Global Enterprise Key Management Market Research Report- Forecast 2023

 Market Highlights

The global enterprise key management market is set to reach the value of USD 2,565 million by 2023. It is expanding at a luxurious CAGR of 18.3% during the forecast period (2017-2023), asserts Market Research Future (MRFR). Enterprise key management is a vital component of data encryption solutions that involves managing and dealing with generation, exchange, storage, use, destruction, and replacement of cryptographic keys that encrypt different data sources such as emails, databases, disk drives, big data repositories, backup tapes, and data over cloud environments. It protects cryptographic keys throughout their lifecycle and also restrains unauthorized users from accessing the keys or data.

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.

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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Competitive Analysis

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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