Enterprise Key Management Market Outlook 2031:
The global enterprise key management market size was valued at USD 1.95 Billion in 2022 and is projected to reach USD 10.21 Billion by 2031, expanding at a CAGR of 20.2% during the forecast period 2023 - 2031. The growth of the market is attributed to growing need for securing confidential information.
Enterprise key management is a common terminology getting used these days to refer smart key management systems that offer encryption keys across a range of operational systems and databases.
The COVID-19 pandemic has forced several governments around the world to impose emergency lockdown and close down offices, schools, and colleges. As a result, most companies are operating remotely, and data security and sharing, have been the outmost concern for companies. As such, it has resulted in increasing adoption of enterprise key management solutions.
Enterprise Key Management Market Drivers, Restraints and Opportunities
- Global demand for cloud based services, and hardware security modules, is a major factor driving the market.
- Increasing usage of online services as means to share information, is another factor which is expected to drive market growth over the forecasted timeline.
- Lack of skilled workforce, act as a major restraint for market growth.
- High cost of such systems and subsequent deployment cost of encryption systems can hamper the market.
- Increasing demand for securing confidential information, is expected to create lucrative opportunities during the forecast period.
Scope of Enterprise Key Management Market Report
The report on the global enterprise key management market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Enterprise Key Management Market – Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Enterprise sizes (Large enterprise and Small & Medium Enterprise), Applications (Communication Encryption, Disk Encryption, Cloud Encryption, File/Folder Encryption, and Database Encryption), Verticals (Government & Defence, BFSI, Utilities, Healthcare, Retail, IT & Telecom, and Others), and Deployments (Cloud and On Premise)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Hewlett-Packard Enterprise; EMC Corporation; Google, Inc.; Gemalto N.V.; International Business Machines (IBM); Thales e-security; Townsend security; CA Technologies; and Microsoft Azure, Inc.
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Enterprise Key Management Market Segment Insights
The large enterprises segment is projected to hold major market share
Based on enterprise sizes, the market is divided into large and small & medium scale enterprises. The large enterprises segment is anticipated to hold a major share of the market. Large enterprises have the capital, to take a position in numerous security solutions, compared to alternative SME organizations.
Information security and privacy, is the main concern across all enterprises, as they move towards digital footprint. Small and medium businesses are heavily dependent on cloud infrastructure solutions, for comparatively easier market entry as they provide low capital investments.
The Disk encryption segment to hold major market share
On the basis of applications, the market is fragmented into communication encryption, disk encryption, cloud encryption, file/folder encryption, and database encryption. The disk encryption segment, accounted for nearly 39.07% of the market in 2020. It is majorly deployed over hardware security modules, across all business verticals to make sure information security, by encrypting information at the source drive.
Cloud-based encryption solutions, and subsequent communication encryption solutions, are expected to drive the market. Organizations are adopting cloud-based storage solutions, to store business information, as they provide numerous cost advantages and operational efficiencies for organizations.
The BFSI segment is estimated to grow at a robust rate
In terms of verticals, the market is segmented into government & defence, BFSI, utilities, healthcare, retail, IT & telecom, and others. The BFSI segment is estimated to grow at a robust rate, during the forecast period.
The BFSI vertical accounted for 34.9% of the enterprise key management market in 2020, acquiring a majority share of the revenue. Increasing and expanding of on-line transactions, augmented digitalization of financial, and e-commerce, are some of the major driving factors.
The on-premise segment to hold major market share
Based on deployments, the market is divided into cloud and on-premise. The on-premise segment is projected to hold major market share. On-premise solutions, such as active directories, access management policies, authentication, and encoding key management, are being wide employed across major verticals, as a measure of their security strategy, to mitigate information loss, and privacy issues.
North America is anticipated to dominate market
In terms of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is anticipated to dominate the market. Technological proliferation increased penetration of digital services across all major verticals, and therefore, the augmented cyber-attacks have resulted, in the speedy adoption of encryption solutions in North America.
Segments
The global enterprise key management market has been segmented on the basis of
Enterprise sizes
- Large enterprise
- Small & Medium enterprise
Applications
- Communication Encryption
- Disk Encryption
- Cloud Encryption
- File/Folder Encryption
- Database Encryption
Verticals
- Government & Defence
- BFSI
- Utilities
- Healthcare
- Retail
- IT & Telecom
- Others
Deployments
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Hewlett-Packard Enterprise
- EMC Corporation
- Google, Inc.
- Gemalto N.V.
- International Business Machines (IBM)
- Thales e-security
- Townsend security
- CA Technologies
- Microsoft Azure, Inc.
Competitive Landscape
Key players competing in the enterprise key management market include Hewlett-Packard Enterprise; EMC Corporation; Google, Inc.; Gemalto N.V.; International Business Machines (IBM); Thales e-security; Townsend security; CA Technologies; and Microsoft Azure, Inc.. Most players are actively working on collaborations, strategic alliances and developing new solutions, for the vision positioning systems industry.
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