Cloud encryption is a service provided by cloud security organizations that studies different algorithms for converting data or text into encrypted code. Encryption is considered as one of the most effective methods to data security, running the content of some system, database, or file in such a way that it is difficult to decode without a decryption key.

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By implementing encryption and managing secure encryption management, companies can ensure that only authorized users have access to sensitive data. Even though stolen, accessed, or lost without authorization, encrypted data is unreadable and basically meaningless without its key. The scrambled code sent to the cloud. The data is kept secure, due to cloud data encryption code have been decrypted with a data encryption key.

Major players analyzed include Check Point Software Technologies Ltd., Cisco Systems, Inc., Dell Technologies Inc., Hewlett Packard Enterprise Co., International Business Machines Corp., Microsoft Corp., Sophos Ltd., Symantec Corp., Thales Group, and Trend Micro Inc.

The growing demand for SME integrated data protection solutions, growing concerns related to critical data loss, strict regulatory standards and data privacy compliance are the major factors driving the growth of cloud encrypted software market. However, complexities in effective management of encryption key hamper the market growth. Contrarily, the exponential increase in the adoption of cloud and virtualization technologies and increased adoption of encryption software across industries are the opportunity factors of the global market. 

SMEs have strict security measures for protecting their networks, data, applications and endpoints. The demand for cloud-based solutions is growing rapidly across enterprises as the leading delivery model will be necessary to meet IT security requirement. Cloud deployment provides scalability, flexibility, and cost-effectiveness to simplify business operations. With SMEs turning their attention to cloud solutions, cloud encryption solutions and service providers are expected to expect increasing opportunities to protect SME data from security breaches.

For instance, in 2018, the European Banking Authority (EBA) enacted security rules for financial institutions regarding Internet payment services. Payment Service Provider (PSP) Responsibilities For example, PSPs must ensure the use of end-to-end encryption when exchanging sensitive data over the Internet between the parties communicating to protect the privacy and integrity of the data. Therefore, more number of such integration expected to create the demand for cloud encryption software.

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