Enterprise Key Management Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The enterprise key management market was valued at USD 1451. 13 million in 2020 and is expected to reach USD 5456. 4 million by 2026, at a CAGR of 20. 7% over the forecast period 2021 - 2026. Enterprise Key Management incorporates a centralized management tool to secure cryptographic keys that encrypt sensitive data across an organization’s distributed IT environments.

New York, Feb. 26, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Enterprise Key Management Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" - https://www.reportlinker.com/p06028502/?utm_source=GNW
Data security strategy is influenced by the growth of data within the business, growing privacy regulations, risk of data violations breaches and hacking, as well as for deciding which data to protect and at what cost. Guarding data demands a strategy with a reliable infrastructure and in-built security. The more prevalent use of data protection mechanisms in today’s enterprises has posed significant implications and its associated complexity and cost.

- With a constant influx of enterprises joining the digitization trend globally, vast amounts of data is being created, stored, processed and communicated. At the same time, IT infrastructure is increasingly open and connected, making data more accessible and thus vulnerable to theft. Cryptography is one of the fundamental tools that organizations can use to protect sensitive data wherever it resides. To address increasing data security requirements, organizations need to step up their key management capabilities accordingly.
- Hybrid cloud and data center infrastructures are the new norms for many businesses. According to the Thales 2018 Global Threat Report, 84% of organizations globally are using more than one IaaS vendor and 34% use over 50 SaaS applications. In addition, a plethora of endpoint devices is connecting to corporate networks, with increasing adoption of BYOD and the internet of things.
- The increasing adoption of cloud-based deployment and a growing number of data breaches, coupled with the rising regulatory and compliance enforcements to protect sensitive data, are presumed to bolster the growth of the enterprise key management market. A rise in the number of internet users and the rapid adoption of digital services has 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.
- The growing investments in cloud-based services and hardware security modules to promote encryption key management and data protection are supposed to further expedite market growth. However, issues concerning to shortage of skilled workforce, replacement costs of the existing IT infrastructure, and complexity of using enterprise key management solutions may limit the market growth.

Key Market Trends
Encryption Key Management Critical in BFSI Sector

- The financial services industry operates in high stakes and extremely complex environments. Data security is always top of mind, and the digital transformation seen within it is making control and management increasingly more difficult. The payment ecosystem is undergoing extensive disruption.
- Financial giants, credit card companies, payment processors and banks have controlled payments ecosystem for decades, but this commanding behavior will cease to exist with innovations in FinTech, virtual banks, mobile payments, and blockchain. Customer data privacy and regulatory changes, including GDPR and PSD2, will impact the industry in unprecedented ways, which would further drive enterprise key management.
- Online banking and mobile payment market are increasing; both Fintech and established players are setting the speed in innovation, redefining management, and their own business models. To remain competitive, actors in the banking and financial services industry are looking to their vendors to help them fight and comply. Security module and data protection will persist as the backbone of the non-cash payment business. Cryptography is the only proven technology that delivers protection on a notably high level, and HSMs are the gatekeepers of trust for cryptography. As the root of assurance, they securely lock highly-sensitive key material, process transactions as well as generate, issue, and verify identities and payment cards.

North American is Expected to Have Highest Market Share

- North America is anticipated to maintain the most comprehensive market share over the forecast period, owing to the presence of globally notable enterprise key management markets players, such as IBM, Oracle, and Hewlett Packard, among others which promote the adoption.
- Additionally, the cyber threats trigger the local demand for enterprise key management solutions. The U.S. and Canada are expected to maintain significant market shares in this region. In 2018, nearly 1244 million data breaches were encountered in the U.S. alone, according to the data from Identity Theft Resource Center.
- The growing penetration rate of digital services and rapidly expanding IT infrastructure are expected to further drive the market expansion in the future years. In addition to that, the BFSI sector is likely to play an important role in driving this market in the future.
- The dominance can also be attributed to well-developed IT infrastructure and the rising adoption of cloud services. In addition, rising merger and acquisition activities among regional and international players are supposed to further support the growth of the market in this region to a certain extent.

Competitive Landscape
Enterprise Key Management Market is a fragmented market, however is dominated by players including Gemalto(Thales) among other cloud service providers - Microsoft, Google and AWS. These companies are leveraging strategic collaborative initiatives to enhance their offerings and to increase their market share and increase their profitability.

- March 2019 - Gemalto, announced that Identify3D, the most advanced security solution for digital manufacturing supply chains, has deployed Gemalto’s SafeNet Data Protection On Demand to ensure the security of its customers’ intellectual property and quality of their digital manufacturing services in the cloud.
- March 2019 - Slack technologies, a provider of Workplace collaboration platform launched Enterprise Key Management(EKM) for its security-conscious customers on Enterprise Grid, a solution which provides centralized administrative controls and security integrations. With the addition of EKM, the Slack platform is positioned to be suitable for businesses operating in industries such as finance and healthcare, which are highly regulated.
- August 2019 - Cryptsoft, a key management technology provider added Hitachi, Ltd. as its Enterprise Customer. This engagement enables Hitachi to deploy the latest version of Cryptsoft’s standards-based KMIP (Key Management interoperability Protocol) across the entire a wide range of Hitachi data storage products.

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