Enterprise Key Management (EKM) Market would Register a Healthy Growth of USD 56.23 billion by 2032 :EMC Corporation, Gemalto N.V., Google, Hewlett-Packard Enterprise, International Business Machines (IBM), Thales e-security, Microsoft Azure, Townsend sec

Enterprise Key Management (EKM) Market would Register a Healthy Growth of USD 56.23 billion by 2032

Rise in the number of internet users and the rapid adoption of digital services have led to an exponential rise in the volume of sensitive data collected by organizations. This is further presumed to accelerate the adoption of encryption solutions. Innovative technology start-ups, such as Ionic Security, FinalCode, and Vera, have managed to gain significant funding through various venture capitalists and collaborations with technology firms. The increasing investments in cloud-based services and hardware security modules to facilitate encryption key management and data protection are expected to further accelerate market growth.

Pivotal players studied in the Enterprise Key Management (EKM) report:

EMC Corporation, Gemalto N.V., Google, Hewlett-Packard Enterprise, International Business Machines (IBM), Thales e-security, Microsoft Azure, Townsend security, CA Technologies

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However, issues pertaining to lack of skilled workforce, replacement costs of the existing IT infrastructure, and complexity of deploying enterprise key management solutions may hinder the market growth.

The North American market has seen broader adoption of encryption solutions across all verticals. The region has been a hotspot for innovation with the presence of major technology players and innovative new start-ups developing disruptive technologies. With the availability of better technology infrastructure, organizations were early adopters in the digital era. This introduced a variety of potential risks including loss of personal information, and system malfunctions, among others that have been extensively exploited by malicious users.

The need to protect customer data in an evolving digital era led organizations to adopt several security measures that would safeguard sensitive data. Encryption technologies offer better data security in a relatively cost-efficient manner, driving the growth of the market across North America.

Application Insights
The disk encryption application segment accounts for nearly 37.07% of the market in 2016, acquiring a major share of the overall revenue. It is majorly deployed over hardware security modules across all industry verticals (for data encryption solution) to ensure data security by encrypting data at the source disk drive.

Cloud-based encryption solutions and communication encryption are expected to drive market growth. Organizations are adopting cloud-based storage solutions to store business data, as they offer various cost benefits and operational efficiencies for organizations. These cloud storage solutions also offer encryption techniques to protect sensitive data at rest or in transit over cloud environments. This is further driving the growth of the market.

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Product types uploaded in the Enterprise Key Management (EKM) are:

On Premise, Cloud

Key applications of this report are:

Disk Encryption, File/Folder Encryption, Database Encryption, Communication Encryption, Cloud Encryption

Geographic region of the Enterprise Key Management (EKM) includes:

Deployment Insights
On premise security solutions such as access control policies, active directories, encryption key management, and authentication are widely adopted across all major verticals as a part of their security strategy to mitigate data loss and privacy concerns. These require the deployment of hardware security modules across the organization's distributed computing environment to ensure the safety of data, management of policies, and adherence to compliance standards.

Enterprise Size Insights
Large enterprises are expected to hold a majority of the market in 2016. Large enterprises have the capital to invest in various security solutions compared to other SME organizations. Data security and privacy is the main concern across all enterprises as they move towards a more digital environment. Large enterprises possess a variety of data such as customer information, supply chain data, financial records, and other business data, that needs to be protected as well as the need to adhere to a variety of regulatory and compliance mandates.

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Vertical Insights
Enterprise key management solutions have been widely adopted across the BFSI sector, owing to the stringent regulatory and compliance mandates pertaining to safeguarding sensitive data. The BFSI vertical accounts for 31.9% of the enterprise key management market in 2016, acquiring a majority share of the overall revenue. Increasing online transactions, e-commerce, and increased digitalization of financial and welfare services are some of the key drivers leading to the high adoption of enterprise key management solutions across the BFSI vertical.

Regional Insights
The North American region is expected to lead the global enterprise key management market in 2017 with a major share. Technological proliferation increased penetration of digital services across all major verticals, and the increasing cyberattacks have led to the rapid adoption of encryption solutions in North America. The presence of major technology players, such as Dell EMC, HPE, CA Technologies, and Oracle, has driven the growth of the market.

Enterprise Key Management Market Share Insights
The market is highly competitive, owing to the presence of various prominent players such as EMC Corporation, Gemalto N.V., Google, Inc., Hewlett-Packard Enterprise, International Business Machines (IBM), Thales e-security, Microsoft Azure, Inc., Townsend security, and CA Technologies, among others.

Industry players have been focusing on undertaking inorganic growth strategies, involving mergers and acquisitions with promising start-ups as well as established small and medium firms, to augment their product portfolios and gain a larger share of the market. For instance, Dell acquired EMC in September 2016 and HP Enterprises acquired Voltage security in February 2015 to expand their encryption portfolios. Major technology players are also making investments in innovation labs and centers of excellence as well as collaborating with various research institutes to develop new innovative solutions and differentiated products for the market.

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