Enterprise key management Market Size, Share, Growth Report 2032

Industry Prospective:

The global enterprise key management market was worth around USD 1,621.9 million in 2021 and is estimated to grow to about USD 4794.7 million by 2028, with a compound annual growth rate (CAGR) of approximately 19.8 percent over the forecast period. The report analyzes the enterprise key management market’s drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the enterprise key management market.

Enterprise key management Market: Overview

The enterprise key management market is anticipated to see robust growth over the forecast period owing to rapid adoption in multiple organizations across the world. Rapid technological proliferation and high digitization on a global scale are further anticipated to bolster enterprise key management market potential through 2028.

Increasing use of cloud technology, rising trend of BYOD, rising security concerns, and increasing instances of cyberattacks are other factors that will influence the enterprise key management market potential in the long run. Increasing internet penetration will also play a major role in enterprise key management market development over the forecast period.  

However, lack of skilled workforce and complexity of deployment of these enterprise key management solutions are expected to restrain the enterprise key management market growth to a major extent in the coming years.   

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COVID-19 Impact:

The COVID-19 pandemic led the organizations to the adoption of complete digital infrastructure in order to ensure proper functioning in the adverse times and hence led to an increase in demand for enterprise key management. Multiple small organizations and large organizations adopted digital infrastructure and cloud solutions

Increasing instances of cyberattacks and rising use of cloud based platforms in the pandemic were key trends influencing enterprise key management market potential in 2020.

The enterprise key management market is anticipated to rise at a phenomenal CAGR over the forecast period in the post-pandemic era as demand for more enterprise key management increases under the changing business landscape on a global scale.

Enterprise key management Market: Growth Drivers

Increasing adoption of Cloud based Solutions

The world has seen a substantial shift to cloud technology and majorly all the businesses across the world have increased their focus on digitization which is driving the demand for enterprise key management as well. Security of the data that is being uploaded on these digital mainframes across the world is of paramount importance, as cybersecurity threats and attacks have seen an affluent rise in the past years. The increasing demand for bolstering the safety of enterprise data is anticipated to boost the enterprise key management market potential over the forecast period.

Enterprise key management Market: Restraints

The complexity of Enterprise key management to Hinder Growth

Enterprise key management systems and solutions are highly complex in nature and this trend is expected to constrain market potential over the forecast period. The deployment of enterprise key management by small organizations will be hampered as the costs for integration are too high. Moreover, increasingly complex data structures and a lack of skilled workforce are also anticipated to slow down enterprise key management market growth over the forecast period.

Global Enterprise key management Market: Segmentation

The global enterprise key management market is segregated based on component, deployment mode, organization size, application, vertical, and region.

By component, the market is divided into solutions and Services. The solutions segment is expected to have a bright outlook over the forecast period whereas the services segment is projected to rise at a good CAGR as the deployment of enterprise key management paces up in multiple organizations.

By vertical, the enterprise key management market is segmented into Banking, Financial Services, and Insurance, Healthcare, Government, Information Technology (IT) and telecom, Retail, Aerospace and defense, Energy and utilities, Manufacturing, Others (transportation, education, and tourism). The banking financial services and insurance segment is expected to hold a dominant market share in the global enterprise key management market landscape. Increasing digitization and rising use of crucial data is expected to drive growth in this segment.

Report Scope:

Recent Developments

• In June 2020, Microsoft a leading technology company announced the launch of its new enterprise security offerings that will be solely focused on the remote working trend. These new solutions provide double encryption and the second key is stored in Microsoft Azure for better safety and security.  

Regional Landscape

North America region will account for the major market share of the global enterprise key management market. The rapid adoption of novel technologies and the presence of key enterprise key management companies are expected to be prominent trends driving the enterprise key management market potential in this region. Rapid technology adoption, better internet infrastructure, the presence of key tech giants, and increasing support from government initiatives for digitization are other trends that will influence the enterprise key management market growth through 2028

Competitive Landscape

Some of the main competitors dominating the global enterprise key management market include – Amazon Web Services, Inc. (US), Gemalto NV (Netherland), Hewlett Packard Enterprise (HPE) Company (US), International Business Machines (IBM) Corporation (US), Oracle Corporation (US), RSA Security LLC (US), Thales e-Security, Inc. (France), and Venafi (US).

Global enterprise key management market is segmented as follows:

By Component

• Solutions
• Services

By Deployment mode

• Cloud
• On-premises

By Organization size

• Large enterprises
• Small and medium-sized enterprises (SMEs)

By Application

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

By Verticals

• Banking, Financial Services, and Insurance (BFSI)
• Healthcare
• Government
• Information Technology (IT) and telecom
• Retail
• Aerospace and defense
• Energy and utilities
• Manufacturing
• Others (transportation, education, and tourism)

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa