Key management refers to management of cryptographic keys in a cryptosystem, which includes key generation, key exchange, storage and replacement of keys. A cryptosystem consists of three algorithms which are key generation, encryption and decryption. Key generation refers to process of generating keys through various algorithms such as symmetric key generation algorithms (data encryption standard (DES) and advanced encryption standard (AES)) and asymmetric key generation algorithms (RSA algorithm). The National Institute of Standards and Technology (NIST) has defined a key management system security policy which establishes and specifies rules used to protect keys and metadata supported by key management system. The policy helps in protecting the confidentiality, integrity, availability and source authenticity, thus covering the complete key life cycle from its inception to its elimination.
The compliances such as Payment Card Industry Data Security Standard (PCI-DSS), Sarbanes–Oxley (SOX) and Health Insurance Portability and Accountability Act (HIPAA) have created challenges for the organizations that use encryption for protecting the information. Due to wide adoption of data encryption by the organizations, the number of keys are increasing exponentially. This has led to rise in demand of key management services which enhances security of the encrypted information and also increases availability of the encryption keys for the organization. The key management service provider offers a centralized key management and certificate management, which has further supported the growth of key management service market. According to Cost of Data Breach Study 2015 by Ponemon Institute, the average cost for a data breach is US$ 3.5 Mn per incident. The security breach incidents result in loss of customer trust and revenue, thus lead to rise in demand of keys required for encryption. This supports the growth of key management service market. Growth in cybercrimes and rise in number of cashless transactions is likely to create immense opportunities for key management service market. Limited availability of keys and scalability issues pertaining to multiple databases, standards and applications is expected to create challenges in the growth of the key management service market.
Key management service market is segmented on the basis of key type, sector and geography. On the basis of key type, key management service market is segmented into symmetric key and asymmetric key. Symmetric key refers to identical keys which are used for both encryption and decryption whereas asymmetric key refers to two mathematically related different keys for encryption and decryption. On the basis of sector, the key management service market is segmented into BFSI, retail, IT & telecommunication and others. Moreover, on the basis of geographies, the global key management service market is segmented into Asia Pacific, North America, Europe, Middle East and Africa and South America. North America has the highest adoption of the key management service due to presence of highly digitalized banking sector in the region. Asia Pacific region is expected to have a high demand for key management service attributed to rapid growth of cashless payment system in the region.
Leading service providers in the global key management service market includes International Business Machine (IBM) Corporation, Amazon Web Services, Inc., Hewlett Packard Enterprise Development LP, FORNETIX, Oracle Corporation, Microsoft Corporation, Thales Group, Vormetric, Inc., RSA Security LLC., Cryptomathic A/S and SSH Communications Security, Inc.
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
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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.
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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.
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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.
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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?
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