Enterprise Key Management Market
Enterprise Key Management Market
Enterprise key management Market – Global Growth, Share, Trends, Demand and Analysis Report Forecast 2028
— Prakash Torase
SUITE N202, NEW YORK, UNITED STATES, January 18, 2023 /EINPresswire.com/ — The global enterprise key management market was worth around USD 1,621.9 million in 2021 and is estimated to grow to about USD 4794.7 million by 2028, with a compound annual growth rate (CAGR) of approximately 19.8 percent over the forecast period. The report analyzes the enterprise key management market’s drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the enterprise key management markets.
Enterprise key management systems and solutions are used by organizations to bolster the security of their data and assets by generating encrypted keys which only certain people or authorities have access to hence ensuring increased security. As the world is moving towards complete digitization the enterprise are opting for additional layers of security to ensure the privacy of data is maintained.
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Increasing instances of cyberattacks and cyber threats have also bolstered the demand for enterprise key management. Large enterprises and SMEs alike are adopting enterprise key management solutions to bolster security, however, SMEs are expected to see adoption at a faster rate over the forecast period. Increasing internet penetration and digitization on a global scale are also expected to favor enterprise key management market potential in a positive manner.
The complex nature of enterprise key management solutions and systems is expected to have a hindering effect on the global enterprise key management market potential through 2028. Enterprise key management companies are working on simplifying these systems to ease promote adoption and boost growth. Other factors such as high costs of integration and lack of skilled workforce to manage and install these enterprise key management solutions are also expected to hamper the enterprise key management market growth in the long term.
The pandemic of 2020 resulted in the massive adoption of online solutions across multiple industry verticals and this had a positive impact on the enterprise key management market potential. However, the lockdown restrictions did not allow the market to grow to its full potential and hence the growth was limited in 2020.
Global Enterprise key management Market
The enterprise key management market is expected to rise at an impressive CAGR in the post-pandemic era as the adoption of digital and cloud based technologies increases in multiple organizations. Increasing internet proliferation and rising concerns for enterprise security will further cement the enterprise key management market growth potential through 2028
The global enterprise key management market is segregated based on component, deployment mode, organization size, application, vertical, and region. Based on vertical, the global market is distinguished into Banking, Financial Services, and Insurance, Healthcare, Government, Information Technology (IT) and telecom, Retail, Aerospace and defense, Energy and utilities, Manufacturing, Others (transportation, education, and tourism). The BFSI segments are expected to lead the enterprise key management market growth curve over the forecast period. Rising concerns about the security of crucial financial and customer data and increasing instances of fraud and cyberattacks are anticipated to fuel growth in this segment through 2028.
The North America region is expected to hold a dominant outlook in the global enterprise key management industry landscape. Increasing adoption of technology and the presence of key enterprise key management market players are expected to be the leading trends driving enterprise key management market potential in this region over the forecast period. The United States is expected to be the most lucrative market in this region owing to the presence of multiple businesses that are adopting cloud based solutions. SMEs are expected to prominently see rapid adoption of enterprise key management owing to rising digitization and security concerns.
Key players functioning in the global enterprise key management market include Amazon Web Services, Inc. (US), Gemalto NV (Netherland), Hewlett Packard Enterprise (HPE) Company (US), International Business Machines (IBM) Corporation (US), Oracle Corporation (US), RSA Security LLC (US), Thales e-Security, Inc. (France), and Venafi (US).
Recent developments:
In March 2020, Townsend Security a renowned encryption solutions provider announced the extension of Not for Resale (NFR) licenses for AWS Heroes and Microsoft MVPs for Alliance Key Manager which is their FIPS 140-2 compliant encryption key management server (KMS).
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Global enterprise key management market is segmented as follows:
By Component
Solutions
Services
By Deployment mode
Cloud
On-premises
By Organization size
Large enterprises
Small and medium-sized enterprises (SMEs)
By Application
Disk Encryption
File/Folder Encryption
Database Encryption
Communication Encryption
Cloud Encryption
By Verticals
Banking, Financial Services, and Insurance (BFSI)
Healthcare
Government
Information Technology (IT) and telecom
Retail
Aerospace and defense
Energy and utilities
Manufacturing
Others (transportation, education, and tourism)
By Region
North America
The U.S.
Canada
Europe
France
The UK
Spain
Germany
Italy
Rest of Europe
Asia Pacific
China
Japan
India
South Korea
Southeast Asia
Rest of Asia Pacific
Latin America
Brazil
Mexico
Rest of Latin America
Middle East & Africa
GCC
South Africa
Rest of Middle East & Africa
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