Market Synopsis

The global key management as a service market was valued at USD 363.54 million in 2018 and is expected to reach USD 2,296.32 million by 2025 growing at a 31.22% CAGR during the forecast period 2019–2025.

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Key management as a service (KMaaS) encompass services which allow easy management of cryptographic keys for the protection of sensitive data, and credentials of enterprises across their cloud as well as on-premise infrastructure. KMaaS helps the enterprises to strengthen their key control and information security and enhance their IT efficiency while meeting the regulatory compliances with features such as strong encryption key security, multi-cloud support, and user access to key management.

Growing adoption of cloud-based platforms, increasing mandate among enterprises to meet regulatory compliances, and increasing focus of organizations to enhance their IT efficiency are the factors driving the growth of key management as a service market. The KMaaS offers centralized key management which ensures access to all the cloud providers from a single browser including multiple subscriptions and automated key rotation for enhanced data security, which helps the enterprises to increase their IT efficiency. The market also seeks opportunities from growing demand for cloud-based key management solutions which allows enterprises to protect sensitive information. However, lack of awareness about key management as a service can limit the adoption of key management solutions and services. Furthermore, the market also faces challenges owing to lack of technical expertise across organizations.

Key Players:

The prominent players active in the global market of key management as a service are IBM Corporation (US), Amazon Web Services (US), Thales eSecurity (France), Oracle Corporation (US), Equinix, Inc. (US), Alibaba (China), Egnyte (US), Ciphercloud (US), Google (US), Keynexus (US), Sepior ApS (Denmark), Unbound Tech (Israel), and Box (US).

Global Key management as a service Market, 2018–2025 (USD Billion)
Recent Developments:

In April 2018, Thales eSecurity, a data protection and cybersecurity solutions provider, strengthened its multi-cloud bring your own encryption (BYOE) solutions to encompass major cloud storage tiers including AWS S3, Azure Files, and Google Cloud Storage. The solutions are available in the Vormetric Data Security Platform covering public cloud and private cloud providers. This allows the users to establish strong protection, control, and security across the sensitive data in the cloud.
In March 2018, Equinix, an interconnection and data center services provider, launched Equinix SmartKey, a key management and encryption Software as a Service (SaaS) offering. The service helps its users to simplify the data protection and securely host encryption keys across the cloud and on-premise infrastructure by leveraging Equinix’s globally interconnected platform of more than 190 International Business Exchange data centers.
Segmentation

The global key management as a service market has been segmented on the basis of component, application, organization size, vertical, and region.

By component, the market has been segmented into solution and services. By services, the market has been further segmented into managed and professional services.

By application, the market has been segmented into disk encryption, file encryption, database encryption, communication encryption, and cloud encryption.

By organization size, the market has been segmented into small and medium-sized enterprises and large enterprises.

By vertical, the market has been categorized into BFSI, healthcare, IT and telecommunication, government, retail, manufacturing, and aerospace and defense among others.

By region, the market has been segmented into North America, Europe, Asia-Pacific, Middle East and Africa, and South America.

Regional Analysis

Market Research Future (MRFR) study has covered the following countries in the regional analysis of key management as a service market: the US, Canada, and Mexico in North America. Germany, the UK, France, Spain, Norway, Benelux, and Italy in Europe. China, Japan, India, South Korea, Australia, Malaysia, Indonesia, and the Philippines in Asia-Pacific. Saudi Arabia, Israel, Turkey, and South Africa in the Middle East & Africa. Brazil, Peru, Chile, and Argentina in South America.

North America currently dominates the global key management as a service market. The region is an early adopter of technology and also holds the presence of a majority of key KMaaS providers. The US, among all the countries, accounts for the largest market share owing to highly skilled expertise and research and development capabilities, aiming at developing solutions and services for enhanced information security has propelled the market growth of key management as a service in the country.

Europe is following North America in terms of market share in the global key management as a service market. Increasing adoption of key management solutions among enterprises of various industry vertical to maintain stringent data regulations is driving the market growth in the region. Asia-Pacific is projected to be the fastest-growing region during the forecast period. Government initiatives supporting digitalization and increasing adoption of cloud platforms by enterprises has elevated the demand for KMaaS in the region.

The global key management as a service market in the Middle East & Africa and South America has also expected to grow at a considerable rate during the forecast period due to the rising adoption of KMaaS by SMEs as well as large enterprises to safeguard sensitive information.

Intended Audience

Managed Security Service Providers
IT Security Agencies
Independent Software Vendors (ISVs)
Cybersecurity vendors
Key Management Service providers
Government agencies
Technology solution providers
Research/Consultancy firms
Investors and consultants
DC

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