The global The Enterprise Key Management Market, according to the analysis by Market Research Future (MRFR), is anticipated to grow up to a significant market valuation of USD 2,565 Million by 2023, at moderate 18.3% of CAGR over the forecast period of 2017 and 2023.
Drivers and Restraints
Growing data breaches result in increasing demand for enterprise key management. The market growth is supported by a couple of influential factors, such as a growing number of data breaches and loss of private data, strict regulations, and acquiescence standards to safeguard sensitive data from malevolent users. These factors have resulted in the deployment of advanced enterprise security solutions across various end-use industries. the shift of organizations toward a digitized environment to offer digital services and the need to protect large volumes of complex data produced on a daily basis are deemed to drive the growth of the enterprise key management market in the foreseeable future. The complexity of enterprise key management could curb market growth over the assessment period. Enterprise key management is a highly complicated process; therefore, the time consuming and complicated nature of the system may surge the market growth in the coming years. On the other hand, with the adoption of cloud-based computing coupled with a surge in encryption of data, the need for the enterprise key management solution has expanded significantly over the forecast period.
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The global market for enterprise key management is segmented based on service types, deployment type, applications, organization size, end-users, and region.
By services, the Enterprise Key Management market is segmented into managed, professional, and others. Managed Services aid in cutting down expenses, enhance operational efficiency, and also help the business focus on their core competencies. Therefore, on account of these benefits, the segment of managed services is rising at an exponential growth rate over the review period.
By deployment, the market is segmented into on-premises, cloud, and others. On-cloud deployment solutions offer a high degree of security and a level of control, along with the ability to select resources. This type of solution is organization-specific. Hence, it is highly beneficial for the organization that prefers control throughout the process.
Based on the applications, the market is segmented into communication encryption, file/folder encryption, cloud encryption, database encryption, disk encryption, and others. Growing investments in cloud-based encryption solutions along with the necessity to protect massive data volume will fuel the growth of cloud-based encryption segment over the review period.
Based on the organization size, the market has been segmented into are small and medium-sized enterprises (SMEs), and large enterprises. With an increasing emphasis on the adoption of advanced IT technologies and demand for secure IT infrastructure, SMEs are estimated to adopt enterprise-critical management solutions at a rapid rate over the coming years.
Based on end-user, the Enterprise Key Management market is segmented into healthcare, aerospace, education, transportation, automotive, tourism, government and defense, industries, telecommunications, and others.
The geographical analysis of global Enterprise Key Management Market is conducted in regions such as North America, Asia Pacific, Europe, and the Rest of the World. Authenticating users before transacting business is the main factor that drives the market of Enterprise Key Management in North America. Companies like Amazon Web Services are offering the most flexible and secure cloud computing environments available that fuels a new generation of business productivity and collaboration for organizations. Europe region is indicating a higher growth in this market as many companies are using the encrypted data that restricts the risk related to the electronic transactions in the Enterprise Key Management. Asia-Pacific countries like Japan, China, and India are also expected to display a definite rise in the enterprise key management market over the review period.
The major market players in the global Enterprise Key Management Market are International Business Machines Corporation (US), Hewlett Packard Enterprise Company (US), Amazon Web Services, Inc. (the US), Gemalto NV (Netherland), Thales e-Security, Inc. (France), RSA Security LLC (US), Sun Microsystems, Inc. (the US), Virtucript, LLC (US), Oracle Corporation (US), and Venafi, Inc. (US), among others.
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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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