Cloud storage environment permits the data holders to store their private data on remote cloud computers. Ciphertext Policy Attribute Based Encryption (CP-ABE) is an advanced method that assigns fine-grained access control and provides data confidentiality for accessing the cloud data. CP-ABE methods with small attribute universe limit the practical application of CP-ABE as the public parameter length linearly increases with the number of attributes. Further, it is necessary to provide a way to perform complex calculations during decryption on outsourced devices. In addition, the state-of-art techniques found it difficult to trace the traitor as well as revoke their attribute due to the complexity of ciphertext updation. In this paper, a concrete construction of CP-ABE technique has been provided to address the above limitations. The proposed technique supports large attribute universe, proxy decryption, traitor traceability, attribute revocation and ciphertext updation. The proposed scheme is proven to be secure under random oracle model. Moreover, the experimental outcomes reveal that our scheme is more time efficient than the existing schemes in terms of computation cost.