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. The encryption as a service market is influenced by the increasing adoption of cloud and rising threats in terms of critical data loss. As the operations of organizations shift to cloud environments, such threats increase with regards to data breaches and unauthorized access, hence creating a need for robust encryption solutions to protect sensitive information as well as ensure data privacy and integrity. Major cloud service providers such as AWS and Cisco offer integrated encryption capabilities, making it easy to adopt, which drives the expansion of the market. In addition to this, a significant increase in cyber threats along with cases of data loss has increased business awareness about the severe implications of financial and reputational blow-out risks due to data breaches.
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What is Encryption as a Service?
According to MarketsandMarkets, “Encryption as a Service (EaaS) is a cloud-based solution that enables organizations to encrypt data at rest and in transit using advanced cryptographic techniques. This service simplifies the implementation of robust encryption strategies by eliminating the need to manage complex infrastructure, ensuring data confidentiality and integrity while adapting to the varying needs of businesses.”
Top Companies in Encryption as a Service Industry Include:
The Encryption as a service market is led by some of the globally established players, such as 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), and Kloch (US).The market players have adopted various strategies, such as developing advanced products, partnerships, contracts, expansions, and acquisitions, to strengthen their position in the encryption as a service market. The organic and inorganic strategies have helped the market players expand globally by providing advanced encryption as a service solutions.
Amazon Web Services (AWS) is the subsidiary of Amazon that operates leading on-demand cloud computing platforms and APIs. It offers more than 200 flexible and scalable services, from computing power, storage, databases, networking, analytics, machine learning, and security solutions. These are designed for all sizes of business to minimize their physical hardware use as much as possible. In the Encryption as a Service market, AWS offers strong data security solutions such as the AWS Key Management Service (KMS), which allows users to create and manage encryption keys across various services. AWS supports a wide range of sectors such as finance, healthcare, manufacturing, IT and telecommunications, retail and government, with a worldwide infrastructure that spans areas including North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America. This empowers the clients in 245 countries and territories to innovate and scale effectively.
Cisco is a worldwide technology leader providing networking hardware, software, and high-technology services. Ranging from routers, switches, wireless systems, security appliances, collaboration tools such as Webex, data center solutions for enterprise, service providers, small and mid-size businesses. Cisco's Email Encryption Service enables users to send and receive encrypted emails for confidential information in the encryption as a service market. It helps in cyber threats prevention as it enhances the organization's cybersecurity framework and provides regulatory compliance. Cisco caters to various industries such as healthcare, education, financial services, government, and retail. It operates in the North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America.
HashiCorp is a software firm established in the United States that specializes in infrastructure automation and security solutions, such as encryption services. HashiCorp Vault is a prominent product in the Encryption as a Service (EaaS) market, providing secret management, encryption, and access control to safeguard sensitive data in both cloud and on-premises situations. Vault allows organizations to manage encryption keys, secure application credentials, and enforce role-based access, making it the ideal solution for enterprises looking for scalable and automated data security. HashiCorp's open-source and business services address security, compliance, and DevSecOps requirements in modern cloud-native infrastructures.
Google, the tech behemoth headquartered in the United States, offers Encryption as a Service (EaaS) solutions via its Google Cloud Platform (GCP). Its primary solutions include Cloud primary Management Service (KMS), Cloud HSM, and Confidential Computing, which allow enterprises to encrypt data at rest, in transit, and during usage. Google's encryption services link with its AI, analytics, and storage products, allowing businesses to maintain control over cryptographic keys while adhering to legal requirements. Google's encryption solutions, which include built-in security measures and advanced threat detection, support zero-trust architectures and improve data protection for cloud-based apps.
Box, a cloud document management and collaboration platform founded in the United States, provides enterprise-grade security solutions that include encryption as a service (EaaS). Box Shield and Box KeySafe provide strong encryption for data both at rest and in transit, allowing enterprises to control and manage their encryption keys. Box's integrations for compliance frameworks and advanced threat detection provide secure file sharing, collaboration, and data governance across industries. Its encryption services improve security for businesses implementing cloud-first strategies while ensuring regulatory compliance and data sovereignty.
Related Reports:
Encryption as a Service Market by Service Type (Data Encryption as a Service, Key Management as a Service, Email Encryption as a Service, Application-Level Encryption as a Service), Organization Size, Vertical, and Region - Global Forecast to 2030
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