions
5.3. Services
- 5.3.1. Professional Services
- 5.3.2. Managed Services

6. Cloud Encryption Market Assessment-by Service Model

6.1. Overview
6.2. Infrastructure-as-a-Service (IaaS)
6.3. Software-as-a-Service (SaaS)
6.4. Platform-as-a-Service (PaaS)

7. Cloud Encryption Market Assessment-by Encryption Type

7.1. Overview
7.2. Symmetric Encryption
7.3. Asymmetric Encryption
7.4. Other Encryption Types

8. Cloud Encryption Market Assessment-by Organization Size

8.1. Overview
8.2. Large Enterprises
8.3. Small and Mid-sized Enterprises (SMEs)

9. Cloud Encryption Market Assessment-by End-use Industry

9.1. Overview
9.2. Aerospace & Defense
9.3. Government
9.4. BFSI
9.5. IT & Telecom
9.6. Healthcare
9.7. Retail
9.8. Manufacturing
9.9. Energy & Utilities
9.10. Other End-use Industries

10. Cloud Encryption Market-by Geography

10.1. Overview
10.2. North America
- 10.2.1. U.S.
- 10.2.2. Canada
10.3. Europe
- 10.3.1. Germany
- 10.3.2. U.K.
- 10.3.3. France
- 10.3.4. Italy
- 10.3.5. Spain
- 10.3.6. Rest of Europe
10.4. Asia-Pacific
- 10.4.1. Japan
- 10.4.2. China
- 10.4.3. India
- 10.4.4. South Korea
- 10.4.5. Australia & New Zealand
- 10.4.6. Rest of Asia-Pacific
10.5. Latin America
- 10.5.1. Mexico
- 10.5.2. Brazil
- 10.5.3. Rest of Latin America
10.6. Middle East & Africa
- 10.6.1. UAE
- 10.6.2. Israel
- 10.6.3. Rest of Middle East & Africa

11. Competition Analysis

11.1. Overview
11.2. Key Growth Strategies
11.3. Competitive Benchmarking
11.4. Competitive Dashboard
- 11.4.1. Industry Leaders
- 11.4.2. Market Differentiators
- 11.4.3. Vanguards
- 11.4.4. Emerging Companies
11.5. Market Share Analysis

12. Company Profiles (Company Overview, Financial Overview, Product Portfolio, Strategic Developments and SWOT Analysis*)

12.1. IBM Corporation
12.2. Cisco Systems, Inc.
12.3. Microsoft Corporation
12.4. Sophos Ltd.
12.5. Trend Micro Incorporated
12.6. Palo Alto Networks, Inc.
12.7. Thales Group
12.8. Broadcom Inc.
12.9. Atos SE
12.10. Hewlett Packard Enterprise Development LP
12.11. Netskope Inc.
12.12. Check Point Software Technologies Ltd.
12.13. Orca Security
12.14. Fortinet, Inc.
12.15. Dell Inc.

(Note: SWOT Analysis of the Top 5 Companies Will Be Provided)

13. Appendix

13.1. Available Customization
13.2. Related Reports