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Enterprise Key Management Market overview
According to the latest research reports, the Global enterprise’s key management market is predicted to grow at USD 7.8 Million by the end of the year 2030 with a growth rate of 21% CAGR between 2021 and 2030. Enterprise key management manages the full lifespan of cryptographic keys and all the locations of enterprises including access, decryption, destruction, maintenance, and creation, these key management solutions can protect sensitive Pisces of information and trade secrets of an organization. The rise in the adoption of digital services and internet users around the world had led to the exponential rise in the volume of tactful data which is collected by an organization; it is likely to boost the adoption of encryption solutions. Innovative start-ups including Vera, Ironic Security, and FinalCode have superintended to gather significant funding through several collaborations with firms of technology and capitalist ventures. The rise in investment in hardware security and cloud-based services modules to ease encryption key management and protection of data are predicted to further boost the global enterprise’s key management market growth. This report contains all the information on the global enterprise’s key management market trends, research, and market strengths. The report also contains the culmination of dynamics, segmentation, key players, regional analysis, and other important factors. And a detailed analysis of the global enterprise’s key management market analysis and forecast to 2023 is also included in the report.
Industry News of Enterprise’s key Management Market
July 2022- To enhance data security, compliance, and customer experience, Axis Bank collaborated with Amazon Web Services to utilize the AWS key management solution, a complete managed service for the cryptographic operations, AWS CloudHSM, the cloud-based hardware security unit, AWS Identity & Access Management, AWS Encryption SDK, & a client-side encryption library. Axis Bank has established a data production office with defined categories of data elements for the PII & sensitive personal data/ information in order to secure data across organisations (SPDI). The bank uses envelope encryption with AWS KMS in some databases, including MongoDB, MySQL, and more, for data security when it is at rest. The HSM cluster has been scaled dynamically by the bank using automation. Moreover, a cryptography office has been established to oversee role-based access control. Axis uses message-level encryption for data in transit to make sure PII data cannot be stolen by abusing SSL termination points such as load balancers.
Covid 19 Analysis
The global pandemic covid 19 has changed the approach of the vendor of cloud in the global market. According to the reports, in the month of June 2020, MrOwl which is a Social Cloud Storage Platform that merges social, search, and digital organization and also offers tools to users for safeguard, comprehensive resources, and also makes products in this new era of work from home (WFH).
Market Dynamics
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Drivers
The rise in adoption of cloud-based computing and the rise in the encryption of data and the demand for the same management have increased which act as a major factor that can be considered as the major driving factor for the global enterprise’s key management market. Additionally, the rise in the number of cyberattacks forces organizations in order to secure their data also acts as a driving factor for the enterprise key management market as well.
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Opportunities
The government and defense segment is predicted to be the highest growing segment which will be followed by the healthcare industry segment. The healthcare industry and government and defense segments are likely to present magnificent opportunities for the global enterprise key management market industry due to the rise in the digitalization of services
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Restraints
The storage and transmission of enterprise key management is a very complex process and therefore lacks labor and knowledge which act as a major restraint for the global enterprise key management market
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Challenges
The issues of lack of skilled workforce, the complexity of deploying enterprises, and the high cost of replacement of the existing IT infrastructure can be considered as the major challenge for the global enterprise key management market business. Cumulative Growth Analysis The study of the enterprise key market reveals that the rising deployment of cloud bases computing helps in managing the services provided to the clients to manage encryption keys which are highly required to encrypt cloud data as well as on-premises. The managed service also provides secure encryption data keys. The service segment is predicted to observe magnificent growth during the forecast period due to offerings of the vendors of enterprise key management solutions which focuses on improvising security of data, compliances, and meeting regulations, and decreasing the cost of data security management. Value Chain Analysis According to the reports, the global enterprise key management market has been segmented on the basis of services types, deployment type, applications, organization size, end-users, and region. On the basis of service types, the global enterprise key management market has been segmented into Professional services, Managed services, and others. On the basis of deployment type, the global enterprise key management market has been segmented into On-premises, Cloud, and Others. On the basis of application, the global enterprise key management market has been segmented into Communication Encryption, Cloud Encryption, File/Folder Encryption, Disk Encryption, Database Encryption, and Others. On the basis of organization size, the global enterprise key management market has been segmented into Small and Medium-Sized Enterprises (SMEs), and large enterprises. On the basis of end-user, the global enterprise key management has been segmented into Aerospace, Healthcare, Educations, Automotive, Transportation, Tourism, Industries, Government & Defense, Telecommunications, and Others.
