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The cloud encryption software market size has grown exponentially in recent years. It will grow from $4.42 billion in 2023 to $5.83 billion in 2024 at a compound annual growth rate (CAGR) of 31.9%. The growth in the historic period can be attributed to increased adoption of cloud computing technologies, growth in the demand for streamlined payroll processes, growth of the gig economy, increased focus on cost reduction, and growth of subscription-based software models. The cloud encryption software market size is expected to see exponential growth in the next few years. It will grow to $17.82 billion in 2028 at a compound annual growth rate (CAGR) of 32.2%. The growth in the forecast period can be attributed to rising adoption of advanced AI, increasing demand for predictive analytics, rising demand for integrated forecasting solutions, increasing use of IoT devices, and increasing reliance on big data analytics. Major trends in the forecast period include hybrid encryption solutions, advanced key management, zero trust architecture, post-quantum cryptography readiness, data privacy, and regulatory compliance.

The increasing cybersecurity threats are expected to propel the growth of the cloud encryption software market going forward. Cybersecurity threats refer to any potential malicious activities or actions that can damage or disrupt information systems, networks, data, or users. Cybersecurity threats are increasing due to increasing connectivity, digitalization of business processes, reliance on technology, the sophistication of cybercriminals, and vulnerabilities in software and hardware systems. Cloud encryption software reduces cybersecurity threats by encrypting data stored in the cloud, ensuring that the data remains unreadable and protected from theft even if unauthorized access occurs. For example, in April 2023, data from the Department for Science, Innovation, and Technology, a UK government body, cybercrime impacted 11% of businesses and 8% of charities in the previous year. This number increased to 26% for medium-sized businesses, 37% for large businesses, and 25% for high-income charities. Therefore, increasing cybersecurity threats are driving the growth of the cloud encryption software market.

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What Are The Key Trends That Influence Cloud Encryption Software Share Analysis?

Major players in the cloud encryption software market are developing advanced solutions such as file encryption-as-a-service management to provide businesses with a secure and convenient way to encrypt cloud-stored files. This solution is a robust software offering that enables users to encrypt their files using a service-oriented approach. For example, in November 2023, Utimaco, a US-based IT security provider, introduced its user-friendly file encryption-as-a-service management solution, u.trust LAN Crypt Cloud. This solution ensures data security with client-side encryption, regardless of storage location, and includes features like seamless encryption, centralized management, and flexible deployment options for comprehensive business protection.

Which Market Players Are Driving Growth In The Cloud Encryption Software Market?

Major companies operating in the cloud encryption software market are Amazon.com Inc., Alphabet Inc., Microsoft Corporation, Alibaba Group Holding Limited, International Business Machines Corporation, Cisco Systems Inc., Oracle Corporation, SAP SE, Hewlett Packard Enterprise Company, Salesforce Inc., NEC Corporation, Adobe Inc., VMware Inc., ServiceNow Inc., Palo Alto Networks Inc., Workday Inc., Red Hat Inc., OpenText Corporation, Citrix Systems Inc., Rackspace Technology Inc., Dropbox Inc., Lumen Technologies Inc., Progress Software Corporation, HashiCorp Inc., Canonical Ltd.

How Is The Global Cloud Encryption Software Market Segmented?

1) By Component: Solution; Service
2) By Enterprise Size: Large Enterprise; Small And Medium-Sized Enterprise (SMEs)
3) By Application: Disk Encryption; File Encryption; Database Encryption; Communication Encryption; Cloud Encryption
4) By Industry Vertical: Banking, Financial Services, And Insurance (BFSI); Aerospace And Defense; Government And Public Utilities; Information Technology (IT) And Telecommunication; Healthcare; Retail; Other Industry Verticals

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The Cloud Encryption Software Global Market Report 2024 provides an overview of the cloud encryption softwaremarket for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The cloud encryption software market forecast analyzes cloud encryption software market size, cloud encryption software market share, leading competitor and their market positions.

The Table Of Content For The Cloud Encryption Software Market Include

1. Cloud Encryption Software Market Executive Summary
2. Cloud Encryption Software Market Segments
3. Cloud Encryption Software Market Size And Template Market Growth Rate
4.  Key Cloud Encryption Software Market Trends
5. Major Cloud Encryption Software Market Drivers
……
25. Key Mergers And Acquisitions In The Cloud Encryption Software Market
26. Top Cloud Encryption Software Companies
27. Cloud Encryption Software Market Opportunities And Strategies
28. Cloud Encryption Software Market, Conclusions And Recommendations
29. Appendix

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