LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global cloud encryption software market to grow at a CAGR of close to 35% during the period 2018-2022, according to their latest market research report.
In this report, Technavio highlights the growing adoption of biometric encryption as one of the key emerging trends in the global cloud encryption software market. Biometric verification allows access to a system by recognizing distinctive biological traits such as fingerprint, voice, iris, or facial lineaments. Fingerprint scan to access office premises is one such example. Biometric devices store sensitive information. Thus, players in the market are offering biometric encryption systems to end-user industries to deal with the increasing security threats. The demand for biometric encryption is expected to increase from SMEs as the solution is affordable.
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In this report, Technavio analysts highlight the increasing use of in-built cloud encryption solutions as a key factor contributing to the growth of the global cloud encryption software market:
Global cloud encryption software market: Increasing use of in-built cloud encryption solutions
Location-independent tasks and cloud hosting requires cloud encryption software for data and business security along with the adoption of the Software as a Service method. Cloud encryption software delivers data security by masking the important data and information through encryption. Various organizations are adopting to in-built cloud encryption software, to mitigate the data breaches. The increasing penetration of encryption solutions will help players gain market share and build an extensive customer base.
According to a senior analyst at Technavio for enterprise application, “The increasing use of mobile devices is creating a need to protect personal information, which will drive the demand for in-built cloud encryption during the forecast period. Players in the market for in-built cloud encryption software are developing software to provide improved security and gain market share. Use of in-built cloud encryption software is growing, due to ease of deployment and better protection than traditional IT methods.”
Global cloud encryption software market segmentation
This market research report segments the global cloud encryption software market into the following end users (BFSI, manufacturing, professional services, healthcare, and government) and key regions (the Americas, APAC, and EMEA).
Of the five major end users, the BFSI segment held the largest market share in 2017, accounting for nearly 43% of the market. The market share for this application is expected to increase nearly 3% by 2022. The fastest growing end user is government, which will account for nearly 7% of the total market share by 2022.
The Americas was the leading region for the global cloud encryption software market in 2017, accounting for a market share of nearly 35%. In the Americas, stringent regulations regarding data privacy is driving the market. By 2022, APAC is expected to register the highest growth owing to the continuous growth of the IT infrastructure in the region.
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