Encryption as a Service Market Growth,
Trends, and Future Forecast 2030 | Top key players - AWS (US), Cisco (US), HashiCorp (US)

The global Encryption
as a Service Market size is projected to grow from USD 1.57 billion in
2024 to USD 5.98 billion by 2030 at a Compound Annual Growth Rate (CAGR) of
24.9% during the forecast period.

Growth in concerns over loss of critical data and the need to
comply with rigorous data protection regulations drive the encryption as a
service market. With an increasing number of organizations migrating to digital
platforms, the risk of a data breach has increased, leading organizations to
invest in robust encryptions that can safeguard such sensitive
information.  Also, regulations such as the General Data Protection
Regulation (GDPR) mandate that a firm should maintain tough practices toward personal
data, and non-compliance with such regulations may result in severe penalties.
Managing large volumes of data while adhering to diverse regulatory standards
has made encryption a strategic priority for businesses.

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Based on the service type, the application-level
encryption as a service segment is expected to grow at the highest
CAGR during the forecast period.

The application-level encryption as a service segment is
growing within the encryption as a service market is driven by the rising need
for enhanced data security across industries. Organizations increasingly
implement cloud-based solutions, and thereby, the application-level encryption
requirements have increased to a large extent, especially within sensitive
sectors like healthcare and finance. Regulation compliance requirements also
are pushing firms to create application-level encryption as the best measure of
ensuring accurate data integrity and privacy. The company, therefore, creates
innovative encryption techniques for application integration as they improve
defense techniques to help cope with future and changing security threats.

By vertical, the BFSI segment accounts for the largest
market size during the forecast period.

The BFSI segment holds the largest market share in the
encryption as a service market, due to its strong necessity for data security.
The banking, financial services, and insurance sectors deal with large amounts
of sensitive data in the form of customer information and transaction records
which are very vulnerable to cyber attacks. The increase in data breach
incidents has enhanced the need for strong encryption products to protect that
data. As the BFSI sector is becoming increasingly cloud-based, advanced
encryption technologies are in high demand to deal with the new vulnerabilities
and stringent regulations of unauthorized access. Growing complexity in
financial operations and sophistication of cyberattacks make the need for
effective encryption services more pressing. It not only mitigates risk but
also boosts customer confidence in digital banking. The adoption of new
technologies such as AI and ML improves the sector's encryption. As financial
institutions continue to digitize their operations, encryption remains at the
center of ensuring data integrity and security.

By region, Asia Pacific is expected to grow at the highest
CAGR during the forecast period.

The Asia Pacific region is one of the most rapidly growing in
terms of the encryption as a service market. Increased investment by
governments and private companies into cybersecurity has created huge demand in
China, India, and Japan. Robust data protection frameworks are being introduced
by the governments while the business sectors are resorting to encryption
solutions in the face of mounting cyber threats to sensitive information with
cloud-based services. The growing awareness of data security needs among
organizations, coupled with the shortage of skilled cybersecurity
professionals, has fueled demand for consulting services to facilitate the
effective deployment of encryption technologies. Advances in technology and the
adoption of IoT and BYOD policies have heightened the need for robust
encryption solutions to ensure data integrity and privacy. As businesses in the
region focus more on cybersecurity, the EaaS market will expand significantly
because of the threat of data breach and the new regulatory standards emerging
in the Asia Pacific region.

Top Companies in the market

AWS (US), Cisco (US), HashiCorp (US), Google (US),  Box
(US), IBM (US), Microsoft (US), Utimaco (Germany), CLAI PAYMENTS (US), Retarus
(Germany), Intermedia (US), Thales (France), Network Fish (UK), StorMagic (UK),
Bluefin (Georgia), Cogito Group (Australia), Kloch (US), Virtru (US), Tencent
Cloud (China), GarbleCloud (US), Proton (Switzerland), Fortanix (US), Akeyless
(US), NordLocker (Netherlands), Piiano (Israel), and Delinea (US) are the key
players and other players in the encryption as a service market.

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