Enterprise Key Management Market Research Report- Forecast till 2023
The global enterprise key management market is predicted to touch USD 2,565 million at a whopping 18.3% CAGR between 2017- 2023 forecast period, asserts the recent Market Research Future (MRFR) analysis. Enterprise key management, simply put, is a crucial component of data solutions which includes dealing and managing with replacement, destruction, use, storage, exchange, and generation of cryptographic keys which encrypt various data sources like data over cloud environment, backup tapes, big data repositories, disk drives, databases, and emails. This protects cryptographic keys all through their lifecycle as well as restrains users that are unauthorized from accessing the data or the keys.
Various factors are propelling the global enterprise key management market growth. According to the latest MRFR report, such factors include rising data breaches, stringent regulations, loss of confidential data, and compliance standards for safeguarding sensitive data from malicious users. Additional factors adding market growth include the shift of companies to a digital environment to provide digital services & the requirement to safeguard an ample amount of sensitive data
On the contrary, the complexity of enterprise key management and the COVID-19 pandemic impact are factors that may limit the global enterprise key management market growth during the forecast period.
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The MRFR provides an inclusive segmental analysis of the global enterprise key management market based on end users, organization size, applications, deployment type, and services type.
By service type, the global enterprise key management market is segmented into managed, professional, and others. Of these, the managed service type will lead the market over the forecast period as it helps to reduce expenses, help businesses lay emphasis on core competencies, and improve operational efficiency.
By deployment, the global enterprise key management market is segmented into cloud, on-premises, and others. Of these, cloud deployment will dominate the market over the forecast period as it offers high control and security & the ability to choose resources.
By application, the global enterprise key management market is segmented into database encryption, disk encryption, file/folder encryption, cloud encryption, communication encryption, and others. Of these, cloud encryption will have a major share in the market over the forecast period for the need to safeguard huge data volume and rising investments in cloud encryption solutions.
By organization size, the global enterprise key management market is segmented into large enterprises and small & medium-sized enterprises (SMEs). Of these, the SMEs will have a major share in the market over the forecast period for the burgeoning demand for secure IT infrastructure and increasing emphasis on the use of advanced IT technologies.
By end user, the global enterprise key management market is segmented into telecommunications, government and defense, industries, tourism, transportation, automotive, education, healthcare, aerospace, and others.
By region, the global enterprise key management market report covers the growth opportunities and recent trends across North America, Europe, the Asia Pacific (APAC), & the Rest of the World (RoW). Of these, North America will dominate the market over the forecast period. The presence of leading companies such as Amazon Web Services that offers the most secure and flexible cloud computing environments that are driving a new generation of collaboration for organizations and business productivity is adding to the global enterprise key management market growth in the region.
The global enterprise key management market in Europe is predicted to hold the second-largest share over the forecast period. Several companies utilizing encrypted data which restricts the perils related to the electronic transactions in enterprise key management is adding to the global enterprise key management market growth in the region.
The global enterprise key management market in the APAC region is predicted to grow at a fast pace over the forecast period. Increasing use of electronic equivalent over handwritten signatures and heavy contribution by India, Japan, and China to the already existing positive performance of the global enterprise key management market is adding to the global enterprise key management market growth in the region.
The global enterprise key management market in the RoW is predicted to have sound growth over the forecast period.
Key players profiled in the global enterprise key management market include Oracle Corporation (US), Venafi, Inc. (US), RSA Security LLC (US), Gemalto NV (Netherland), Amazon Web Services, Inc. (US), International Business Machines Corporation (US), Hewlett Packard Enterprise Company (US), Virtucript, LLC (U.S), Sun Microsystems, Inc. (U.S), and Thales e-Security, Inc. (France).
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Global Enterprise Key Management Market, By Services Types (Managed services and Professional Services), Deployment Type (Cloud, On-Premises), Organization Size (Small and Medium-Sized Enterprises and Large Enterprises), By Application, by End Users (Commercial, Consumer, Government, Healthcare), By Region – Forecast 2023
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