PUBLISHER: Grand View Research | PRODUCT CODE: 1552546
PUBLISHER: Grand View Research | PRODUCT CODE: 1552546
The global enterprise key management market was valued at USD 9.82 billion in 2030 and is projected to grow at a CAGR of 19.8% from 2024 to 2030. Increasing number of data breaches and loss of confidential data, coupled with increasingly stringent regulations and compliance standards to safeguard sensitive data from malicious users, have led to the implementation of advanced enterprise security solutions across different industries. The shift of organizations toward a digital environment for offering digital services and the need to protect increasing volumes of sensitive data are expected to drive the market.
Enterprise key management is an essential component of data encryption solutions and involves managing and dealing with generation, exchange, storage, use, destruction, and replacement of cryptographic keys that encrypt different data sources such as emails, databases, disk drives, big data repositories, backup tapes, and data over cloud environments. The key management solutions protect cryptographic keys throughout their lifecycle and restrain unauthorized users from accessing the keys or data.
Organizations are increasingly deploying encryption solutions to protect confidential data, thus, enabling the growth of the enterprise key management market. However, issues related to a lack of skilled key management workforce and standardized key management systems are expected to challenge the industry. Furthermore, the high cost and complex deployment of key management solutions are expected to hinder the market growth.