GITNUX MARKETDATA REPORT 2024

Enterprise Key Management Industry Statistics

The Enterprise Key Management industry is expected to experience consistent growth driven by increasing concerns about data security and compliance requirements.

Highlights: Enterprise Key Management Industry Statistics

  • The Enterprise Key Management Market was valued at USD 1456.2 million in 2020.
  • The market for Enterprise Key Management is expected to reach USD 4022.8 million by 2026, at a CAGR of 17.7%.
  • North America holds the highest market share in the Enterprise Key Management market, due to the presence of a large number of vendors.
  • The Healthcare sector is estimated to grow at the highest CAGR during the forecast period in the Enterprise Key Management market.
  • The market size of the global enterprise key management Market is expected to grow at a CAGR of 20.2% from 2019 to 2024.
  • Asia-Pacific is expected to grow at the highest CAGR during the forecast period in the enterprise key management market.
  • In 2018, disk encryption segment dominated the enterprise key management industry.
  • There is an increasing demand for cloud-based enterprise key management solutions, which act as a significant factor driving the market.
  • The key management as a service (KMaaS) market size is anticipated to reach over USD 2,093 million by 2026, at a CAGR of around 27.2%.
  • The banking, financial services, and insurance (BFSI) sector is expected to hold the largest market share in the enterprise key management market during the forecast period.
  • The Encryption Key Management Market will reach $3,503.6 million by 2023.
  • The enterprise key management market in Latin America is expected to witness substantial growth due to the large-scale adoption of cloud-based applications.
  • Small and Medium-sized Enterprises (SMEs) are expected to grow at the highest CAGR in the enterprise key management market during the forecast period.
  • The Europe Enterprise Key Management Market would witness market growth of 20.1% CAGR during the forecast period (2017-2023).
  • In 2020, 95% of organizations looked at the encryption key management as a serious concern, making enterprise key management crucial.
  • The enterprise key management market in the Middle East and Africa is expected to register a CAGR of 22.3%.
  • By 2021, 50% of organizations will use a mixture of on-site and third-party services for their key management security.
  • Approximately 66% of IT professionals deem key management as a very or extremely painful process showing the need for efficient enterprise key management solutions.

Table of Contents

The Latest Enterprise Key Management Industry Statistics Explained

The Enterprise Key Management Market was valued at USD 1456.2 million in 2020.

This statistic indicates that the total market size for Enterprise Key Management (EKM) services and solutions was valued at USD 1456.2 million in the year 2020. Enterprise Key Management involves the generation, distribution, and storage of encryption keys used to secure sensitive data within organizations. The market value suggests the level of investment and demand for EKM solutions among businesses seeking to enhance their data security measures. This growing market reflects the increasing importance of data protection and compliance with regulations such as GDPR and HIPAA, driving organizations to invest in robust key management strategies to safeguard their valuable assets.

The market for Enterprise Key Management is expected to reach USD 4022.8 million by 2026, at a CAGR of 17.7%.

This statistic indicates that the market size for Enterprise Key Management, which involves the management of encryption keys used to protect sensitive data in organizations, is projected to grow significantly. Specifically, the market is forecasted to expand to USD 4022.8 million by the year 2026, reflecting a Compound Annual Growth Rate (CAGR) of 17.7%. This suggests a strong demand for enhanced security measures within businesses as they increasingly prioritize the protection of confidential information and compliance with data privacy regulations. The substantial CAGR implies a rapid growth rate over the forecast period, indicating a lucrative opportunity for key management solution providers in the enterprise security industry.

North America holds the highest market share in the Enterprise Key Management market, due to the presence of a large number of vendors.

The statistic highlights that North America dominates the Enterprise Key Management market by holding the highest market share, largely attributable to the region’s abundance of vendors operating within the sector. This presence of a large number of vendors in North America indicates a strong level of competition and innovation within the market, driving advancements and growth. The region’s established infrastructure, technological expertise, and proactive regulatory environment contribute to its attractiveness for key management solutions, ultimately leading to its leading market position in the industry.

The Healthcare sector is estimated to grow at the highest CAGR during the forecast period in the Enterprise Key Management market.

This statistic implies that the Healthcare sector is projected to experience the highest Compound Annual Growth Rate (CAGR) compared to other sectors in the Enterprise Key Management market over the forecast period. The CAGR serves as a measure of the annual growth rate of an investment or sector over a specified period of time. The high estimated CAGR for the healthcare sector suggests that there is expected to be significant growth and investment in Enterprise Key Management solutions within the healthcare industry, indicating a growing importance of protecting sensitive data and ensuring secure communications within healthcare organizations. This trend may be driven by increasing concerns around data security and privacy, as well as regulatory requirements within the healthcare sector.

The market size of the global enterprise key management Market is expected to grow at a CAGR of 20.2% from 2019 to 2024.

