Enterprise Key Management Market Challenges, Key Vendors, Drivers, Trends and Forecast to 2027 | Coronavirus Effects

 Market Highlights

Various factors are propelling the global enterprise key management market growth. According to the latest MRFR report, such factors include rising data breaches, stringent regulations, loss of confidential data, and compliance standards for safeguarding sensitive data from malicious users. Additional factors adding market growth include the shift of companies to a digital environment to provide digital services & the requirement to safeguard an ample amount of sensitive data 

On the contrary, the complexity of enterprise key management and the COVID-19 pandemic impact are factors that may limit the global enterprise key management market growth during the forecast period. 

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.

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Regional Analysis

By region, the global enterprise key management market report covers the growth opportunities and recent trends across North America, Europe, the Asia Pacific (APAC), & the Rest of the World (RoW). Of these, North America will dominate the market over the forecast period. The presence of leading companies such as Amazon Web Services that offers the most secure and flexible cloud computing environments that are driving a new generation of collaboration for organizations and business productivity is adding to the global enterprise key management market growth in the region. 

The global enterprise key management market in Europe is predicted to hold the second-largest share over the forecast period. Several companies utilizing encrypted data which restricts the perils related to the electronic transactions in enterprise key management is adding to the global enterprise key management market growth in the region. 

The global enterprise key management market in the APAC region is predicted to grow at a fast pace over the forecast period. Increasing use of electronic equivalent over handwritten signatures and heavy contribution by India, Japan, and China to the already existing positive performance of the global enterprise key management market is adding to the global enterprise key management market growth in the region. 

The global enterprise key management market in the RoW is predicted to have sound growth over the forecast period. 

Segmentation:

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.

Key Players

Key players profiled in the global enterprise key management market include Oracle Corporation (US), Venafi, Inc. (US), RSA Security LLC (US), Gemalto NV (Netherland), Amazon Web Services, Inc. (US), International Business Machines Corporation (US), Hewlett Packard Enterprise Company (US), Virtucript, LLC (U.S), Sun Microsystems, Inc. (U.S), and Thales e-Security, Inc. (France). 

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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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