LONDON--(BUSINESS WIRE)--The cloud encryption software market is expected to grow by USD 2.82 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. The impact can be expected to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth according to the latest market research report by Technavio.
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Market estimates include pre- and post-COVID-19 impact on the cloud encryption software market
The increasing use of in-built cloud encryption solutions is expected to drive the growth of the market. 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 important data and information through encryption. Various organizations are adopting in-built cloud encryption software to mitigate the possibility of data breaches. In addition, 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.
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The global outbreak of COVID-19 is expected to have a neutral impact on the growth of the global cloud encryption software market. The global market is not expected to see any major impact of COVID-19 spread. One of the key factors for the market to sustain is the increased efforts of companies to provide work from home facilities to their employees due to lockdown across various countries. This increases the chances of data breaches and cyber thefts, thereby driving the demand for cloud encryption solution.
As per Technavio, the growing adoption of biometric encryption will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Cloud Encryption Software Market: Growing Adoption of Biometric Encryption
The growing adoption of biometric encryption is 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. A fingerprint scan to access office premises is one such example. Biometric devices also 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 hence, expected to increase from SMEs as the solution is affordable.
“The rising digitization will have a significant impact on the growth of the cloud encryption software market value during the forecast period,” says a senior analyst at Technavio.
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Cloud Encryption Software Market: Segmentation Analysis
This market research report segments the cloud encryption software market by end-user (BFSI, manufacturing, professional services, healthcare, and others) and geography (North America, Europe, APAC, South America, and MEA).
The North American region led the cloud encryption software market share in 2019, followed by Europe, APAC, South America, and MEA respectively. During the forecast period, the North American region is expected to register the highest incremental growth due to factors such as the rising demand for security solutions from a majority of data centers, and growing adoption of biometric encryption.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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