Growing technology and the expansion of businesses across various verticals, such as Banking, Financial Services, and Insurance (BFSI), healthcare, government, Information Technology (IT) and telecom, retail, aerospace and defense, energy and utilities, and manufacturing are expected to be the major contributors to the enterprise key management market. The healthcare, manufacturing, and retail verticals are likely to generate potential opportunities in the enterprise key management market during the forecast period. Enterprise key management solutions help organizations comply with the Payment Card Industry Data Security Standard (PCI DSS) and Health Insurance Portability and Accountability Act (HIPAA). In this report, 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 renowned vendors in the enterprise key management market include Amazon Web Services, Inc. (US), Gemalto NV (Netherland), Hewlett Packard Enterprise (HPE) Company (US), International Business Machines (IBM) Corporation (US), Oracle Corporation (US), RSA Security LLC (US), Thales e-Security, Inc. (France), and Venafi (US). These players have adopted various strategies, such as partnerships, collaborations, agreements, mergers and acquisitions, and new product developments, to expand their footprint in the enterprise key management market.
RSA Information Security, a subsidiary of Dell Technologies, is one of the major players operating in the enterprise key management market. RSA offers pre-integrated enterprise key management packages to its commercial clientele spread across the globe, thereby capitalizing the enterprise key management market with its strong product portfolio and widespread networks. The company has adopted various organic strategies, including product enhancements. In 2012, RSA integrated the Key Management Interoperability Protocol (KMIP) specification into the RSA data protection manager solution. This product enhancement boosted the company’s product portfolio. Furthermore, the company aims to enhance its innovation capabilities to offer competitive pricing solutions to its clients.
HPE is another major vendor that offers enterprise key management solutions and services. To enhance its product portfolio and expand its customer base in the enterprise key management market, HPE undertakes both organic and inorganic strategies. For instance, in 2017, HPE launched the HPE SecureData platform for Hadoop and Internet of Things (IoT) to help clients protect sensitive business information that is generated and transmitted by IoT devices using HPE Format-Preserving Encryption (FPE). The solution offers the industry’s first-to-market Apache NiFi integration with National Institute of Standards and Technology (NIST) standardized and Federal Information Processing Standard (FIPS) validated format-preserving encryption technology that protects IoT data at rest, in transit, and in use. Moreover, in 2016, HPE formed a strategic Original Equipment Manufacturer (OEM) partnership with XYPRO Technology Corporation to offer clients integrated solutions for enhanced capabilities and transparent data security.
Enterprise Key Management Market by Component (Solutions and Services), Deployment Type (Cloud and On-Premises), Organization Size (Small and Medium-Sized Enterprises and Large Enterprises), Application, Vertical, and Region - Global Forecast to 2022
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