This statistic indicates that the market size of the global enterprise key management market is projected to experience significant growth over the period from 2019 to 2024, with a compound annual growth rate (CAGR) of 20.2%. This suggests a strong upward trend in the demand for enterprise key management solutions, which are essential for securing sensitive data and protecting against cyber threats. The robust growth rate implies a favorable market environment and increasing adoption of key management technologies by organizations globally. This forecast highlights the importance of data security in the modern business landscape and the growing emphasis on encryption and key management practices to safeguard critical information assets.

Asia-Pacific is expected to grow at the highest CAGR during the forecast period in the enterprise key management market.

This statistic indicates that the Asia-Pacific region is projected to experience the highest compound annual growth rate (CAGR) among all regions in the enterprise key management market during the forecast period. This suggests that there is a strong potential for increased adoption and investment in key management solutions by enterprises in the Asia-Pacific region. Factors contributing to this growth may include expanding digital transformation initiatives, increasing data security concerns, and regulatory requirements driving the adoption of advanced encryption and key management technologies. Overall, this statistic highlights the region’s promising market opportunities and its growing significance in the global enterprise key management landscape.

In 2018, disk encryption segment dominated the enterprise key management industry.

The statistic “In 2018, the disk encryption segment dominated the enterprise key management industry” indicates that within the enterprise key management sector, the deployment and utilization of disk encryption technologies played a prominent role. This suggests that a significant portion of organizations prioritized securing their data at rest by using encryption methods to protect the data stored on their disk drives. It also implies that the demand for key management solutions tailored for disk encryption scenarios was high, reflecting the growing awareness of the importance of data security and compliance within enterprises during that year.

There is an increasing demand for cloud-based enterprise key management solutions, which act as a significant factor driving the market.

The statistic suggests that the market for cloud-based enterprise key management solutions is experiencing a growing need. This is likely due to the rising trend of businesses shifting towards cloud computing and the need to securely manage encryption keys in the cloud environment. As organizations continue to adopt cloud services for their operations, the requirement for robust and scalable key management solutions becomes more pronounced to ensure the confidentiality and integrity of sensitive data. Thus, the increasing demand for cloud-based enterprise key management solutions serves as a key driver in the market, signaling a growing recognition of the importance of data security and compliance in cloud ecosystems.

The key management as a service (KMaaS) market size is anticipated to reach over USD 2,093 million by 2026, at a CAGR of around 27.2%.

This statistic indicates that the key management as a service (KMaaS) market is expected to experience significant growth, with the market size projected to surpass USD 2,093 million by the year 2026. The compound annual growth rate (CAGR) of around 27.2% suggests a rapid pace of expansion over the forecast period. This strong growth outlook reflects increasing adoption of KMaaS solutions by organizations looking to enhance their data security and encryption capabilities. Factors driving this growth may include rising cyber threats, a shift towards cloud-based services, and a growing emphasis on data privacy regulations. Overall, the projected market size and CAGR highlight a lucrative and dynamic market opportunity for KMaaS providers in the coming years.

The banking, financial services, and insurance (BFSI) sector is expected to hold the largest market share in the enterprise key management market during the forecast period.

This statistic suggests that the banking, financial services, and insurance (BFSI) sector is anticipated to have the highest percentage of market participation within the enterprise key management market over a specified period in the future. Enterprise key management involves the secure generation, storage, distribution, and rotation of encryption keys used to protect sensitive data and secure communications within organizations. The dominance of the BFSI sector in this market may be attributed to the sector’s high sensitivity to data security and privacy, stringent regulatory requirements, and the large volumes of confidential financial information that need to be safeguarded. Additionally, due to the increasing frequency and sophistication of cyber threats targeting financial institutions, there is a growing demand for advanced encryption solutions, driving the BFSI sector’s leadership in adopting enterprise key management technologies.

The Encryption Key Management Market will reach $3,503.6 million by 2023.

The statistic “The Encryption Key Management Market will reach $3,503.6 million by 2023” indicates that the total value of the market for encryption key management solutions is projected to grow to $3,503.6 million by the year 2023. This suggests a significant increase in demand for encryption key management services, likely driven by the rising need for secure data transmission and storage in various industries. The market value serves as a forecasted estimate of the potential growth and size of the encryption key management sector, reflecting the importance of cybersecurity measures in protecting sensitive information.

The enterprise key management market in Latin America is expected to witness substantial growth due to the large-scale adoption of cloud-based applications.

The statistic indicates that the enterprise key management market in Latin America is projected to experience significant growth, mainly attributed to the increased utilization of cloud-based applications in the region. As organizations increasingly store and manage sensitive data in the cloud, the need for robust security measures such as key management solutions becomes essential to protect this information from unauthorized access and breaches. This trend signifies a growing recognition among businesses in Latin America of the importance of data security and compliance with regulations, driving the adoption of advanced encryption technologies and contributing to the expansion of the enterprise key management market in the region.

Small and Medium-sized Enterprises (SMEs) are expected to grow at the highest CAGR in the enterprise key management market during the forecast period.

This statistic suggests that Small and Medium-sized Enterprises (SMEs) are projected to exhibit the highest Compound Annual Growth Rate (CAGR) within the enterprise key management market over the forecast period. This indicates that SMEs, typically defined by their smaller size and revenue compared to larger corporations, are anticipated to experience substantial growth in their adoption and implementation of key management solutions to protect their sensitive data and information. The higher CAGR for SMEs may be attributed to the increasing awareness of cybersecurity threats, regulatory requirements, and the need to secure their digital assets, prompting these smaller enterprises to invest in robust key management systems to safeguard their critical data assets and maintain compliance.

The Europe Enterprise Key Management Market would witness market growth of 20.1% CAGR during the forecast period (2017-2023).

This statistic indicates that the Europe Enterprise Key Management Market is expected to experience significant growth with a Compound Annual Growth Rate (CAGR) of 20.1% during the forecast period of 2017-2023. This suggests a steady and significant increase in market value over the specified period. A 20.1% CAGR implies that the market is expected to more than double in size over the six-year period, reflecting a strong demand for enterprise key management solutions in Europe. This growth rate can be attributed to various factors such as increasing awareness of data security and compliance requirements, growing adoption of cloud-based services, and the need for effective encryption and key management practices to protect sensitive information within enterprises.

In 2020, 95% of organizations looked at the encryption key management as a serious concern, making enterprise key management crucial.

The statistic that states 95% of organizations considered encryption key management as a serious concern in 2020 underscores the growing recognition of the importance of securing data through effective key management practices. With the proliferation of cyber threats and data breaches, organizations are increasingly aware of the critical role that encryption plays in protecting sensitive information. This highlights the need for robust enterprise key management solutions to safeguard data confidentiality and integrity. As such, ensuring proper encryption key management has become a fundamental pillar of cybersecurity strategies for organizations across various industries in the digital age.

The enterprise key management market in the Middle East and Africa is expected to register a CAGR of 22.3%.

This statistic indicates that the enterprise key management market in the Middle East and Africa region is projected to show significant growth with a Compound Annual Growth Rate (CAGR) of 22.3% over a specified period. This suggests that there is a growing demand for secure encryption key management solutions within organizations in this region, likely driven by factors such as increasing cybersecurity threats, regulatory requirements, and the need to protect sensitive data. A high CAGR of 22.3% reflects a strong momentum in market expansion, and businesses operating in the Middle East and Africa are increasingly recognizing the importance of robust key management practices to safeguard their digital assets and ensure data confidentiality and integrity.

By 2021, 50% of organizations will use a mixture of on-site and third-party services for their key management security.

This statistic predicts that by the year 2021, half of all organizations will opt for a combination of in-house and outsourced services to handle their key management security needs. This indicates a shift towards a more diversified approach to security practices, recognizing the benefits of leveraging both internal expertise and external specialized services. By utilizing a mixture of resources, organizations can potentially enhance their security posture by tapping into the unique strengths and capabilities that different providers offer, ultimately aiming to improve overall protection and risk mitigation strategies.

Approximately 66% of IT professionals deem key management as a very or extremely painful process showing the need for efficient enterprise key management solutions.

The statistic indicates that a significant majority, around 66%, of IT professionals find key management to be a challenging and burdensome process. This highlights a widespread issue within the industry and emphasizes the importance of implementing efficient enterprise key management solutions to address this pain point. The high percentage of IT professionals experiencing this difficulty suggests that there is a clear demand for better tools and strategies to manage encryption keys effectively and securely. By investing in improved key management solutions, organizations can enhance their data security practices and streamline their operations, ultimately mitigating the challenges associated with key management processes.

References

0. – https://www.www.infosecurity-magazine.com

1. – https://www.www.cio.com

2. – https://www.www.futuremarketinsights.com

3. – https://www.www.polarismarketresearch.com

4. – https://www.www.mordorintelligence.com

5. – https://www.www.researchandmarkets.com

6. – https://www.www.prnewswire.com

7. – https://www.www.businessmarketinsights.com

8. – https://www.www.gminsights.com

9. – https://www.www.marketsandmarkets.com

How we write our statistic reports:

We have not conducted any studies ourselves. Our article provides a summary of all the statistics and studies available at the time of writing. We are solely presenting a summary, not expressing our own opinion. We have collected all statistics within our internal database. In some cases, we use Artificial Intelligence for formulating the statistics. The articles are updated regularly.

See our Editorial Process.

Table of Contents

... Before You Leave, Catch This! 🔥

Your next business insight is just a subscription away. Our newsletter The Week in Data delivers the freshest statistics and trends directly to you. Stay informed, stay ahead—subscribe now.

Sign up for our newsletter and become the navigator of tomorrow's trends. Equip your strategy with unparalleled insights!