Dublin, Nov. 10, 2023 (GLOBE NEWSWIRE) -- The "Enterprise Key Management Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The global enterprise key management market has achieved significant growth, with a market size of US$ 1.8 billion in 2022. The market is poised for substantial expansion, and experts anticipate it to reach US$ 5.5 billion by 2028, exhibiting a robust Compound Annual Growth Rate (CAGR) of 15.4% during the period 2023-2028.
Enterprise Key Management: Safeguarding Data Assets
Enterprise key management plays a pivotal role in managing cryptographic keys used by organizations. It encompasses tasks such as key creation, access control, maintenance, decryption, and secure key destruction. This technology aids in safeguarding trade secrets and sensitive information while offering automation and scalability, reducing the need for skilled human resources. Consequently, enterprise key management is extensively employed across various industries, including healthcare, retail, and banking, financial services, and insurance (BFSI).
Key Market Trends Driving Growth
The escalating number of data breaches globally is a significant driver for market growth. Governments worldwide are developing national cybersecurity defense strategies to counteract threats posed to citizens, businesses, and critical infrastructure, further boosting market demand. Organizations grapple with several challenges in key management, including protecting keys from malicious insiders and attackers, managing a vast number of encryption keys, and supporting multiple heterogeneous environments comprising applications, databases, and standards.
As a result, organizations are increasingly adopting enterprise key management solutions to enhance overall security efficiency. Moreover, the cost of implementing these solutions is significantly lower than the cost of a data breach, driving the demand for enterprise key management solutions worldwide. Other factors contributing to market growth include the thriving information technology (IT) sector and the rapid expansion of small and medium-sized enterprises (SMEs).
Key Market Segmentation
The report offers an extensive analysis of the global enterprise key management market, providing insights into key trends and forecasts for various segments.
Breakup by Component:
- Solutions
- Services
Breakup by Deployment Mode:
- On-premises
- Cloud-based
Breakup by Enterprise Size:
- Small and Medium-sized Enterprises
- Large Enterprises
Breakup by Application:
- Disk Encryption
- File and Folder Encryption
- Database Encryption
- Communication Encryption
- Cloud Encryption
Breakup by End Use Industry:
- BFSI
- Healthcare
- Retail
- IT and Telecom
- Government and Defense
- Others
Breakup by Region:
North America:
- United States
- Canada
Asia-Pacific:
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
Europe:
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
Latin America:
- Brazil
- Mexico
- Others
Middle East and Africa
Competitive Landscape
The competitive landscape of the enterprise key management industry features prominent players, including Amazon Web Services Inc. (Amazon.com Inc.), Box Inc., Broadcom Inc., Dell Technologies Inc., Google LLC, Hewlett Packard Enterprise Company, International Business Machines Corporation, Microsoft Corporation, Oracle Corporation, Thales Group, Townsend Security, Unbound Security, and WinMagic Inc.
Key Questions Answered in This Report:
- What was the size of the global enterprise key management market in 2022?
- What is the expected growth rate of the global enterprise key management market during 2023-2028?
- What are the key factors driving the global enterprise key management market?
- What has been the impact of COVID-19 on the global enterprise key management market?
- What is the breakdown of the global enterprise key management market based on the component?
- What is the breakdown of the global enterprise key management market based on the deployment mode?
- What is the breakdown of the global enterprise key management market based on enterprise size?
- What is the breakdown of the global enterprise key management market based on the application?
- What is the breakdown of the global enterprise key management market based on the end-use industry?
- What are the key regions in the global enterprise key management market?
- Who are the key players/companies in the global enterprise key management market?
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 175 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $1.8 Billion |
| Forecasted Market Value (USD) by 2028 | $5.5 Billion |
| Compound Annual Growth Rate | 20.5% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/ywfpam
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