Encryption Key Management: Introduction
- Encryption key management is a software that provides end-point security of network, database, and application. Encryption key management is utilized to handle the administration of the overall lifecycle of cryptographic keys. This includes archiving, generating, using, deleting, and storing of keys.
- Encryption key management is used in various applications such as full disk encryption, database encryption, cloud storage encryption, communication encryption, and file & folder encryption
- Proper management of encryption keys is expected to ensure security of encryption keys, and hence, the decryption and encryption of sensitive information are only available for approved parties
- The global encryption key management market is projected to expand at a rapid pace during the forecast period, due to advancement in technologies and increasing digitalization in various sectors across the globe
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Global Encryption Key Management Market: Dynamics
Global Encryption Key Management Market: Key Drivers
- Increase in adoption of encryption key management among IT and security professionals to ensure the security of highly sensitive information is expected to propel the encryption key management market during the forecast period
- Encryption key management provides backup functionality to prevent data loss and it also offers tools to protect the keys in storage. This, in turn, is anticipated to fuel the for encryption key management market during the forecast period.
- Rise in rate of adoption of cloud and edge computing technologies among various sectors is projected to increase the cyber-attacks across the globe, which is estimated to propel the demand for security solutions. This, in turn, is likely to boost the encryption key management market across the globe.
- Rise in adoption of smart technologies, distributed applications, and advent of 5G are also anticipated to boost the encryption key management market
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Impact of COVID-19 on the Global Encryption Key Management Market
- Increasing cases of COVID-19 across the globe is resulting in economic slowdown. Developed countries are strongly affected by this pandemic. Manufacturing or production of goods have been temporarily suspended all over the world. Businesses have been adversely impacted in most countries due to partial or full lockdown. Hence, COVID-19 has triggered the whole focus of businesses toward Industry 4.0. In the current scenario, the two areas that have become more important for businesses are investing in new products and services, and focus on adoption and implementation of digital technologies that constitute the Industrial 4.0 revolution. This, in turn, is projected to indirectly boost the global encryption key management market, during COVID-19, in the next few years.
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North America to Hold a Major Share of Global Encryption Key Management Market
- In terms of region, the global encryption key management market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America
- North America dominated the global encryption key management market in 2020. The U.S. is a key market in the region due to an increase in implementation of latest technologies such as cloud computing, 5G, edge computing, and artificial intelligence (AI) among end-users. Additionally, favorable government regulations, support, and heavy investments by numerous well-established organizations are expected to boost the encryption key management market in North America.
- The encryption key management market in Asia Pacific is projected to expand at a rapid pace during the forecast period. Rise in the number of small and medium software enterprises in Asia Pacific is leading to a rise in number of cyber-attacks. This is driving the demand for security solutions and subsequently, boosting the encryption key management market.
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