Key Findings of the Global Cloud Encryption Market | Technavio

The latest market research report by Technavio on the global cloud encryption market predicts a CAGR of close to 35% during the period 2018-2022.

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Technavio has published a new market research report on the global cloud encryption market from 2018-2022. (Graphic: Business Wire)

The report segments the global cloud encryption market by end-user (BFSI, manufacturing, professional services, healthcare, and government) and by geography (the Americas, EMEA, and APAC). It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.

Here are some key findings of the global cloud encryption market, according to Technavio ICT researchers:

• Increasing demand to counter IT shadow: a major market driver
• Growing adoption of biometric encryption: emerging market trend
• The Americas dominated the global cloud encryption market with 35% share in 2017
• In 2017, BFSI dominated the market with 43% of the market share

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Increasing demand to counter IT shadow: a major market driver

IT shadow is increasing along with growing businesses owing to rapid digitalization. Today's market scenario states that the internal business units are operating groups, which often bypass IT services and security controls. Even though it will speed up the process, at the same time it may open back doors to security vulnerability in the system. This may lead to permanent damage to the system and cost money. Companies are trying to create awareness about such threats of cloud IT shadow.

Monitoring tools offer the best solution to prevent shadow IT, which improves the network's performance and decreases its misuse simultaneously. Another method which ensures compliance is when the data is encrypted, and an intelligent encryption key management model is implemented. This will limit the access to the data and only allow access to authorized personnel. There are two models for encrypted data that needs to be considered; one is where the enterprise controls and manages encryption keys, and the other model is where the CSP manages the keys. It is recommended that enterprises own and manage their keys to ensure that the cloud encryption is secure.

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Growing adoption of biometric encryption: emerging market trend

Cloud-related technology is being increasingly adopted in the market as it can connect multiple users anywhere in the world to exchange data. Apart from the multiple benefits it provides, cloud-related technology faces the biggest challenge in terms of security. Various measures have been taken to make cloud secure. For example, password and smart card authentication have proven to be insufficient to secure the cloud and reduce threats fully. To prevent security threats, players in the market are implementing new, secure solutions that are clubbed together under biometric system integration.

According to a senior analyst at Technavio for research on IT security, "Fingerprint technology is a well-known and widely used biometric solution by consumers. Cloud computing helps in registering users in a cloud-connected biometric system. Before registering the user into the system, multiple biometric fingerprints are taken. User authentication is initiated only after the completion of the identity verification by the system. The same biometric system is then put into action and to gain access to the desired cloud service a user needs to pass the authentication procedure."

Global market opportunities

In terms of regional dominance, the Americas led the global cloud encryption market, followed by EMEA and APAC in 2016. Countries such as the US, Canada, and Mexico are the most extensive cloud encryption market hubs in the world. The rising demand for cloud services in all sectors is expected to drive the growth in the market. However, the market share of the Americas is expected to decline during the forecast period due to the early adoption of technologies and early availability of substitute products as compared to other countries.

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