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Enterprise Key Management Market Developments, Future Plans , Comprehensive Research Study Till 2029

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Market Highlights

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.

The global enterprise key management market is set to reach the value of USD 2,565 million by 2023. It is expanding at a luxurious CAGR of 18.3% during the forecast period (2017-2023), 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.

Drivers and Restraints

Growing data breaches result in increasing demand for enterprise key management. The market growth is supported by a couple of influential factors, such as a growing number of data breaches and loss of private data, strict regulations, and acquiescence standards to safeguard sensitive data from malevolent users. These factors have resulted in the deployment of advanced enterprise security solutions across various end-use industries. the shift of organizations toward a digitized environment to offer digital services and the need to protect large volumes of complex data produced on a daily basis are deemed to drive the growth of the enterprise key management market in the foreseeable future. The complexity of enterprise key management could curb market growth over the assessment period. Enterprise key management is a highly complicated process; therefore, the time consuming and complicated nature of the system may surge the market growth in the coming years. On the other hand, with the adoption of cloud-based computing coupled with a surge in encryption of data, the need for the enterprise key management solution has expanded significantly over the forecast period.

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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.

Segmentation:

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

By services, the Enterprise Key Management market is segmented into managed, professional, and others. Managed Services aid in cutting down expenses, enhance operational efficiency, and also help the business focus on their core competencies. Therefore, on account of these benefits, the segment of managed services is rising at an exponential growth rate over the review period.

By deployment, the market is segmented into on-premises, cloud, and others. On-cloud deployment solutions offer a high degree of security and a level of control, along with the ability to select resources. This type of solution is organization-specific. Hence, it is highly beneficial for the organization that prefers control throughout the process.

Based on the applications, the market is segmented into communication encryption, file/folder encryption, cloud encryption, database encryption, disk encryption, and others. Growing investments in cloud-based encryption solutions along with the necessity to protect massive data volume will fuel the growth of cloud-based encryption segment over the review period.

Based on the organization size, the market has been segmented into are small and medium-sized enterprises (SMEs), and large enterprises. With an increasing emphasis on the adoption of advanced IT technologies and demand for secure IT infrastructure, SMEs are estimated to adopt enterprise-critical management solutions at a rapid rate over the coming years.

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

Competitive Analysis

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

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Global Enterprise Key Management Market, By Services Types (Managed services and Professional Services), Deployment Type (Cloud, On-Premises), Organization Size (Small and Medium-Sized Enterprises and Large Enterprises), By Application, by End Users (Commercial, Consumer, Government, Healthcare), By Region – Forecast 2023

About Market Research Future:

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.

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