MarketsandMarkets forecasts the global Enterprise Key Management Market size to grow from USD 933.2 million in 2017 to USD 2,343.6 million by 2022, at a Compound Annual Growth Rate (CAGR) of 20.2%.
The healthcare vertical is expected to be the fastest growing vertical in terms of adoption of enterprise key management solutions and services during the forecast period. The healthcare industry consists of companies that generate and commercialize healthcare goods and services. Enterprise key management solutions and services provide centralized capabilities to manage the lifecycle of enterprise keys. The healthcare vertical is expected to generate prospective opportunities for enterprise key management vendors as the vertical needs effective solutions to manage large data pools and comply with government regulations.
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With the increasing proliferation of the cloud technology, cloud deployment of enterprise key management solutions is preferred by most of the organizations. This helps in better management and maintenance of cryptographic keys while ensuring robust security. Due to this reason, many verticals such as Banking, Financial Services, and Insurance (BFSI), healthcare, government, Information technology (IT) and telecom, retail, aerospace and defense, energy and utilities, manufacturing, and others are increasingly adopting enterprise key management solutions. Furthermore, companies are opting for cloud-based enterprise key management solutions because they are cost-effective and offer better management of security processes.
The Small and Medium-Sized Enterprises (SMEs) segment is expected to grow at a higher CAGR than the large enterprises during the forecast period. Many SMEs utilize comprehensive systems that generate large volumes of data. Therefore, they use the cryptography technology to protect business data. Enterprise key management solutions offer the centralized management of the keys generated by the cryptography technology. As SMEs have budget constraints, they adopt cloud-based enterprise key management solutions as these solutions are cost-effective.
Asia Pacific (APAC) is expected to grow at the highest CAGR in the enterprise key management market during the forecast period. The APAC region is a powerful, emerging economy due to increased investments for enhancing performance and ensuring economic stability. APAC comprises emerging economies, such as China, India, Japan, Singapore, Malaysia, and Australia. The region is likely to witness a surge in the deployment of enterprise key management solutions. This can be majorly attributed to the increasing number of online transactions. Due to the Internet and smart, connected devices, payment security and compliance management needs have grown considerably. SMEs and large enterprises across various verticals, such as BFSI, healthcare, retail, government, and IT and telecom, in the APAC region are expected to increase investments in the enterprise key management market.
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