PUBLISHER: The Business Research Company | PRODUCT CODE: 1465769
PUBLISHER: The Business Research Company | PRODUCT CODE: 1465769
Enterprise key management involves a holistic approach to generating, distributing, and managing cryptographic keys across devices and applications within an organization. This systematic approach is employed to secure sensitive data in various digital states and locations within the organizational framework.
The primary components of enterprise key management encompass solutions and services. Solutions refer to methods or approaches designed to address specific problems or meet particular needs. These solutions can be deployed both in the cloud and on-premises, catering to enterprises of various sizes, including small and medium enterprises as well as large enterprises. They find application across a range of uses, such as disk encryption, file and folder encryption, database encryption, communication encryption, and cloud encryption. End-users across diverse sectors, including BFSI (Banking, Financial Services and Insurance), healthcare, government and defense, IT and telecom, retail, and others, utilize these solutions.
The enterprise key management market research report is one of a series of new reports from The Business Research Company that provides enterprise key management market statistics, including enterprise key management industry global market size, regional shares, competitors with a enterprise key management market share, detailed enterprise key management market segments, market trends and opportunities, and any further data you may need to thrive in the enterprise key management industry. This enterprise key management market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The enterprise key management market size has grown rapidly in recent years. It will grow from $2.51 billion in 2023 to $2.99 billion in 2024 at a compound annual growth rate (CAGR) of 19.1%. The growth observed in the historical period can be attributed to several factors, including the organizational shift towards a digital environment, an increasing demand for and adoption of cloud services, a rise in the number of data breaches, growing investments in cloud-based services and hardware security modules, and the rapid expansion of small and medium-sized enterprises (SMEs).
The enterprise key management market size is expected to see rapid growth in the next few years. It will grow to $5.96 billion in 2028 at a compound annual growth rate (CAGR) of 18.8%. The anticipated growth in the forecast period can be attributed to factors such as the increasing number of cyber-attacks, a rising volume of complex and confidential data, widespread adoption of IoT (Internet of Things), the massive growth of data, and an escalation in security threats. Noteworthy trends in the forecast period encompass the adoption of smart technologies, continuous technological advancements, a surge in collaborations and start-ups, the adoption of encryption key management practices, and a focus on product innovation.
The anticipated rise in the number of cyberattacks is poised to drive the growth of the enterprise key management market. Cyberattacks, intentional and unauthorized efforts to compromise the integrity or accessibility of computer systems, networks, or confidential data, have seen a significant increase. Enterprise key management plays a crucial role in preventing cyberattacks by establishing a robust cryptographic infrastructure that ensures the confidentiality and availability of sensitive data and communication channels within organizations. According to the Australian Cyber Security Centre in February 2023, cybercrime reports in 2022 reached 76,000, indicating a 13% increase from the previous year. Additionally, the Anti-Phishing Working Group reported a 15% rise in phishing attacks in the first quarter of 2022 compared to the fourth quarter of 2021. The surge in cyberattacks underscores the pivotal role of enterprise key management in addressing security challenges.
Key players in the enterprise key management market are actively developing innovative products, including cloud-based enterprise key management services, to enhance customer service with advanced features. Cloud-based enterprise key management services offer a consolidated platform for managing encryption keys across diverse cloud platforms and operating systems. In October 2022, Cryptomathic, a Denmark-based provider of enterprise key management, introduced the Cryptomathic AWS BYOK (Bring Your Own Key) service. This cloud-based offering enables security-conscious users on Amazon Web Services (AWS) to seamlessly leverage enterprise-class BYOK encryption key management features globally. The service empowers enterprises to enhance the default-generated encryption keys of the cloud provider with their own, elevating security and control while simplifying compliance audits and providing flexibility within the AWS environment.
In January 2021, Entrust, a US-based software company, completed the acquisition of HyTrust for an undisclosed amount. Through this acquisition, Entrust enhances its digital security solutions by incorporating a crucial management layer for encryption, cryptographic keys, and cloud security policy. This addition effectively addresses the data protection and compliance requirements of organizations undergoing digital transformations. HyTrust, a US-based provider of enterprise-grade key management solutions for on-premise and multi-cloud virtual infrastructures, further strengthens Entrust's position in the enterprise key management market.
Major companies operating in the enterprise key management market are Google LLC, Microsoft Corporation, Dell Technologies Inc., Amazon Web Services Inc., International Business Machines Corporation, Oracle Corporation, Broadcom Inc., Qualcomm Technologies Inc., Thales Group, StorMagic Ltd., Hewlett Packard Enterprise Co., CA Technologies Inc., Gemalto NV, Dyadic Security Corp, Townsend Security Inc., Microsystems Inc., Box Inc., RSA Information Security, Quantum Corporation, Egnyte Inc., Venafi Inc., Kryptus, Winmagic Inc., Sepior, Unbound Security, Atakama LLC, Hushmesh Inc., Virgil Security Inc., Voltage Security Inc.
North America was the largest region in the enterprise key management market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the enterprise key management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the enterprise key management market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The enterprise key management market consists of revenues earned by entities by providing services such as key management compliance assistance, consulting services, and certification of key management solutions. The market value includes the value of related goods sold by the service provider or included within the service offering. The enterprise key management market also includes sales of hardware security modules and intrusion detection and prevention systems. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Enterprise Key Management Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on enterprise key management market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for enterprise key management ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The enterprise key management market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
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The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.