Segmentation Overview
The market is segmented on the basis of the services types, deployment type, applications, organization size, end-users, and region. The global enterprise key management market is expected to witness decent growth during the forecast period.
By Application:
Based on the application, the market is segmented into Communication Encryption, Cloud Encryption, File/Folder Encryption, Disk Encryption, Database Encryption, and Others.
By end-users:
Based on the propulsion types, the market is segmented into Aerospace, Healthcare, Educations, Automotive, Transportation, Tourism, Industries, Government & Defense, Telecommunications, and Others.
Regional Analysis
According to the reports, on the basis of region, the global enterprise key management market has been segmented into Asia Pacific, North America, Europe, and the rest of the world. The main factor for the growth of the enterprise key management market in the North American region is authenticated users prior to transacting business. The key companies like Amazon Web Services are providing secure cloud computing environments and flexibility which is the major driver in s new generation of business collaboration and productivity with organizations. Europe is considered as the second leading region in the global enterprise key management market and it is likely to hold the second-largest share in the market as many companies are focused on encrypting data to limit the risk related to any electronic transactions in the enterprise key management. The evolving countries in the Asia Pacific region like India, Japan, and China is likely to show positive indication in the global market due to the high demand for electronic equivalent instead of handwritten signatures in this region.
Competitive landscape
Enterprise Key Management Market size is highly fragmented and it is dominated by major ey players such as Gemalto (Thales) among cloud service providers such as AWS, Google, and Microsoft. These major companies are making strategies of initiative collaborations in order to enhance their profitability and increase their market share.
Major Key Players
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Hewlett Packard Enterprise Company (US)
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International Business Machines Corporation (US)
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Amazon Web Services, Inc. (US)
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Gemalto NV (Netherland)
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RSA Security LLC (US)
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Thales e-Security, Inc. (France)
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Sun Microsystems, Inc. (U.S)
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Virtucript, LLC (U.S)
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Venafi, Inc. (US)
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Oracle Corporation (US)
Recent Developments
June 2020 - Microsoft released (in public preview) several new enterprise security offerings to help companies meet the challenges of remote work. The company’s Double Key Encryption uses two keys to protect enterprise data one key in the enterprise’s control, and a second key is stored securely in Microsoft Azure.
March 2020 - Townsend Security announced that it is extending free Not for Resale (NFR) licenses to Microsoft MVPs and AWS Heroes for Alliance Key Manager, their FIPS 140-2 compliant encryption key management server (KMS).
Enterprise Key Management Segments
Enterprise Key Management Market by Services Type
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Professional services
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Managed services
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Others
Enterprise Key Management Market by deployment Type
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On-premises
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Cloud
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Others
Enterprise Key Management Market by Application
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Communication Encryption
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Cloud Encryption
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File/Folder Encryption
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Disk Encryption
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Database Encryption
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Others
Enterprise Key Management Market by Organization Size
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Small and Medium-Sized Enterprises (SMEs)
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Large enterprises
Enterprise Key Management Market by End Users
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Aerospace
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Healthcare
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Educations
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Automotive
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Transportation
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Tourism
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Industries
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Government & Defense
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Telecommunications
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Others
Enterprise Key Management Market Regional Outlook
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North America
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The U.S.
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Canada
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Europe
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The U.K.
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Germany
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Asia Pacific
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India
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China
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Japan
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Latin America
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Brazil
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Mexico
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Middle East & Africa
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