Encryption as a Service Market worth $5.98 billion by 2030- Exclusive Report by MarketsandMarkets™

Browse in-depth TOC on "Encryption as a Service Market " Browse in-depth TOC on "Encryption as a Service Market " 279 – Tables 50 - Figures 239 – Pages Download PDF Brochure @   https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=3039202 Scope of the Report 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...
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Browse in-depth TOC on "Encryption as a Service Market "

279 – Tables
 50 - Figures
239 – Pages

Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=3039202

Scope of the Report

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.

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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.

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Top Key Companies in Encryption as a Service 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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