$2.34 Billion Enterprise Key Management Market 2017 - Global Forecast to 2022
DUBLIN, July 17, 2017 /PRNewswire/ --
The "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" report has been added to Research and Markets' offering.
The enterprise key management market 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%
Several factors such as increasing data security concerns, requirement to meet compliance regulations, and need to maximize operational efficiency and security are driving the growth of the market. Verticals such as healthcare, manufacturing, retail, Information Technology (IT) and telecom, and aerospace and defense are expected to contribute largely to the market.
The enterprise key management market is segmented by component, deployment type, organization size, application, vertical, and region. The on-premises deployment type is the preferred deployment type, but the cloud-based deployment type is also expected to gain traction during the forecast period. The cloud deployment type is expected to grow at highest CAGR during the forecast period. Cloud-based deployment reduces the total cost of ownership by cutting down the cost associated with installing hardware to support enterprise key management solutions. Cloud-based deployment offers higher agility than on-premises deployment. Enterprises prefer the cloud deployment type as cloud services are available at competitive pricing.
Enterprise key management solutions are estimated to dominate the enterprise key management market in 2017, whereas enterprise key management services are expected to witness the fastest growth during the forecast period. Enterprise key management solutions are gaining popularity as large volumes of data are being generated by organizations, and thereby organizations need to safeguard these data volumes from security risks. Enterprise key management services are vital to ensure the proper implementation and integration of enterprise key management solutions.
Enterprise key management service vendors empower organizations to take ownership of enterprise encryption keys by providing exclusive control over keys and providing unalterable audit logs that maintain the usage keys. Moreover, professional and managed services are implemented to manage the security of the key data. This is expected to drive the demand for enterprise key management services.
The Small and Medium-Sized Enterprises (SMEs) segment is expected to grow at a higher CAGR than large enterprises during the forecast period. SMEs hold the personal data of various customers. Enterprises are required to protect customer data from security vulnerabilities. Increasing security awareness and digital transformations have influenced SMEs to adopt cloud-based enterprise key management solutions to manage the entire lifecycle of the keys used to secure data.
Vendors offer enterprise key management solutions and services to help organizations manage cryptographic keys efficiently by monitoring the processes related to the generation, distribution, storage, rotation, revocation, and destruction of keys. Enterprise key management solutions and services are increasingly adopted by various verticals, such as transportation and logistics, aerospace and defense, healthcare and life sciences, consumer goods and retail, manufacturing, and energy and utilities. This is expected to fuel the growth of the enterprise key management market across the globe.
The Banking, Financial Services, and Insurance (BFSI) vertical is expected to hold the largest market size during the forecast period. However, the aerospace and defense and healthcare segments are also expected to present prospective opportunities during the forecast period for enterprise key management vendors.
The enterprise key management market has been segmented by region into North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America. North America is expected to have the largest market share and is expected to dominate the market during the forecast period due to the presence of many enterprise key management vendors in the region. In the areas of technology adoption and infrastructure, North America is one of the most advanced regions.
Lack of awareness about enterprise key management among enterprises, particularly in the SMEs, is restraining the growth of the global enterprise key management market. This is one of the major identified restraints affecting the global adoption of enterprise key management solutions.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview and Industry Trends
6 Enterprise Key Management Market Analysis, By Component
7 Enterprise Key Management Market Analysis, By Deployment Type
8 Enterprise Key Management Market Analysis, By Organization Size
9 Enterprise Key Management Market Analysis, By Application
10 Enterprise Key Management Market Analysis, By Vertical
11 Geographic Analysis
12 Competitive Landscape
13 Company Profiles
- Amazon Web Services, Inc.
- CA Technologies, Inc.
- Dyadic Security
- Gemalto NV
- Google Inc.
- Hewlett Packard Enterprise
- IBM Corporation
- Oracle Corporation
- Quantum Corporation
- RSA Information Security, Subsidiary of Dell EMC.
- Thales E-Security, Inc.
- Townsend Security
- Venafi
- Winmagic, Inc.
For more information about this report visit https://www.researchandmarkets.com/research/l7hnf3/enterprise_key
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