Enterprise Key Management Market

Enterprise Key Management Market Snapshot (2023 to 2033)

The global enterprise key management market is anticipated to be valued at USD 2659.41 million in 2023, forecast a CAGR of 14.6% to be valued at USD 10390.27 million from 2023 to 2033. Growth is attributed to the increasing usage of IoT-based application. From 2018 to 2022 a CAGR of 14.6% was registered for the enterprise key management market.

Assimilating and documenting data over spreadsheets is a complex as well as inefficient when the volume of the data is large. With this increasing volume of complex and confidential data, the need for the data’s management and encryption is also increasing. The demand for the efficient management of data is important, furthermore, increasing with the introduction of new companies and growth of existing companies.

Data Points	Key Statistics
Growth Rate (2018 to 2022)	14.6% CAGR
Projected Growth Rate (2023 to 2033)	14.6% CAGR
Expected Market Value (2023)	USD 2659.41 million
Anticipated Forecast Value (2033)	USD 10390.37 million

Organisations globally prefer to encrypt their data instead of saving them in spreadsheets. In result to that, enterprise key management is introduced. Enterprise key management is a tool which provides specific keys for the encrypted data.

Enterprise key management can be done either on premise or on a cloud. Enterprise key management maintains a cloud over which it stores the encrypted data and provides keys for accessing the data on the network or database.

The keys, provided by enterprise key management system, are created and managed by hardware cryptographic modules. The enterprise key management system keeps the data secure and confidential, and accessible to the authorized organisations or users only.

Which Are Some Prominent Drivers Spearheading Enterprise Key Management Market Growth?

Growing Investments in Cloud-Based Services to Boost the Growth of the Enterprise Key Management Market

With the adoption of cloud-based computing and the increase in encryption of data the demand for the management of the same is increased, which acts as a driver for the enterprise key management market.

Increasing adoption of enterprise key management among IT and security professionals to ensure the security of highly sensitive information is expected to propel the enterprise key management market during the forecast period. In addition, an increase in the number of cyber-attacks also forces organisations to secure their data, which acts as a driving force in the enterprise key management market too.

Also, increasing adoption of encryption key management among IT and security professionals to ensure the security of highly sensitive information is expected to propel the encryption key management market during the forecast period.

The increasing adoption of smart technologies, distributed applications, and the advent of 5G is also anticipated to boost the enterprise key management market in the forecasting period.

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?

Presence of Leading Market Players in the Region Provide Opportunity for the Growth of the 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?

Growing IT sector in the Region Drives the Enterprise Key Management Market During Forecasting Period

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.

Will The Asia Pacific Emerge As An Attractive Enterprise Key Management Market?

Increasing Number of Small and Medium Software Enterprises in The Region Boost the enterprise Market in The Coming Years.

The enterprise key management market in Asia Pacific is projected to expand at a rapid pace during the forecast period. Rise in the number of small and medium software enterprises in Asia Pacific is leading to a rise in number of cyber-attacks. This is driving the demand for security solutions and subsequently, boosting the enterprise key management market.

Increasing implementation of cloud-based solutions and growing quantity of data will be a major driver pushing the adoption of enterprise key management among large enterprises in the region providing growth potential for the enterprise key management market.

Asia Pacific is witnessing technological advancements in the field of IT, manufacturing, industrial sectors, and others – creating lucrative opportunities for the enterprise key management solution providers in the region.

Government initiatives such as demonetization, and digitalization in India are influencing companies to increase their focus on securing digital information. The enterprise key management solution market in APAC is witnessing huge demand from government and banking sectors.

Start-up Scenario

The new entrants in the enterprise key management market are continually indulging in several collaborations and highly investing in research and development activities to provide more convenient solutions to industry verticals. Some of the major start-ups that are leading the development of the market are - Anvesh Vision, JISA Softech, Fortanix

• Fortanix announced Fortanix Cloud Key Manager, a new solution that helps businesses secure private data as they migrate to public cloud. Available for use across AWS, Google Cloud, and Microsoft Azure - it is the only solution on the market that can apply consistent encryption key management policies across multiple cloud providers, tenants, and regions while enabling keys from any cloud or on-premises.

Market Competition

Some of the key participants present in the global enterprise key management market include Amazon Web Services, Inc., Gemalto NV, Thales e-Security, Dyadic, IBM Corporation, Qualcomm Technologies, Townsend Security, Oracle, Winmagic, RSA Security LLC and Venafi among others.

Attributed to the presence of such a high number of participants, the market is highly competitive. While global players such as Amazon Web Services, Inc., Gemalto NV, Thales e-Security, Dyadic, IBM Corporation, Qualcomm Technologies account for considerable market size, several regional-level players are also operating across key growth regions, particularly in the Asia Pacific.

• Gemalto, a digital security provider, collaborated with Vaultive, Inc., a cloud data security provider, to enhance the encryption process and key management of the data over cloud. Together with the integration, the users get better security and management of their data.
• In December 2021: Airtel Business, the B2B unit of Bharti Airtel (Airtel), and IBM have collaborated to deploy a hybrid cloud solution for a group of Milk Producer Companies (MPCs) created by NDDB Dairy Services.
• The enterprise-grade security and reliability platform for quick connections and remaining organised to match the needs of small businesses or large organisations, with the features of privacy and security needed, received major enhancements from Zoom in November 2022.
• In order to enhance data security, compliance, and customer experience, Axis Bank partnered with Amazon Web Services (AWS) in July 2022. The two companies will use the AWS key management service, a fully managed service for cryptographic operations (KMS), AWS CloudHSM, a cloud-based hardware security module (HSM), AWS Identity and Access Management (IAM), AWS Encryption SDK, and a client-side encryption library.

Report Scope

Report Attribute	Details
Growth Rate	CAGR of 14.6% from 2023 to 2033
Expected Market Value (2023)	USD 2,659.41 million
Anticipated Forecast Value (2033)	USD 10390.37 million
Base Year for Estimation	2022
Historical Data	2018 to 2022
Forecast Period	2023 to 2033
Quantitative Units	Revenue in USD million and CAGR from 2023 to 2033
Report Coverage	Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis
Segments Covered	Deployment, End User, Region
Regions Covered	North America; Latin America; Europe; Asia Pacific; Middle East and Africa
Key Countries Profiled	USA, Canada, Mexico, Brazil, Germany, Italy, France, UK, Spain, China, Japan, South Korea, Malaysia, Singapore, Australia, GCC, South Africa, Israel
Key Companies Profiled	Amazon Web Services, Inc.; Dyadic; IBM Corporation; Qualcomm Technologies; Townsend Security; Oracle; Winmagic; RSA Security LLC; Venafi
Customization	Available Upon Request

Key Segments Profiled in the Enterprise Key Management Industry Survey

By Deployment:

• On-premise
• Cloud

By End User:

• Banks and Financial Services
• Education
• Business Services
• Government
• Healthcare
• IT
• Media and Entertainment
• Pharmacies and Retail

By Region:

• North America
• Latin America
• Europe
• Asia Pacific
• Middle East and Africa

Frequently Asked Questions

What is the Projected Size of the Market by 2033?

The global market size to reach USD 10,390.27 million by 2033.

Top Key Players in the Enterprise Key Management Market?

IBM Corporation and Oracle are the top key players.

What is the Growth Potential of the Enterprise Key Management Market?

The growth potential of the enterprise key management market is 14.6% through 2033

What Limits the Growth Potential of the Market?

Lack of knowledge and labour is expected to limit market growth.

Which End-user Type is Highly Preferred?

Bank & financial services segment is highly preferred in the global market.