Enterprise Key Management Market Research Report- Forecast till 2027
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.
The global Enterprise Key Management System Market is touted to touch a valuation of USD 2,565 million by 2022, as per MRFR. It is expected to reach this mark at 18.3% CAGR from 2017 and 2023 (forecast period). The protection required by cryptographic keys for protecting the data of emails, backup data, databases, and big data repositories can be delivered by EKM. Rise of data breaches as exemplified by the recent hacking of Equifax can push the enterprise key management demand till 2023.
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.
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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.
Key enterprise key management vendors include Gemalto NV, Hewlett Packard Enterprise Company, International Business Machines Corporation, Sun Microsystems, Inc., Virtucript, LLC, Oracle Corporation, Amazon Web Services, Inc., RSA Security LLC, Venafi, Inc., Thales e-Security, Inc., and others.
The global enterprise key management market is segmented by services type, deployment type, application, organization size, and end-user.
By services type, it is segmented into professional services, managed services, and others. The managed services segment can exhibit a high CAGR during the forecast period due to need for segregating and managing confidential data of clients in a responsible manner. Deployment of cloud computing in enterprises has pushed the demand for managed services which can encrypt data securely on the premises as well as on servers.
By deployment type, it is segmented into on-premise, cloud, and others. The cloud segment is predicted to exhibit a strong growth rate due to flexibility and security provided by cloud solutions. This solution appeals to large organizations requiring control over the process in every step.
By application, it is segmented into file/folder encryption, cloud encryption, communication encryption, database encryption, disk encryption, and others. The cloud encryption segment can enjoy a windfall due to heavy investments in cloud.
By organization size, it is segmented into small and medium-size enterprises (SMEs) and large enterprises. SMEs can command a large market share till 2023 due to demand for IT infrastructure and adoption of advanced IT technologies.
By end-user, the enterprise key management market caters to education, government, manufacturing, healthcare, automotive, commercial, BFSI, IT & telecommunications, and others.
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List of Figures
FIGURE 1 RESEARCH METHODOLOGY
FIGURE 2 ENTERPRISE KEY MANAGEMENT MARKET: BY SERVICES TYPE
FIGURE 3 ENTERPRISE KEY MANAGEMENT MARKET: BY DEPLOYMENT TYPE
FIGURE 4 ENTERPRISE KEY MANAGEMENT MARKET: BY APPLICATIONS
FIGURE 5 ENTERPRISE KEY MANAGEMENT MARKET: BY ORGANIZATION SIZE
FIGURE 6 ENTERPRISE KEY MANAGEMENT MARKET: BY END-USER
FIGURE 7 ENTERPRISE KEY MANAGEMENT MARKET: BY REGION
FIGURE 8 NORTH AMERICA ENTERPRISE KEY MANAGEMENT MARKET, BY SERVICES TYPE
FIGURE 9 NORTH AMERICA ENTERPRISE KEY MANAGEMENT MARKET, BY DEPLOYMENT TYPE
FIGURE 10 NORTH AMERICA ENTERPRISE KEY MANAGEMENT MARKET, BY APPLICATIONS
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