Global Encryption Key Management market will reach 10558.41 million US$ by the end of 2025

Publisher: QYResearch
Published Date: 2019/9/26

Global Encryption Key Management market is relatively concentrated; industry vendors are mostly in the USA and Europe. The market is extremely competitive with vendors competing to gain a greater market share. Players in the market are constantly looking for ways to increase their market share through mergers and acquisitions and partnerships, as well as rising funding. Among them, Thales E-Security is the world leading player in the global Cloud Infrastructure Testing market with the market share of 31.67% in 2017, in terms of revenue.

Compared to 2017, Encryption Key Management market increased revenue value by 21.45% to 3511.65 million USD worldwide in 2018. Overall, the Encryption Key Management market performance is positive, despite the weak economic environment. The global Encryption Key Management market is expected to increase to 7804.29 million USD by 2023 from 3511.65 million USD in 2018, growing at a CAGR of 17.32% from 2018 to 2023.

The USA led the market during 2018, accounting for more than 25% of the market share. USA is one of the key contributors to the global Encryption Key Management market, followed by Europe. The report estimates this region to retain its market dominance until the end of 2025.

Payment related data and human resource data are most likely to be encrypted – which emphasizes the fact that encryption has now moved into the realm where it needs to be addressed by companies of all types. The least likely data types to be encrypted are health-related information and non-financial information, which is a surprising result given the sensitivity of health information and recent high profile healthcare data breaches. Healthcare information did, however, have the largest increase on this list over last year.

Certain encryption features are considered more critical than others. According to consolidated findings, system performance and latency, enforcement of policy and support for both cloud and on-premise deployment is the three most important features. Support for both cloud and onpremise deployment has risen in importance as organizations have increasingly embraced cloud computing and look for consistency across computing styles.

Major challenges faced by the industries using encryption for data protection are compliances like Sarbanes–Oxley (SOX), Health Insurance Portability and Accountability Act (HIPAA) & payment card Industry data security standard (PCI-DSS). Since a large number of organizations are adopting data encryption, amount of keys are also expected to increase exponentially. Thus, tremendously raising the demand of key management services enhances the security of encrypted data.

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