Enterprise Key Management Market

Market Overview:

The global enterprise key management market size reached US$ 1.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 5.5 Billion by 2028, exhibiting a growth rate (CAGR) of 15.4% during 2023-2028.

Enterprise key management assists in the management of all the cryptographic keys used by an enterprise, including the creation, access, maintenance, decryption, and destruction of these keys. It can help protect the trade secrets and other sensitive information of an organization. It has automation and scalability capabilities, which aid in reducing the number of skilled human resources required to manage keys. As a result, enterprise key management finds extensive applications in businesses across various industry verticals, such as healthcare, retail, and banking, financial services and insurance (BFSI).

Enterprise Key Management Market Trends:

There is currently a significant rise in the number of data breaches in businesses across the globe. In line with this, governments of numerous countries are developing national cybersecurity defense strategies to combat risks encountered by their citizens, businesses, and critical infrastructure. This represents one of the key factors stimulating the growth of the market. Moreover, organizations face several challenges while controlling and managing their encryption keys. For instance, they need to secure the keys from malicious insiders and attackers, manage a considerable number of encryption keys used in infrastructure, and support multiple heterogeneous environments consisting of applications, databases, and standards. Consequently, organizations are increasingly adopting enterprise key management solutions, which help improve the overall efficiency of their security procedures. Besides this, the cost of deploying enterprise key management solutions is less than the cost of a data breach. This, in turn, is catalyzing the demand for enterprise key management solutions worldwide. Other factors, including the thriving information technology (IT) sector and the rapid expansion of small and medium-sized enterprises (SMEs), are projected to drive the market in the forecast period.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global enterprise key management market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on component, deployment mode, enterprise size, application and end use industry.

Breakup by Component:

• Solutions
• Services
   

Breakup by Deployment Mode:

• On-premises
• Cloud-based
   

Breakup by Enterprise Size:

• Small and Medium-sized Enterprises
• Large Enterprises
   

Breakup by Application:

• Disk Encryption
• File and Folder Encryption
• Database Encryption
• Communication Encryption
• Cloud Encryption
   

Breakup by End Use Industry:

• BFSI
• Healthcare
• Retail
• IT and Telecom
• Government and Defense
• Others
   

Breakup by Region:

• North America
  • United States
  • Canada
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players being Amazon Web Services Inc. (Amazon.com Inc.), Box Inc., Broadcom Inc., Dell Technologies Inc., Google LLC, Hewlett Packard Enterprise Company, International Business Machines Corporation, Microsoft Corporation, Oracle Corporation, Thales Group, Townsend Security, Unbound Security and WinMagic Inc.

Report Coverage: