Encryption Key Management: Introduction
- Encryption key management is a software that provides end-point security of network, database, and application. Encryption key management is utilized to handle the administration of the overall lifecycle of cryptographic keys. This includes archiving, generating, using, deleting, and storing of keys.
- Encryption key management is used in various applications such as full disk encryption, database encryption, cloud storage encryption, communication encryption, and file & folder encryption
- Proper management of encryption keys is expected to ensure security of encryption keys, and hence, the decryption and encryption of sensitive information are only available for approved parties
- The global encryption key management market is projected to expand at a rapid pace during the forecast period, due to advancement in technologies and increasing digitalization in various sectors across the globe
Global Encryption Key Management Market: Dynamics
Global Encryption Key Management Market: Key Drivers
- Increase in adoption of encryption key management among IT and security professionals to ensure the security of highly sensitive information is expected to propel the encryption key management market during the forecast period
- Encryption key management provides backup functionality to prevent data loss and it also offers tools to protect the keys in storage. This, in turn, is anticipated to fuel the for encryption key management market during the forecast period.
- Rise in rate of adoption of cloud and edge computing technologies among various sectors is projected to increase the cyber-attacks across the globe, which is estimated to propel the demand for security solutions. This, in turn, is likely to boost the encryption key management market across the globe.
- Rise in adoption of smart technologies, distributed applications, and advent of 5G are also anticipated to boost the encryption key management market
- Currently, various sectors are focused on the implementation of Industry 4.0, which is expected to create new opportunities for the encryption key management market during the forecast period
- Technological & implementation challenges due to lack of awareness and expertise are major factors that are projected to hinder the global encryption key management market in the next few years
Impact of COVID-19 on the Global Encryption Key Management Market
- Increasing cases of COVID-19 across the globe is resulting in economic slowdown. Developed countries are strongly affected by this pandemic. Manufacturing or production of goods have been temporarily suspended all over the world. Businesses have been adversely impacted in most countries due to partial or full lockdown. Hence, COVID-19 has triggered the whole focus of businesses toward Industry 4.0. In the current scenario, the two areas that have become more important for businesses are investing in new products and services, and focus on adoption and implementation of digital technologies that constitute the Industrial 4.0 revolution. This, in turn, is projected to indirectly boost the global encryption key management market, during COVID-19, in the next few years.
North America to Hold a Major Share of Global Encryption Key Management Market
- In terms of region, the global encryption key management market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America
- North America dominated the global encryption key management market in 2020. The U.S. is a key market in the region due to an increase in implementation of latest technologies such as cloud computing, 5G, edge computing, and artificial intelligence (AI) among end-users. Additionally, favorable government regulations, support, and heavy investments by numerous well-established organizations are expected to boost the encryption key management market in North America.
- The encryption key management market in Asia Pacific is projected to expand at a rapid pace during the forecast period. Rise in the number of small and medium software enterprises in Asia Pacific is leading to a rise in number of cyber-attacks. This is driving the demand for security solutions and subsequently, boosting the encryption key management market.
Global Encryption Key Management Market: Competition Landscape
Several local, regional, and global players are active in the encryption key management market with a strong presence. Hence, the market is fragmented in nature. Rapid technological advancements have created significant opportunities in the global encryption key management market. Market players are increasingly focusing on collaboration, mergers, and acquisition activities with technology partners to develop innovative and advanced solutions in order to improve their offerings and market reach.
Key players operating in the global encryption key management market include:
- Box, Inc.
- CA Technologies
- Commvault Systems Inc.
- CSP Inc.
- Gemalto N.V. (Thales Group)
- Google LLC
- HashiCorp, Inc.
- Innovative Routines International (IRI), Inc.
- International Business Machines Corporation
- MariaDB Corporation Ab
- MFG Managed Encryption Limited
- Oracle Corporation
- RSA Security LLC
- StorMagic Ltd
- The Hewlett Packard Enterprise Company
- Townsend Security, Inc.
- Venafi, Inc.
- Zettaset, Inc
Global Encryption Key Management Market: Research Scope
Global Encryption Key Management Market, by Component
Global Encryption Key Management Market, by Deployment
- Cloud Based
Global Encryption Key Management Market, by Enterprise Size
- Small & Medium Enterprise
- Large Enterprise
Global Encryption Key Management Market, by End-user
- IT & Telecom
- Energy & Utility
- Aerospace & Defense
Global Encryption Key Management Market, by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.