Global Enterprise Key Management Market to Grow at a Staggering CAGR of 20.92%

Enterprise key management refers to crucial management systems that provide encryption keys across many databases and operating systems. Enterprise key management systems are tools for maintaining cryptographic keys for data in transit (KMS). Due to data triangulation using multiple techniques and methods, the weighted averages of the derived estimations were considered the final values. Adopting encryption within a company increases the potential value of managing essential cryptographic resources. Market Dynamics Loss of High-Profile Data and Massive Growth of Data Due to IoT Drives the Global Market The frequency of data breaches across various sectors, which exposed millions of consumer details to hackers and lost several organizations millions of dollars, has raised the importance placed on encryption of sensitive data and files within new enterprises. Furthermore, the massive growth in structured and unstructured data due to the quickly increasing need for digital assets fuels the desire for improved key management with a tactical focus on data-centric organizations. Companies must adopt enterprise-critical management solutions in addition to regulatory requirements like GDPR because privacy is becoming a more critical competitive differentiator when customer relationships are built on openness and trust. The market is seeing an increase in connected devices from an IoT ecosystem. Along with the IoT's widespread adoption, device connections are growing. As a result, vast amounts of data have been amassed. A sizable portion of the data produced by the increasing number of connected devices is best stored in the cloud. It is anticipated that the launch of 5G networks would speed up the adoption of connected devices across several sectors currently moving toward digital transformation. Regional Analysis North America is the largest shareholder in the global enterprise key management market and is expected to grow at a CAGR of 20.99% during the forecast period. Due to the existence of globally renowned enterprise key management market players like IBM, Oracle, and Hewlett Packard, among others, who encourage adoption, North America will continue to hold the most significant market share throughout the projection. Cyber concerns have also spurred a local need for enterprise key management systems. The top 10 US banks have clarified that they are significantly shifting to cloud-based operations, consolidating applications through a primary cloud provider while creating new and migrating existing apps. Europe is expected to grow at a CAGR of 21.34%, generating USD 2,709.6 million during the forecast period. The European Commission and Europol, the EU's law enforcement intelligence agency, unveiled a new platform for decrypting data as part of a criminal investigation. The use of essential corporate management tools should increase due to these actions. Different encryption levels are typically employed in the industrial sector in Asia-Pacific. The usage of extensive encryption has increased significantly across industries, including the public sector, retail, technology, and software firms. Banks and financial institutions in Asia-Pacific are also using SSL/TLS to encrypt their communication to address these many issues, such as limiting access, maintaining secrecy, and lessening their sensitivity to protocol-specific attacks. The government has established new laws, procedures, and infrastructure in response to increased cyberattacks on Japanese businesses. Japan seeks bilateral alliances with other countries to carry out its cybersecurity aims. Key Highlights The global enterprise key management market was valued at USD 1,451.1 million in 2021. It is projected to reach USD 8,020.5 million by 2030, growing at a CAGR of 20.92% during the forecast period (2022-2030). Based on the deployment model, the global enterprise key management market is bifurcated into cloud and on-premise. The cloud segment is the highest contributor to the market and is expected to grow at a CAGR of 22.3% during the forecast period. Based on the size of enterprise, the global enterprise key management market is bifurcated into small and medium and large. The small and medium enterprise segment owns the highest market share and is expected to grow at a CAGR of 23.58% during the forecast period. Based on application, the global enterprise key management market is bifurcated into dish encryption, file and folder encryption, database encryption, communication encryption, and cloud encryption. The dish encryption segment is the highest contributor to the market and is expected to grow at a CAGR of 21.03% during the forecast period. Based on end-users, the global enterprise key management market is bifurcated into BFSI, healthcare, government and defense, IT and telecom, retail, and other end-user verticals. The BFSI segment is the highest contributor to the market and is expected to grow at a CAGR of 21.42% during the forecast period. North America is the largest shareholder in the global enterprise key management market and is expected to grow at a CAGR of 20.99% during the forecast period. Competitive Players The global enterprise key management market’s major key players are Amazon Web Services Inc., Unbound Tech Ltd (Dyadic Security), Thales Group (Gemalto NV), Google Inc. (Alphabet Inc.), IBM Corporation, Oracle Corporation, Hewlett Packard Enterprise Co., Quantum Corporation, Winmagic Inc., Microsoft Corporation, and Townsend Data Security LLC. Market News In July 2022, Telit and Thales announced the creation of a leading western IoT solutions provider: Telit Cinterion. Global Enterprise Key Market: Segmentation By Deployment Model Cloud On-Premise By Enterprise Size Small and Medium Large By Applications Dish Encryption File and Folder Encryption Database Encryption Communication Encryption Cloud Encryption By End-Users BFSI Healthcare Government and Defense IT and Telecom Retail Other End-user Verticals By Regions North America Europe Asia-Pacific LAMEA