Rising Demand for Efficient Data Management Drives Enterprise Key Management Market to Reach US$ 10390.37 million by 2033

The global enterprise key management market is projected to reach a valuation of US$ 2,659.41 million by 2023, with a forecasted CAGR of 14.6%. This growth is expected to surge further, reaching US$ 10,390.27 million from 2023 to 2033. The market witnessed a steady CAGR of 14.6% from 2018 to 2022.

The impetus behind this growth is the escalating utilization of IoT-based applications. The handling and documentation of extensive data on spreadsheets have proven to be complex and inefficient, particularly with substantial data volumes. As the volume of intricate and confidential data increases, the demand for effective data management and encryption intensifies. This need is further accentuated by the influx of new businesses and the expansion of existing enterprises.

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Enhancing Data Security: Enterprise Key Management Solutions

Enterprise key management solutions offer data security both locally and in the cloud. These solutions store encrypted data within the cloud while providing access keys for network or database data.

Key creation and management are facilitated by hardware cryptography modules integrated into the enterprise key management system. This ensures the confidentiality and security of data, making it accessible only to authorized users or companies.

Driving Factors Accelerating Growth in the Enterprise Key Management Market

Cloud Computing and Data Encryption: The adoption of cloud computing and the increasing emphasis on data encryption have collectively amplified the demand for robust data management solutions, thus propelling the enterprise key management market.

Data Protection Concerns: The surge in cyberattacks has compelled businesses to fortify their data security measures, leading to a growing adoption of enterprise key management. This ensures the safeguarding of highly sensitive data, consequently driving market growth.

Rising Acceptance of Encryption Key Management: Increasing acceptance of encryption key management among IT and security professionals to ensure the security of sensitive data is another pivotal factor driving the expansion of the encryption key management market.

Dispersed Applications and Smart Technologies: The incorporation of dispersed applications and smart technologies, coupled with the advent of 5G technology, is poised to contribute to the growth of the enterprise key management market throughout the forecast period.

Market Competition:

The global enterprise key management market boasts a roster of prominent players, including 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.

The market landscape is marked by intense competition, driven by the presence of these key participants. While major global players like Amazon Web Services, Inc., Gemalto NV, Thales e-Security, Dyadic, IBM Corporation, and Qualcomm Technologies wield significant influence in terms of market size, numerous regional-level players are also making their mark, particularly in the thriving Asia Pacific region.

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Recent Developments:

Gemalto, a digital security provider, joined forces with Vaultive, Inc., a cloud data security provider, to elevate the encryption and key management processes for cloud-stored data. This collaboration enhances user data security and management.

In December 2021, Airtel Business, the B2B arm of Bharti Airtel, teamed up with IBM to deploy a hybrid cloud solution for a consortium of Milk Producer Companies (MPCs) established by NDDB Dairy Services.

Zoom made noteworthy strides in November 2022 by significantly enhancing its enterprise-grade security and reliability platform. These improvements cater to the needs of businesses, small and large alike, by focusing on privacy, security, and streamlined connections.

Axis Bank's partnership with Amazon Web Services (AWS) in July 2022 is aimed at elevating data security, compliance, and customer experience. Leveraging AWS's key management service, cryptographic operations, hardware security module, and encryption capabilities, this collaboration enhances the overall data security framework.

Key Segments Profiled in the Enterprise Key Management Industry Survey

Enterprise Key Management Market by Deployment:
On-premise
Cloud

Enterprise Key Management Market by End User:
Banks and Financial Services
Education
Business Services
Government
Healthcare
IT
Media and Entertainment
Pharmacies and Retail

Enterprise Key Management Market by Region:
North America Enterprise Key Management Market
Latin America Enterprise Key Management Market
Europe Enterprise Key Management Market
Asia Pacific Enterprise Key Management Market
Middle East and Africa Enterprise Key Management Market

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This release was published on openPR.