Technological Innovations May Be Key to Boosting Market Share in Global Cloud Encryption Market, TMR Says
A fresh market intelligence study by Transparency Market Research (TMR) reveals the global cloud encryption market to be largely consolidated with the dominance of a few well-entrenched players that hold the key market share.
The leading players, namely CipherCloud Inc., Hytrust Inc., Gemalto NV, IBM Corporation, Netskope Inc., Secomba GmbH, Skyhigh Networks, Sophos Group Plc., Symantec Corporation, and Thales e-Security Inc., are engaged in technological innovations that will help them gain competitive advantage in a bid to strengthen their foothold.
For example, in September 2017, SonicWall Inc. released a range of advanced cloud security products such as SonicWall Cloud Analytics application for automated breach detection and deep security data analysis.
At the forefront of driving the global cloud encryption market is the dire need to encrypt data before it is transferred to the cloud for storage. Growing demand for security capabilities offered by cloud encryption solutions is leading to the increased penetration and growth of cloud encryption market globally.
Further, the increasing adoption of advanced data storage technology and data storage architecture by small and medium enterprises (SMEs) is leading to the increased penetration of cloud encryption solutions.
The trend is noticeable among SMEs in countries such as China, India, and Japan due to the rising adoption of software as a service (SaaS) distribution model. SMEs are increasingly switching from in-house data center to cloud for various applications that helps saves running and managing cost of their data centers. The use of cloud also helps accelerate the application delivery process.
The increasing adoption of software as a service (SaaS) and infrastructure as a service (IaaS) models predominantly in developed economies is positively influencing cloud encryption market. For instance, in North America, agencies that are involved in providing cloud based services and solutions are entering into collaborations with each other and are focused to offer various advanced technologies to consumers.
Further, the early adoption of bring-your-own-device (BYOD) practices and rapid advancements in cloud technology in order to provide high security to private and confidential data is stoking the demand for cloud encryption solutions.
On the other hand, in developing regions, rising complexities of IT systems and capability to deploy new applications are anticipated to boost the cloud encryption market. For instance, China and India contribute significant revenue to the Asia Pacific cloud encryption market.
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