Encryption as a Service Market Size Worth USD 14,302.03 Million by 2034 | CAGR: 24.8%

The global encryption as a service market size is expected to reach USD 14,302.03 million by 2034, according to a new study by Polaris Market Research. The report “Encryption as a Service Market Size, Share, Trends, Industry Analysis Report: By Service Type (Data Encryption as a Service, Management Encryption as a Service, Email Encryption as a Service, Application-Level Encryption as a Service, and Other), Organization Size, Industry Vertical, and Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) – Market Forecast, 2025 - 2034” gives a detailed insight into current market dynamics and provides analysis on future market growth.

Encryption as a service (EaaS) is a cloud-based solution that provides encryption capabilities to businesses and individuals, enabling them to secure their data without managing the complexities of encryption themselves. Organizations must ensure that sensitive data is protected, whether it is at rest, in transit, or in use, as cybersecurity threats continue to rise. EaaS offers a streamlined and scalable approach to encryption, allowing companies to integrate robust security measures without significant investment in infrastructure, expertise, or ongoing maintenance.

The growing smartphone adoption coupled with rising adoption of mobile health applications boost demand for encryption as a service. Smartphones lead to an increase in sensitive activities such as banking, online shopping, and communication, creating vulnerability to cyber threats. This drives smartphone owners to adopt encryption as a service to protect their sensitive data.

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EaaS providers offer encryption solutions that are easy to deploy and manage, making security accessible to organizations of all sizes. These services typically involve encrypting files, databases, emails, and network traffic to protect data from unauthorized access. Businesses often store vast amounts of sensitive data in cloud environments, making encryption a critical requirement. EaaS solutions ensure that data remains encrypted throughout its lifecycle, mitigating risks associated with data breaches, insider threats, and compliance violations.

Encryption as a Service Market Report Highlights

• In terms of service type, the data encryption as a service segment held the largest market share in 2024 due to the rising concerns over data breaches, stringent regulatory requirements, and the rapid adoption of cloud computing
• Based on organization size, SMEs are projected to witness the fastest growth during the forecast period due to the rising number of cyberattacks targeting smaller businesses.
• In the global market, North America dominated the encryption as a service market share in 2024 due to the strong presence of major technology companies, stringent data protection regulations, and rising cyber threats.
• Some of the global key market players are Akeyless, AWS, Bluefin, Box, Cisco, CLAI PAYMENTS, Cogito Group, Fortanix, GarbleCloud, Google, HashiCorp, IBM, Intermedia, Kloch, Microsoft, Network Fish, NordLocker, Piiano, Proton, Retarus, StorMagic, Tencent Cloud, Thales, Utimaco, and Virtru.

Polaris Market Research has segmented the encryption as a service market report based on service type, organization size, industry vertical, and region:

By Service Type Outlook (Revenue, USD Million, 2020-2034)

• Data Encryption as a Service
• Management Encryption as a Service
• Email Encryption as a Service
• Application-level Encryption as a Service
• Other

By Organization Size Outlook (Revenue, USD Million, 2020-2034)

• Large Enterprises
• SMEs

By Industry Vertical Outlook (Revenue, USD Million, 2020-2034)

• BFSI
• Aerospace & Defense
• Government & Public Utilities
• IT & Telecommunications
• Healthcare
• Retail
• Other

By Regional Outlook (Revenue, USD Million, 2020-2034)

• North America
  • US
  • Canada
• Europe
  • Germany
  • France
  • UK
  • Italy
  • Spain
  • Netherlands
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Malaysia
  • South Korea
  • Indonesia
  • Australia
  • Vietnam
  • Rest of Asia Pacific
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Israel
  • South Africa
  • Rest of Middle East & Africa
• Latin America
  • Mexico
  • Brazil
  • Argentina
  • Rest of Latin America

Encryption as a Service Market Report Scope