10th September 2019 – Global Enterprise
Key Management Market is expected to reach USD 3.61 billion by 2025.
Enterprise Key Management (EKM) is also termed as professional key management
systems, which has ability to recover, generate, store, distribute, back up,
organize encryption keys, and destroy cryptographic keys to protect the
sensitive data. The EKM tools allow IT enterprises to lock down data on storage
media. Numerous encryption key management standards include Organization for
the Advancement of Structured Information Standards (OASIS) and Key Management
Interoperability Protocol (KMIP). The Enterprise Key Management Market is
estimated to grow at a significant CAGR over the forecast period as the scope
and its applications are rising enormously across the globe.
Rising need to exploit operational
efficiency and security, and growing data security anxiety are documented as
major factors of Enterprise Key Management Market that are estimated to enhance
the growth in the years to come. However, lack of awareness regarding
enterprise key management among organizations mainly in SMEs is a factor that
may restrain overall market growth in coming years. Enterprise Key Management
industry is segmented based on component, deployment type, enterprise size,
vertical, applications, and region.
Services and solutions are the
components that could be explored in Enterprise Key Management in the forecast
period. The services may be managed or professional. Cloud and on-premises are
the deployment type that could be explored in Enterprise Key Management in the
forecast period. The enterprises may be large, small, and medium sized that
could be explored in Enterprise Key Management in the forecast period.
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Manufacturing, banking, financial
services, and insurance (BFSI), energy and utilities, healthcare, aerospace and
defense, government, retail, and information technology (IT) and telecom are
the verticals that could be explored in Enterprise Key Management in the
forecast period. The market may be categorized based on applications like cloud
encryption, disk encryption, communication encryption, file/folder encryption,
database encryption, and others that could be explored in the forecast period.
Globally, North America accounted for
the substantial market share of Enterprise Key Management and is estimated to
lead the overall market in the coming years. The reason behind the overall
market growth could be rising data security challenges, raised penetration of
digital services across key verticals, rising cyber-attacks, and rising use of
enhanced technology. The United States is a major consumer of Enterprise Key
Management in the region.
Instead, Europe and the Asia Pacific are
also estimated to have a positive influence on the future growth. Europe is the
second largest region with significant market share. However, Asia Pacific is
estimated to grow at fastest pace with the highest CAGR in the foremost period.
The aspects that may be ascribed to the growth comprise high demand for digital
services, rising adoption of smart devices, growing monitoring enforcement, and
rising investment in IoT and cloud technology.
The key players of Enterprise Key
Management Market are Venafi, Amazon Web Services, Inc., Thales e-Security,
Inc., Gemalto NV,Microsoft Azure, Inc., RSA Security LLC, Hewlett Packard
Enterprise, Oracle Corporation, and International Business Machines (IBM)
Corporation. These players are concentrating on inorganic growth to sustain
themselves amongst fierce competition. As companies all over the world have to
believe that alliance with a market would permit them proportional market
existence and authority to declare the leadership position.
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