Enterprise key management Market - Global Industry Analysis

Table Of Content

Methodology

Free Analysis

Companies operating through complex networks face difficulties while encrypting sensitive data. An enterprise key management fundamentally intakes used encryption key and securely stores them for further management purposes. The encrypted keys are then stored on the cloud and the access is later provided as per specific requirements. Encrypted keys from different networks are stored on a common cloud and respective access is facilitated as per requirement.

Currently, securing sensitive data is a primary concern and the most preferred technique of encryption key management. In large-scale enterprises, data is stored in diversified operating systems, and each system has various versions. To handle such complicated networks, these enterprises are opting for enterprise key management solutions. The complexly structured storage of enterprise key management solutions mandates the need for a highly skilled workforce, thereby hampering the enterprise key management market to some extent. However, the flourishing IoT industry has elevated the use of cloud-based data storage. The huge demand for encrypting massive cloud-based data is anticipated to create enormous opportunities in the forecast period. As per reports, the IoT market accounted nearly USD 157 billion in 2016 and is anticipated to generate USD 457 billion by 2020.

The enterprise key management market is divided based on deployment, component, application, and end-user. The deployment segment includes cloud and on-premises. The cloud segment is anticipated to register a higher CAGR over the forecast time period, as numerous small- and medium-sized enterprises currently prefer cloud-based solutions due to its numerous offered benefits, such as scalability, deployment cost reduction, and agility. The component segment is bifurcated into solutions and services. The services segment is further segmented into professional and managed services. The solutions segment is projected to hold a larger share, due to its huge demand from organizations for securing their sensitive data. By application, this market includes cloud encryption, communication encryption, file/folder encryption, disk encryption, and database encryption. Disk encryption is expected to dominate the market, owing to its key use in hardware security modules for securing data and the disk drive source.

The end-user segment of the enterprise key management market includes information technology (IT) and telecom, banking, financial services, and insurance (BFSI), healthcare, manufacturing, government, retail, energy and utilities, aerospace and defense, and others (transportation, education, and tourism). Healthcare is anticipated to flourish over the forecast time period, due to high demand for encrypting patient’s confidential data.

By region, this market is segmented into North America, Europe, Latin America, Asia Pacific, and the Middle East and Africa. The Asia Pacific enterprise key management market is anticipated to register the highest CAGR in the future, due to the region’s flourishing IoT sector.

Some globally renowned players of the enterprise key management market are Gemalto NV, Amazon Web Services, Inc., International Business Machines Corporation, Oracle Corporation, Hewlett Packard Enterprise, Venafi, RSA Security LLC, and Thales e-Security, Inc., among others.