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Global Enterprise Key Management Market to Reach $3.4 Billion by 2026
Enterprise key management comprises of the lifecycle management of encryption keys, right from defining the requirements and policies to generation, storage, distribution, deactivation, and destruction of encryption keys. Due to high-profile data losses and regulatory compliance standards, the use of encryption is on the rise across enterprises of all sizes. Proper key management is an essential process of data security within any organization handling sensitive information. The financial sector is one of the most highly regulated industries across the world, and is also one of the largest end-users of encryption keys. For many years, banks, credit card companies, and payment gateways dominated the security aspect. However, new age companies such as Fintech companies are challenging the dominance of traditional players through the usage of innovative technologies such as blockchain to ensure security without depending on traditional security measures.
Amid the COVID-19 crisis, the global market for Enterprise Key Management estimated at US$1.4 Billion in the year 2020, is projected to reach a revised size of US$3.4 Billion by 2026, growing at a CAGR of 15.8% over the analysis period. Solutions, one of the segments analyzed in the report, is projected to grow at a 15.3% CAGR to reach US$2.6 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Services segment is readjusted to a revised 17% CAGR for the next 7-year period. This segment currently accounts for a 31.5% share of the global Enterprise Key Management market. As the quantity of data and the complexity of managing the data is increasing, organizations are availing the services of enterprise key management service companies to plan and manage their key management requirements, thus driving the market for enterprise key management services.
The U.S. Market is Estimated at $677.5 Million in 2021, While China is Forecast to Reach $268.2 Million by 2026 Select Competitors (Total 46 Featured) -
The Enterprise Key Management market in the U.S. is estimated at US$677.5 Million in the year 2021. The country currently accounts for a 42.48% share in the global market. China, the world`s second largest economy, is forecast to reach an estimated market size of US$268.2 Million in the year 2026 trailing a CAGR of 18.8% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 12.8% and 14.6% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 16.1% CAGR while Rest of European market (as defined in the study) will reach US$316.6 Million by the end of the analysis period. Developed economies of North America and Europe dominate the enterprise key management market, owing to the high penetration of digital systems and IT infrastructure, existence of large corporations, as well as the presence of major providers in the market. In addition, the region is also one of the highly affected in terms of data breaches, leading to increasing regulatory oversight, and subsequent adoption of advanced security solutions for safeguarding data. Regulatory oversight also plays a major role in the region, as the regulatory landscape is highly evolved and constantly endeavors to improve data security, leading to higher demand for encryption key management solutions.
- Amazon Web Services, Inc.
- Google LLC
- Hewlett Packard Enterprise Company
- IBM Corporation
- Microsoft Corporation
- Oracle Corporation
- Quantum Corporation
- Thales Group
- Townsend Security
- Unbound Tech Ltd.
- WinMagic Inc.