New York, NY, Dec. 21, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Enterprise Key Management Market by Deployment (Cloud and On-Premises), by Component (Solutions and Services (Professional and Managed)), by Application (Cloud Encryption, Communication Encryption, File/Folder Encryption, Disk Encryption, and Database Encryption), and by End-User (Information Technology (IT) and Telecom, Banking, Financial Services, and Insurance (BFSI), Healthcare, Manufacturing, Government, Retail, Energy and Utilities, Aerospace and Defense, and Others): Global industry Perspective, Comprehensive Analysis, and Forecast, 2017—2024’’. According to the report, the global enterprise key management market was valued at around USD 928 million in 2017 and is expected to reach approximately USD 3,485 million by 2024, growing at a CAGR of slightly above 20.80% between 2018 and 2024.
The growing number of cyber security threats, such as data breaches and malware, has forced enterprises to adopt numerous encryption technologies. An enterprise key management basically creates, circulates, stores, and deletes encrypted data keys. It also integrates a centralized management tool for securing encrypted data keys of an organization.
Browse through 79 Tables & 36 Figures spread over 168 Pages and in-depth TOC on “Global Enterprise Key Management Market Size Share, Analysis and Forecast, 2017—2024”.
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Currently, the rate of cybercrimes, such as malware and data breaches, is on the rise globally. In 2016, more than 6.83 million malware specimens were encountered. Gemalto reported that nearly 900 data breaches happened in the second quarter of 2017. More than 1.9 billion data breach records were registered by June 2017. Encrypting sensitive data is the primary concern of every organization for which they are substantially opting enterprise key management solutions. Many organizations are unaware of enterprise key management solutions and still rely on basic encryption key management solutions. The flourishing IoT industry has elevated the use of cloud-based data storage. The huge demand for encrypting massive cloud-based data is anticipated to create enormous opportunities in the forecast period for the enterprise key management market globally. As per reports, the IoT market accounted nearly USD 157 billion in 2016 and is anticipated to generate USD 457 billion by 2020.
The enterprise key management market is divided based on deployment, component, application, and end-user. The deployment segment includes cloud and on-premises. The on-premises segment holds significant market share, as it is highly preferred by large-scale enterprises due to its flexibility and security for accessing encrypted data keys. The component segment is bifurcated into solutions and services. The recurrent need to ensure correct implementation and incorporation of enterprise key management solutions is anticipated to fuel the services segment in the upcoming years. By application, this market includes cloud encryption, communication encryption, file/folder encryption, disk encryption, and database encryption. Cloud encryption is anticipated to grow significantly over the forecast time period, due to the emerging cloud-based data storage solutions. The end-user segment includes information technology (IT) and telecom, banking, financial services, and insurance (BFSI), healthcare, manufacturing, government, retail, energy and utilities, aerospace and defense, and others (transportation, education, and tourism). BFSI is expected to hold the largest market share, due to its prominent use in securing e-commerce and online transactions and for other digitized financial purposes.
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North America is anticipated to hold largest market share over the forecast timeframe, owing to the presence of globally renowned enterprise key management market players, such as Oracle Corporation, International Business Machines Corporation, and Hewlett Packard. Additionally, the rapidly rising cyber threats have remarkably elevated the regional demand for enterprise key management solutions. The U.S. and Canada are expected to hold major market shares in this region. In 2017, nearly 1579 million data breaches were encountered in the U.S. alone.
Europe is anticipated to hold a substantial market share over the forecast time period, owing to the adoption of new technologies. Technological innovations in Germany and Russia are projected to accelerate market growth in the next decade. The rising penetration rate of digital services and rapidly expanding IT infrastructure are anticipated to further drive the market expansion in the upcoming years. In Europe, the IT sector accounted for USD 62.09 billion in 2017. Additionally, the BFSI sector is likely to play a vital role in driving this market in the future.
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Asia Pacific is anticipated to register the highest CAGR in the future, due to the region’s flourishing IoT sector. With the development of the IoT sector, the rate of cloud-based data storage is on the rise. The huge amount of confidential data needs to be secured, for which organizations are opting enterprise key management solutions. Furthermore, technological advancements are likely to significantly contributing toward the enterprise key management market over the forecast timeframe. Moreover, strict enforcement of legislation across numerous Asian countries is expected to further boost the region’s enterprise key management market in the years ahead. Internet of Things (IoT) accounted for USD 439.61 billion in 2015 and is anticipated to reach USD 853.88 billion by 2020.
In Latin America, the proliferation of cashless transactions is likely to play a vital role in driving the market. Cashless transactions involve highly confidentially user data that needs to be secured. In the Middle East and Africa, the rising IT spending is mainly likely to contribute toward this global market.
Browse the full "Enterprise Key Management Market by Deployment (Cloud and On-Premises), by Component (Solutions and Services (Professional and Managed)), by Application (Cloud Encryption, Communication Encryption, File/Folder Encryption, Disk Encryption, and Database Encryption), and by End-User (Information Technology (IT) and Telecom, Banking, Financial Services, and Insurance (BFSI), Healthcare, Manufacturing, Government, Retail, Energy and Utilities, Aerospace and Defense, and Others): Global industry Perspective, Comprehensive Analysis, and Forecast, 2017—2024" Report at https://www.zionmarketresearch.com/report/enterprise-key-management-market
Some globally renowned players of the enterprise key management market are Gemalto NV, Amazon Web Services, Inc., International Business Machines Corporation, Oracle Corporation, Hewlett Packard Enterprise, Venafi, RSA Security LLC, and Thales e-Security, Inc., among others.
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The report segments the global enterprise key management market into:
Enterprise Key Management Market: Deployment Analysis
Enterprise Key Management Market: Component Analysis
Enterprise Key Management Market: Application Analysis
Enterprise Key Management Market: End-User Analysis
Enterprise Key Management Market: Regional Analysis
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