The global cloud encryption market is expected to quadruple from $645.4 million this year to $2.4 billion by 2022. Thats a compound annual growth rate of 30 percent. <\/p>\n
Thats according to a new report by MarketsandMarkets, which IDs Sophos, Trend Micro and Symantec among the major vendors. Others includeThales e-Security, Gemalto, Skyhigh Networks, Netskope, CipherCloud, HyTrust, Vaultivand TWD Industries. <\/p>\n
The demand for cloud encryption mostlyis driven by stringent government regulations and the need to protect mission-critical data residing in the cloud, the report says. With the rising demand for cloud and virtualization across numerousverticals, the adoption rate of cloud encryption among enterprises is expected to gain major tractionover the next five years. <\/p>\n
The infrastructure-as-a-service (IaaS) model is expected to hold the largest market share. Itsused to run applications on the public cloud and it allowsorganizations to reduce the total cost of ownership since its being provided by third-party vendors in the form of cloud-based data centers. However, virtualization introduces new security challenges, so enterprises are adopting cloud encryption to run business-critical functions securely. <\/p>\n
The telecom and IT vertical is expected to grow the fastest.Thats due to heavy useof cloud-based applications for business operations, frequent targets forcybercriminals. <\/p>\n
North Americais expected to have the largest market share and to dominate themarketfrom 2017 to 2022, dueto the early adoption of new and emerging technologies and the presence of a large number of players in this region. Asia Pacific offers extensive growth opportunitiesdueto the largenumber of SMEs that are extensively adopting cloud technology. <\/p>\n
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