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Market Overview:
The Enterprise Key Management Market size is estimated to reach $6.9 billion by 2030, growing at a CAGR of 15.0% during the forecast period 2024-2030, according to a recent report published by IndustryARC, titled, “Enterprise Key Management Market – By Component (Solutions, Services (Professional Services, Managed Services)), By Deployment Type (Cloud, On-Premises), By Organization Size (Large Enterprises, Small and Medium Enterprises), By End-User (Banking, Financial Services, and Insurance (BFSI), Healthcare, Government and Public Sector, IT and Telecommunications, Retail, Aerospace and Defence, Energy and Utilities, Manufacturing, Others), By Application (Disk Encryption, File and Folder Encryption, Database Encryption, Communication Encryption, Cloud Encryption), By Geography - Global Opportunity Analysis & Industry Forecast, 2024-2030”
Rising number of remote workforces necessitates secure access to corporate networks and data and Growing awareness about data security and privacy issues drives the adoption of key management solutions are the main drivers of market expansion and are fueling the growth of the Enterprise Key Management industry during the forecast period.
North America Dominated the Market in 2023:
North America accounted for the largest share of 37.0% of the Enterprise Key Management Market in 2023 followed by South America and Europe. In North America, the Enterprise Key Management Market is driven by increasing cybersecurity threats, stringent data protection regulations, and widespread cloud adoption. The rise of remote workforces and growing digital transformation initiatives also fuel demand for robust key management solutions, ensuring secure access and data integrity across various industries.
Enterprise Key Management Market: Key Takeaways
Increasing Cybersecurity Threats and Data Breaches Necessitate Robust Key Management Solutions:
Increasing cybersecurity threats and data breaches are driving the need for robust key management solutions in the enterprise key management market. According to the Forbes in 2023, cyberattacks significantly increased, affecting over 343 million victims. Data breaches rose by 72% between 2021 and 2023, surpassing previous records. As cyberattacks grow more sophisticated, organizations prioritize protecting sensitive data, making secure key management essential. Implementing advanced encryption and key management systems mitigates risks and ensures data integrity. Regulatory requirements and compliance mandates also push enterprises to adopt comprehensive key management strategies. Safeguarding cryptographic keys enhances cybersecurity, prevents unauthorized access, and maintains customer trust in today's digital landscape.
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Increasing Investments in IT Infrastructure and Security by Enterprises Promote the Growth of the Key Management Market:
Increasing investments in IT infrastructure and security by enterprises are pivotal drivers for the growth of the key management market. As companies prioritize safeguarding their sensitive data, they are allocating more resources towards advanced security solutions. This trend is fueled by the need to comply with stringent regulatory standards and to counteract the rising threats of cyberattacks. Additionally, the digital transformation wave, characterized by the adoption of cloud services and IoT devices, necessitates robust key management systems to ensure data integrity and confidentiality. Consequently, enterprises' commitment to enhancing their IT security frameworks is significantly propelling the demand for key management solutions.
Scope of the Report:
Recent Developments:
- Fortanix unveiled Key Insight in November 2023, an advanced tool for tracking and managing cryptographic keys, at AWS annual re:Invent 2023. This new feature of the Fortanix Data Security Manager provides comprehensive insights and control over encryption keys, enhancing data security for enterprises.
- In October 2023, Quant launched Overledger Authorise, a central bank-grade key management solution for secure blockchain transactions, seamlessly integrating with existing enterprise systems. This innovation addresses security and compliance challenges, revolutionizing digital asset management for banks and institutions.
- In September 2023, Thales has launched CipherTrust Cloud Key Management’s Hold Your Own Key (HYOK) for Oracle Cloud Infrastructure (OCI), covering all 45 Oracle Cloud Regions, including the new Oracle EU Sovereign Cloud. This integration allows OCI customers to manage encryption keys externally, enhancing data sovereignty and compliance while addressing the complexities of cloud security.
Enterprise Key Management Market: Competitive Landscape
Key companies profiled in the Enterprise Key Management Market are Amazon Web Services Inc., Venafi, Thales Group (Gemalto NV), Google Inc., IBM Corporation, Oracle Corporation, Hewlett Packard Enterprise Company, Quantum Corporation, WinMagic Inc., Microsoft Corporation, Box, Inc., Egnyte, Inc., StorMagic Ltd, Broadcom Inc., Utimaco Management Services GmbH and others.
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IndustryARC primarily focuses on Market Research and Consulting Services specific to Cutting Edge Technologies and Newer Application segments of the market. The company’s Custom Research Services are designed to provide insights into the constant flux in the global demand-supply gap of markets.
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IndustryARC
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