Market Highlights
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.
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.
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.
Regional Analysis
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.
Segmentation:
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.
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According to research report "Key Management as a Service Market by Component (Solution and Services), Application (Disk Encryption, File/Folder Encryption, Database Encryption, and Cloud Encryption), Organization Size, Vertical, and Region - Global Forecast to 2023", The KMaaS market size is expected to grow from USD 0.37 Billion in 2018 to USD 1.28 Billion by 2023, at a Compound Annual Growth Rate (CAGR) of 28.4%.
The demand for KMaaS is expected to be driven by the stringent government regulations and the need to protect critical organizational data.
With the increasing usage of encryption solutions across different verticals and the rising trend of Bring Your Own Key (BYOK), the adoption rate of KMaaS among enterprises is expected to gain a major traction during the forecast period.Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=224805322Browse 66 Tables and 38 Figures spread through 117 Pages and in-depth TOC on "Key Management as a Service Market - Global Forecast to 2023"The disk encryption application is expected to hold the largest market share during the forecast periodDisk encryption, also known as hard drive encryption, full disk encryption, or whole disk encryption, refers to the encryption of the entire disk.
The importance of encrypting a disk is that, if the encrypted disk is lost or stolen, the encrypted state of the drive remains unchanged, and only an authorized user would be able to access its contents.
Furthermore, the KMaaS solution helps the clinical and IT staff in protecting patients’ critical data.
Furthermore, organizations have made huge investments in next-gen technologies to gain a competitive advantage and improve the business operations.
ENTERPRISE KEY MANAGEMENT MARKETThe global market of key management as a service is ready to be valued at USD 2,296.32 Million by 2025 from USD 363.54 million in 2018.
The growth rate is calculated to be 31.22% CAGR for the market during the forecast period 2019–2025.
Market Research Future presents the study on the global management as a service market and focuses on the crucial aspects such as driving factors, market players investing, regional shares and segmental analysis to understand better dynamics of the market for future.Key Drivers & ChallengesKey management as a service; in general, encompasses facilities that consent to easy management of cryptographic keys for the safety of sensitive data, and credentials of enterprises across cloud as well as on-premise infrastructure.
It also assists the enterprises to fortify its key control and information security to enhance IT efficiency through a secure encryption key security, multi-cloud support, and user access to key management.
These factors have been showcased as prominent factors that are driving the market’s growth now.At the same time, the emerging adoption of cloud-based platforms, mounting mandatory regulations in enterprises to meet compliances, and surging focus of organizations to augment their IT efficiency are the factors impacting the growth of key management as a service market constructively.
On the other hand, the key management as a service offers centralized key management that ensures access to cloud providers with a single browser.
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