Cloud encryption is a part of enterprise key management and used in securing the data transferred to the cloud. It includes creation, maintenance, access, and deletion. The global cloud encryption market report by Market Research Future (MRFR) takes a deeper look into the industry and outlines projections for the period for 2017 to 2023 (forecast period). The COVID-19 pandemic and its implications on the industry are explored in the report.
The cloud encryption market is expected to grow at approximately USD 2,959 million by 2023 at 29% CAGR over the forecast period. Cloud solution accounts for highest market share as it helps enterprises by minimizing cost associated with the IT infrastructure. Cloud solution enables enterprise to focus on core business competencies. It provides enterprises with data protection and security, efficiently manages data storage and privacy issues, offers data integrity and provides information related to governance and make enterprise legally prepared.
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North America holds largest market share in cloud encryption market owing to presence of global players in United States and leader in technology gives main advantage to North America. Access to smartphones and penetration of Internet and broadband services and demand for increased data speeds can boost the demand for encryption services. Establishment of data centers and strategy for expanding business operations by companies can boost regional demand.
Europe holds the second biggest market position and induces demand for cloud encryption due to improved net connectivity and mobile subscribers. Negligible effects of the COVID-19 pandemic on cloud computing can bode well for the global market. Large number of cloud startups due to the emergence of internet of things and the use of cloud for supporting remote work can spur market growth.
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