The market for enterprise key management is expected to reach US$ 2,320.6 million in 2022 and grow at a 14.6% CAGR to reach US$ 9,060.4 million by 2032. The rise in IoT-based application utilisation is credited with growth. A CAGR of 14.1% was seen for the market for enterprise key management from 2016 to 2021.
When there is a lot of data, assimilation and documentation through spreadsheets is difficult and ineffective. The necessity for data management and encryption is rising along with the number of sensitive and secret data that is being generated. Additionally, the development of already existing businesses and the entry of new ones are driving up the demand for effective data management.
Around the world, organisations favour encrypting data to spreadsheet storage. Enterprise key management is subsequently introduced as a result. A solution called enterprise key management offers unique keys for the encrypted data.
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Enterprise key management is possible both locally and in the cloud. The encrypted data is kept in a cloud by enterprise key management, which also offers access keys to the data on the network or database.
Hardware cryptography modules create and manage the keys that the enterprise key management system provides. Data is kept secure and confidential and only available to authorised companies or users thanks to the enterprise key management system.
Which Are Some Prominent Drivers Spearheading Enterprise Key Management Market Growth?
The market for corporate key management is fueled by the adoption of cloud computing and the rise in data encryption, which together have increased demand for data management.
The enterprise key management market is anticipated to grow during the forecast period as more IT and security professionals choose enterprise key management to guarantee the protection of highly sensitive data. Additionally, a surge in cyberattacks compels businesses to secure their data, which is a driving factor in the market for enterprise key management.
The encryption key management market is anticipated to grow over the course of the forecast period as a result of rising acceptance of encryption key management among IT and security professionals to guarantee the protection of highly sensitive data.
The market for enterprise key management is expected to grow during the forecasted period as a result of dispersed applications, smart technologies, and the introduction of 5G.
What Are The Challenges Faced By The Enterprise Key Management Industry?
Although the enterprises key management market has numerous end-uses, there are numerous obstacles that likely pose a challenge to market growth. Enterprise key management, transmission, and storage is a very complex process and hence lacks knowledge and labor which acts as a restraint for the same.
Technological & implementation challenges due to lack of awareness and expertise are major factors that are projected to hinder the global enterprise key management market in the next few years.
Why Is North America Emerging As An Opportunistic Enterprise Key Management Market?
North America dominated global enterprises key management market in 2022. North America accounts for a market share of 36.1% in global enterprise key management market.
The growth of the market is due to an increase in the implementation of latest technologies such as cloud computing, 5G, edge computing, and artificial intelligence (AI) among end-users. Additionally, favorable government regulations, support, and heavy investments by numerous well-established organizations are expected to boost the enterprise key management market in North America.
In the developed economies of North America like the US and Canada, there is a high focus on enterprise key management solutions to secure critical data from hackers. Growth of the market in North America is attributed to the presence of globally notable enterprise key management market players, such as IBM, Oracle, and Hewlett Packard, among others which promote the adoption.
How Is Europe Contributing To The Growth Of The Enterprise Key Management Market?
According to Future Market Insights, Europe is expected to provide immense growth opportunities for the enterprise key management market, due to an increase in the use of enterprise key management solutions. The Europe enterprise key management market accounts for 20.5%share of the total global market.
The growing penetration rate of digital services and rapidly expanding IT infrastructure in the region are expected to further drive enterprise key management market expansion in the future years. Increasing cyber threats and security concerns have further led to the rise in the adoption of enterprise key management across countries in this region.
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Key Segments Profiled in the Enterprise Key Management Industry Survey
Enterprise Key Management Market by Deployment:
- On-premise
- Cloud
Enterprise Key Management Market by End User:
- Banks and Financial Services
- Education
- Business Services
- Government
- Healthcare
- IT
- Media and Entertainment
- Pharmacies and Retail
Enterprise Key Management Market by Region:
- North America Enterprise Key Management Market
- Latin America Enterprise Key Management Market
- Europe Enterprise Key Management Market
- Asia Pacific Enterprise Key Management Market
- Middle East and Africa Enterprise Key Management Market
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10 years.
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