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

Enterprise Key Management Market is segmented by Deployment Type (Cloud, On-Premises), Size of Enterprise (Large Enterprises, Small and Medium-Sized Enterprises), Application (Disk Encryption, File and Folder Encryption, Database Encryption, Communication Encryption, Cloud Encryption), End-user Vertical (BFSI, Healthcare, Government and Defense, IT and Telecom, Retail), and Geography.

Market Snapshot

A1
Study Period: 2018 - 2026
Base Year: 2020
Fastest Growing Market: Asia Pacific
Largest Market: North America
CAGR: 20.91 %

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Market Overview

The Enterprise Key Management Market was valued at USD 1,451.1 million in 2020, and it is expected to reach USD 4,327.3 million by 2026, registering a CAGR of 20.91% during the period of 2021-2026. The COVID-19 pandemic changed the approach of the cloud vendors in the market. In June 2020, MrOwl, a Social Cloud Storage platform that combines search, social, and digital organization, offers comprehensive resources and tools to enable users to safeguard themself and continue being productive in the era of work from home (WFH).

  • Enterprise Key Management incorporates a centralized management tool to secure cryptographic keys that encrypt sensitive data across an organization’s distributed IT environments. 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.

Scope of the Report

Enterprise key management is a term being applied to suggest to professional key management systems that give encryption keys across a diversity of operating systems and databases. Key management solutions and services deployed across enterprises of different industries such as BFSI, Healthcare, Retail, among others are covered in the study.

Deployment Type
Cloud
On-Premises
Size of Enterprise
Small and Medium Enterprises
Large Enterprises
Application
Disk Encryption
File and Folder Encryption
Database Encryption
Communication Encryption
Cloud Encryption
End-user Verticals
BFSI
Healthcare
Government and Defense,
IT and Telecom
Retail
Other End-user Verticals
Geography
North America
Europe
Asia Pacific
Latin America
Middle East and Africa

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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.
BFSI IMPO graph.png

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.
Enterprise Map.png

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.

  • June 2020 - Microsoft released (in public preview) several new enterprise security offerings to help companies meet the challenges of remote work. The company’s Double Key Encryption uses two keys to protect enterprise data one key in the enterprise’s control, and a second key is stored securely in Microsoft Azure.

Recent Developments

  • January 2021 - Google introduced Confidential Computing virtual machines (VMs) on the Google Compute Engine, powered by 2nd Gen AMD EPYC processors’ security. Within the disclosure, Google declared they had completed the rollout of Confidential Computing to general availability in nine regions; made possible to partners such as AMD, Red Hat, SUSE, Thales, and others. Confidential Computing can provide a flexible, isolated, hardware-based trusted execution environment, allowing adopters to protect their data and sensitive code against malicious access and memory snooping while data is in use.
  • March 2020 - Townsend Security announced that it is extending free Not for Resale (NFR) licenses to Microsoft MVPs and AWS Heroes for Alliance Key Manager, their FIPS 140-2 compliant encryption key management server (KMS).

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions​ and Market Definition​

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Industry Attractiveness - Porter's Five Force Analysis

      1. 4.2.1 Threat of New Entrants

      2. 4.2.2 Bargaining Power of Buyers/Consumers

      3. 4.2.3 Bargaining Power of Suppliers

      4. 4.2.4 Threat of Substitute Products

      5. 4.2.5 Intensity of Competitive Rivalry

    3. 4.3 Market Drivers

      1. 4.3.1 Optimizing Overall Ownership Cost for Security while Maximizing Operational Efficiency and Security

      2. 4.3.2 Loss of High Profile Data and Compliance Issues

      3. 4.3.3 Massive Growth of Data Due to the Adoption of IoT And Other Technologies

    4. 4.4 Market Restraints

      1. 4.4.1 Lack of Awareness and Skilled Workforce

    5. 4.5 Assessment of Impact of COVID-19 on the Market

  5. 5. MARKET SEGMENTATION

    1. 5.1 Deployment Type

      1. 5.1.1 Cloud

      2. 5.1.2 On-Premises

    2. 5.2 Size of Enterprise

      1. 5.2.1 Small and Medium Enterprises

      2. 5.2.2 Large Enterprises

    3. 5.3 Application

      1. 5.3.1 Disk Encryption

      2. 5.3.2 File and Folder Encryption

      3. 5.3.3 Database Encryption

      4. 5.3.4 Communication Encryption

      5. 5.3.5 Cloud Encryption

    4. 5.4 End-user Verticals

      1. 5.4.1 BFSI

      2. 5.4.2 Healthcare

      3. 5.4.3 Government and Defense,

      4. 5.4.4 IT and Telecom

      5. 5.4.5 Retail

      6. 5.4.6 Other End-user Verticals

    5. 5.5 Geography

      1. 5.5.1 North America

      2. 5.5.2 Europe

      3. 5.5.3 Asia Pacific

      4. 5.5.4 Latin America

      5. 5.5.5 Middle East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Company Profiles*

      1. 6.1.1 Amazon Web Services, Inc.

      2. 6.1.2 Unbound Tech Ltd. (Dyadic Security)

      3. 6.1.3 Thales Group (Gemalto NV)

      4. 6.1.4 Google Inc.(Alphabet)

      5. 6.1.5 IBM Corporation

      6. 6.1.6 Oracle Corporation

      7. 6.1.7 Hewlett Packard Enterprise

      8. 6.1.8 Quantum Corporation

      9. 6.1.9 Winmagic Inc.

      10. 6.1.10 Microsoft Corporation

      11. 6.1.11 Townsend Data Security LLC

  7. 7. INVESTMENT ANALYSIS

  8. 8. FUTURE OF THE MARKET

**Subject to Availability

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Frequently Asked Questions

The Enterprise Key Management Market market is studied from 2018 - 2026.

The Enterprise Key Management Market is growing at a CAGR of 20.91% over the next 5 years.

Asia Pacific is growing at the highest CAGR over 2021- 2026.

North America holds highest share in 2020.

Amazon Web Services, Inc., Thales Group (Gemalto NV), Google Inc., IBM Corporation, Oracle Corporation are the major companies operating in Enterprise Key Management Market.

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