Market Synopsis:
The global enterprise key management market is set to reach the value of USD 2,565 million by 2023. It is expanding at a luxurious CAGR of 18.3% during the forecast period (2017-2023), asserts Market Research Future (MRFR). Enterprise key management is a vital component of data encryption solutions that involves managing and dealing with generation, exchange, storage, use, destruction, and replacement of cryptographic keys that encrypt different data sources such as emails, databases, disk drives, big data repositories, backup tapes, and data over cloud environments. It protects cryptographic keys throughout their lifecycle and also restrains unauthorized users from accessing the keys or data.
The Encryption key management is administering the full lifecycle of cryptographic keys. The lifecycle includes generating, using, storing, archiving, and deleting of keys. Managed services segment is expected to grow at a higher CAGR as the increasing need of managing high-profile data and segregating it according to the rules and policy of the industries is very much essential in a secure way, which therefore have enhanced the demand for enterprise security. According to the report, 43% of cyber security breaches were caused by internal activities or an organization.
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Major key Players
Hewlett Packard Enterprise Company (U.S.),
International Business Machines Corporation (U.S.),
Amazon Web Services, Inc. (U.S.),
Gemalto NV (Netherland),
RSA Security LLC (U.S.),
Thales e-Security, Inc. (France),
Sun Microsystems, Inc. (U.S.),
Virtucript, LLC (U.S.),
Venafi, Inc. (U.S.) and Oracle Corporation (U.S.) among others are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Enterprise Key Management Market.
According to MRFR, The global The Enterprise Key Management Market is expected to grow at USD ~$2,565 Million by 2023, at ~18.3% of CAGR between 2017 and 2023.
Industry Trend
August 2018 – Digital security agency Gemalto has installed a new virtual key management solution called afeNet Virtual KeySecure. The solution allows the clients to enforce control over encryption keys and data policies on the cloud. Technological development is an industry trend that is gaining momentum as market players are striving to get ahead in the intensely competitive global market.
Enterprise Key Management Market: Drivers and Restraints
Increasing data breaches results in surging demand for enterprise key management
The market growth is backed by a couple of factors such as increasing number of data breaches and loss of confidential data, stringent regulations and compliance standards to safeguard sensitive data from malicious users. These factors have resulted in implementation of advanced enterprise security solutions across various industries.
In simple words, the shift of organizations toward a digital environment to offer digital services and the need to protect large volumes of sensitive data are deemed to fuel the growth of the enterprise key management market.
Complexity of enterprise key management could curb market growth
Enterprise key management is a highly complex process; thus, the time consuming and complicated nature of the system may consolidate the market growth in coming years. However, with adoption of cloud-based computing along with an increase in encryption of data, the demand for the enterprise key management solution has grown significantly.
Regional Analysis
The regional analysis of enterprise key management market has been studied for regions, namely Asia Pacific (APAC), North America, Europe and Rest of the World.
The North America market is soaring high on the back of companies like Amazon Web Services which provides the most flexible and secure cloud computing environments driving a new generation of business productivity and collaboration for organizations. Presence of many such vendors has fueled the market growth in the region.
The Europe region is subject to a high market growth on account of several companies using the encrypted data that limits the risk associated with the electronic transactions in the enterprise key management.
APAC countries such as China, Japan, and India are contributing heavily to the already positive performance of the enterprise key management market. Developing economies such as China use the method of replacing the handwritten signatures with the electronic equivalent. These factors have resulted in a phenomenal market surge in the region and will continue with the trend in coming years.
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Intended Audience
- System Security
- Key management vendors
- Encryption software Vendors
- Enterprise Key Management instrument
- Research organizations
- Analysts and strategic business planners
- Technology investors
- Security software Vendors
- System integrators
- Research/Consultancy firms
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