Need to Protect Data to Drive Demand for Global Enterprise Key Management Market

Pune, India, August, 2018 /press release/- Market Research Future Published a Half-Cooked Research Report on Enterprise Key Management Market Research Report.

Market Synopsis

The global enterprise key management market is set to reach the value of USD 7.8 million by 2030. It is expanding at a luxurious CAGR of 21% during the forecast period (2020-2030), asserts Market Research Future (MRFR). Enterprise key management is a vital component of data encryption solutions that involves managing and dealing with generation, exchange, storage, use, destruction, and replacement of cryptographic keys that encrypt different data sources such as emails, databases, disk drives, big data repositories, backup tapes, and data over cloud environments. It protects cryptographic keys throughout their lifecycle and also restrains unauthorized users from accessing the keys or data.

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.

Industry Trend

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.

Market Segmentation

The global enterprise key management market is segmented based on services types, deployment type, applications, organization size, end users, and region.

By services, the market is segmented on the basis of professional, managed and others. Managed Services help cut down expenses, improve operational efficiency and also help business focus on their core competencies. Hence, on account of these benefits, the segment of managed services is rising at a striking growth rate.

By deployment, the market is segmented on the basis of on-premises, cloud, and others. On-cloud deployment solutions provide a high degree of security and a level of control along with ability to choose resources. This type of solution is organization specific, hence highly beneficial for the organization who want to have control throughout the process.

Application-wise, the market is segmented into communication encryption, cloud encryption, file/folder encryption, disk encryption, database encryption and others. Increasing investments in cloud-based encryption solutions along with the need to protect massive data volume will drive the growth of cloud-based encryption segment.

The organization size segments are small and medium-sized enterprises (SMEs) and large enterprises. With growing emphasis on adoption of advanced IT technologies and demand for secure IT infrastructure, SMEs are estimated to adopt enterprise key management solutions at a fast rate over the coming years.

Based on end-user, the market is segmented into aerospace, healthcare, education, automotive, transportation, tourism, industries, government and defense, telecommunications and others.

Regional Analysis

The regional analysis of enterprise key management market has been studied for regions, namely Asia Pacific (APAC), North America, Europe and Rest of the World.

The North America market is soaring high on the back of companies like Amazon Web Services which provides the most flexible and secure cloud computing environments driving a new generation of business productivity and collaboration for organizations. Presence of many such vendors has fueled the market growth in the region.

The Europe region is subject to a high market growth on account of several companies using the encrypted data that limits the risk associated with the electronic transactions in the enterprise key management.

APAC countries such as China, Japan, and India are contributing heavily to the already positive performance of the enterprise key management market. Developing economies such as China use the method of replacing the handwritten signatures with the electronic equivalent. These factors have resulted in a phenomenal market surge in the region and will continue with the trend in coming years.

Key Players

The key players in the global market include Thales e-Security, Inc. (France), Sun Microsystems, Inc. (U.S), Virtucript, LLC (U.S), Hewlett Packard Enterprise Company (US), International Business Machines Corporation (US), Amazon Web Services, Inc. (US), Gemalto NV (Netherland), RSA Security LLC (US), Venafi, Inc. (US) and Oracle Corporation (US), among others.

Industry News

• August 2018 – M-Files Corporation has made available M-Files Online, which is the first information management system that enables organizations to flexibly combine cloud and on-premises deployments with a single user license without having to lock into one model. This system offers an intelligent and flexible, system-neutral approach to managing information making the organization cloud-ready. It unifies information and related policies and processes across an organization's systems and repositories, which includes M-Files, file shares, SharePoint, and ERP and CRM systems.