Enterprise Key Management Market Research Report and Trends by Forecast 2023 | COVID-19 Analysis

Market Highlights

The global enterprise key management 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.

The shift towards digitization and impending need for protecting large data sets on servers is predicted to spur the market demand. Implementation of EKM across diverse industries as well as compliance of strict standards for the protection of sensitive data can bode well for the market.

Segmentation:

The global enterprise key management market size 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.

Regional Analysis:

The enterprise key management market looks upon the following regions – Asia Pacific (APAC), Europe, North America, and Rest-of-the-World (RoW), for a careful consideration of the impending demand.

North America is expected to be the key region for the market due to the need for authentication of users prior to conducting transactions. Offering of secure cloud services by prominent companies such as Amazon for business owners and large corporations for securing their data which can drive collaboration and productivity is vital for regional market growth.

The European region can enjoy an exemplary growth rate due to the use of EKM for conducting secure financial transactions. On the other hand, the APAC region can be fruitful for the enterprise key management market due to countries such as China and India adopting electronic signatures for verification purposes.

Competitive Dashboard:

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.