Global Enterprise Key Management Market is expected to reach USD 3.61 billion by 2025. Enterprise Key Management (EKM) is also termed as professional key management systems, which has ability to recover, generate, store, distribute, back up, organize encryption keys, and destroy cryptographic keys to protect the sensitive data. The EKM tools allow IT enterprises to lock down data on storage media. Numerous encryption key management standards include Organization for the Advancement of Structured Information Standards (OASIS) and Key Management Interoperability Protocol (KMIP). The Enterprise Key Management Market is estimated to grow at a significant CAGR over the forecast period as the scope and its applications are rising enormously across the globe.
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Rising need to exploit operational efficiency and security, and growing data security anxiety are documented as major factors of Enterprise Key Management Market that are estimated to enhance the growth in the years to come. However, lack of awareness regarding enterprise key management among organizations mainly in SMEs is a factor that may restrain overall market growth in coming years. Enterprise Key Management industry is segmented based on component, deployment type, enterprise size, vertical, applications, and region.
Services and solutions are the components that could be explored in Enterprise Key Management in the forecast period. The services may be managed or professional. Cloud and on-premises are the deployment type that could be explored in Enterprise Key Management in the forecast period. The enterprises may be large, small, and medium sized that could be explored in Enterprise Key Management in the forecast period.
Manufacturing, banking, financial services, and insurance (BFSI), energy and utilities, healthcare, aerospace and defense, government, retail, and information technology (IT) and telecom are the verticals that could be explored in Enterprise Key Management in the forecast period. The market may be categorized based on applications like cloud encryption, disk encryption, communication encryption, file/folder encryption, database encryption, and others that could be explored in the forecast period.
Globally, North America accounted for the substantial market share of Enterprise Key Management and is estimated to lead the overall market in the coming years. The reason behind the overall market growth could be rising data security challenges, raised penetration of digital services across key verticals, rising cyber-attacks, and rising use of enhanced technology. The United States is a major consumer of Enterprise Key Management in the region.
Instead, Europe and the Asia Pacific are also estimated to have a positive influence on the future growth. Europe is the second largest region with significant market share. However, Asia Pacific is estimated to grow at fastest pace with the highest CAGR in the foremost period. The aspects that may be ascribed to the growth comprise high demand for digital services, rising adoption of smart devices, growing monitoring enforcement, and rising investment in IoT and cloud technology.
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