The latest report by IMARC Group, titled "Enterprise Key Management Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028," finds that the global enterprise key management market size reached US$ 1.8 Billion in 2022. Enterprise key management is used to manage the creation, access, maintenance, decryption, and destruction of cryptographic keys used by an enterprise. It safeguards the trade secrets and other sensitive information of an organization. It also possesses automation and scalability capabilities, which assists in reducing the number of skilled human resources required to manage keys. As a result, enterprise key management practices are widely adopted in healthcare, retail, banking, financial services, and insurance (BFSI) industries across the globe.
Global Enterprise Key Management Market Trends:
The market is primarily driven by the increasing number of data breaches in businesses across the globe. In addition, governments of numerous countries are implementing national cybersecurity defense policies to minimize risks encountered by citizens, businesses, and critical infrastructure, representing another major growth-inducing factor. Besides this, organizations are facing several challenges in controlling and managing their encryption keys, which are escalating the demand for enterprise key management solutions to secure the keys from malicious insiders and attackers, manage encryption keys used in infrastructure, and support multiple heterogeneous environments consisting of databases, applications, and standards. This, coupled with the expanding information technology (IT) industry and the rapid expansion of small and medium-sized enterprises (SMEs), are creating a positive market outlook across the globe. Looking forward, IMARC Group expects the market value to reach US$ 5.5 Billion by 2028, exhibiting a CAGR of 15.4% during the forecast period (2023-2028).
- Based on the component, the market has been classified into solutions and services.
- On the basis of the deployment mode, the market has been bifurcated into on-premises and cloud-based.
- Based on the enterprise size, the market has been segregated into small and medium-sized, and large enterprises.
- On the basis of the application, the market has been categorized into disk, file and folder, database, communication, and cloud encryption.
- Based on the end use industry, the market has been segmented into BFSI, healthcare, retail, IT and telecom, government and defense, and others.
- Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has been examined in the report, with some 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.
|Base Year of the Analysis
||Component, Deployment Mode, Enterprise Size, Application, End Use Industry, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||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.
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