The global enterprise key management market is showing immense growth; mainly due to the decrease in overall costs of ownership of security and maximized operational efficiency. Growing need to prevent loss of high profile data and other compliance issues is another factor responsible for driving the growth of enterprise key management market. Moreover, increase in number of data breaches and loss of confidential data has majorly led to the implementation of advanced security solutions across various industry verticals.
With the advent of IoT and Big data, there has been a considerable rise in the amount of data being produced and this could be one opportunity which could act as a major driver in the growth of enterprise key management market. Also, the gradual shift of enterprises and organizations to provide digital services is another factor driving the market growth. Technological advancements have played a major role in the development of enterprise key management market. Steep increase in the adoption of enterprise key management solutions owing to its operational efficiency is majorly driving the growth of enterprise key management market. Hewlett Packard Enterprise Company, International Business Machines Corporation, Amazon Web Services, Inc., Gemalto NV, and RSA Security LLC are the major investors in the enterprise key management market.
By service type segment, the managed services sub segment is expected to grow at the highest rate during the forecast period. This is owing to the increasing number of managed service providers for the more increasing consumer demands. Managed service providers help the consumers to manage their encryption keys and also their data on cloud and on premise. According to a recent study report published by Market Research Future, the global market of enterprise key management is booming and expected to gain prominence over the forecast period. The market is projected to demonstrate a spectacular growth by 2023 with a striking CAGR during the anticipated period (2017 – 2023).
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Major key Players
- Hewlett Packard Enterprise Company (U.S.),
- International Business Machines Corporation (U.S.),
- Amazon Web Services, Inc. (U.S.),
- Gemalto NV (Netherland),
- RSA Security LLC (U.S.),
- Thales e-Security, Inc. (France),
- Sun Microsystems, Inc. (U.S.),
- Virtucript, LLC (U.S.),
- Venafi, Inc. (U.S.)
- Oracle Corporation (U.S.)
among others are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Enterprise Key Management Market.
According to MRFR, The global The Enterprise Key Management Market is expected to grow at USD ~$2,565 Million by 2023, at ~18.3% of CAGR between 2017 and 2023.
August 2018 – Digital security agency Gemalto has installed a new virtual key management solution called afeNet Virtual KeySecure. The solution allows the clients to enforce control over encryption keys and data policies on the cloud. Technological development is an industry trend that is gaining momentum as market players are striving to get ahead in the intensely competitive global market.
Enterprise Key Management Market: Drivers and Restraints
Increasing data breaches results in surging demand for enterprise key management
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.
In simple words, the shift of organizations toward a digital environment to offer digital services and the need to protect large volumes of sensitive data are deemed to fuel the growth of the enterprise key management market.
Complexity of enterprise key management could curb market growth
Enterprise key management is a highly complex process; thus, the time consuming and complicated nature of the system may consolidate the market growth in coming years. However, with adoption of cloud-based computing along with an increase in encryption of data, the demand for the enterprise key management solution has grown significantly.
The regional analysis of Enterprise Key Management Market is being studied for region such as Asia pacific, North America, Europe and Rest of the World. Authenticating users prior to transacting business is main factor that drives the market of Enterprise Key Management in North America. The companies like Amazon Web Services is providing the most flexible and secure cloud computing environments available that drives a new generation of business productivity and collaboration for organizations. Europe region is indicating a high growth in this market as many companies are using the encrypted data that limits the risk associated with the electronic transactions in the Enterprise Key Management. Asia-Pacific countries like China, Japan and India is also showing positive indication in the Enterprise Key Management Market. In developing countries such as China is using the method of replacing the handwritten signatures with the electronic equivalent.
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- System Security
- Key management vendors
- Encryption software Vendors
- Enterprise Key Management instrument
- Research organizations
- Analysts and strategic business planners
- Technology investors
- Security software Vendors
- System integrators
- Research/Consultancy firms
March 2018 – RSA Identity Governance and Lifecycle has introduced advanced analytics capabilities in order to help organizations mitigate risks associated with user access. This will help in reducing overall identity risks for customers and offer workflow enhancements.
March 2018 – Equinix has enhanced its global platform with new cloud security services to manage encryption keys. This will help in simplifying data protection across any cloud or destination. The cloud security service leverages Equinix’s globally interconnected platform of more than 190 International Business Exchange data centers in 48 markets in order to securely host encryption keys separate from the data located across networks and hybrid environments but in close proximity too.
The market of enterprise key management appears to be highly competitive. To maintain their market position and to drive the market growth, various dynamic and diversified international organizations, domestic organizations and as well as new entrants form a competitive landscape. Market leaders are innovating continuously and increasingly seeking market expansion through various strategic mergers and acquisitions, innovation, increasing investments in research and development and cost-effective product portfolio. Major players are investing on internal R&D and, most of all, in acquiring other firms.
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Enterprise Key Management Global Market – Segmentation
The Enterprise Key Management Market can be classified into 6 key segments for the convenience of the report and enhanced understanding;
Segmentation by Component: Software and Service. The service segment is further classified into Professional Services and Managed Services
Segmentation by Deployment: Cloud and On Premise
Segmentation by Organization Size: SMEs and Large Enterprises
Segmentation by Application: Disk Encryption, File/Folder Encryption, Database Encryption, Communication Encryption and Cloud Encryption
Segmentation by Vertical: BFSI, Healthcare, Manufacturing, Retail, IT & Telecommunication, Energy & Utilities, Aerospace & Defense and Others
Segmentation by Region: North America, Europe, Asia Pacific and Rest of the World.