Key Findings of Global Cloud Encryption Market
The latest market research report by Technavio on the global cloud encryption market predicts a CAGR of close to 35 percent during the period 2018-2022.
The report segments the global cloud encryption market by end-user (BFSI, manufacturing, professional services, healthcare, and government) and by geography (the Americas, EMEA, and APAC). It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Increasing demand to counter IT shadow
IT shadow is increasing along with growing businesses owing to rapid digitalization. Today’s market scenario states that the internal business units are operating groups, which often bypass IT services and security controls. Even though it will speed up the process, at the same time it may open back doors to security vulnerability in the system. This may lead to permanent damage to the system and cost money. Companies are trying to create awareness about such threats of cloud IT shadow.
Monitoring tools offer the best solution to prevent shadow IT, which improves the network's performance and decreases its misuse simultaneously. Another method which ensures compliance is when the data is encrypted, and an intelligent encryption key management model is implemented. This will limit the access to the data and only allow access to authorized personnel.
There are two models for encrypted data that needs to be considered; one is where the enterprise controls and manages encryption keys, and the other model is where the CSP manages the keys. It is recommended that enterprises own and manage their keys to ensure that the cloud encryption is secure.
