(IT-NEWSWIRE.COM, January 07, 2020 ) According to research report "Enterprise Key Management Market by Component (Solutions and Services), Deployment Type (Cloud and On-Premises), Organization Size (Small and Medium-Sized Enterprises and Large Enterprises), Application, Vertical, and Region - Global Forecast to 2022", The enterprise key management market size is expected to grow from USD 933.2 Million in 2017 to USD 2,343.6 Million by 2022, at a Compound Annual Growth Rate (CAGR) of 20.2%.
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Increasing complexities in managing high-profile data and complying with government rules and regulations have increased the need for enhanced enterprise security across various verticals. This has led to the widespread adoption of enterprise key management solutions. With the expected increase in the global enterprise key management adoption rate in the Small and Medium-Sized Enterprises (SMEs) segment, the enterprise key management market is likely to gain traction during the forecast period.
“Disk encryption application is expected to contribute the largest market share during the forecast period.”
The cost of protecting valuable enterprise data is increasing continuously. Encryption is a security mechanism that ensures data is ciphered securely so that it remains confidential and is available for authorized users only. With increasing volumes of sensitive data, businesses are experiencing the pressure to protect business-critical data from cyber- attacks. This has largely favored the adoption of enterprise key management solutions and services across various industries.
“Managed services segment is expected to grow at a higher CAGR than the professional services segment during the forecast period.”
With the increasing deployment of cloud-based computing solutions, the services segment is expected to witness significant growth during the forecast period. The managed services segment is expected to grow at a higher CAGR during the forecast period. Managed service providers help clients manage encryption keys that are required to encrypt on-premises as well as cloud data. It is the prime responsibility of the managed service providers to safeguard the data encryption keys. Vendors offering enterprise key management solutions focus on improving data security, meeting regulations and compliances, and reducing data security management costs.
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“The rapid adoption of enterprise key management solutions due to a strong and well-established economy is expected to make North America the largest market in terms of global share.”
North America is expected to hold the largest market size and dominate the enterprise key management market during the forecast period. Increasing data security challenges along with the need to meet strict compliance regulations is driving the adoption of enterprise key management solutions in North American organizations. Asia Pacific (APAC) is also expected to offer potential growth opportunities in the enterprise key management market as countries in the APAC region are investing substantially in deploying data security and compliance management solutions.
The major vendors that offer enterprise key management solutions and services 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).
Mr. Shelly Singh