The Global Key Management as a Service Market was valued at
USD 363.54 million in 2018; it is estimated to reach USD 2.29 Billion by 2025
growing at a CAGR of 31.22% during the forecast period 2019–2025. Market
Research Future (MRFR) has segmented the key management as a service market on
the basis of component, application, organization size, vertical, and region.
In this day and age, data
has managed to become more important and valuable than wealth. This is true
because data is gold. After all, information technology solutions are at an
all-time high and are diversifying rapidly to address other unmet needs of the
society or fulfill the need in a new manner altogether. The development of key
management as a service thus comes at a convenient time when managing sensitive
data and login credentials are extremely important. Most of an individual’s
information is stored online these days due to the accessibility to the
internet and devices like laptops, tablets, and smartphones. Thus in a scenario
like this, it becomes vital that the data is safeguarded and kept secure from
malicious and unlawful sources who may attempt to exploit sensitive
information. Many organizations these days are turning to several cloud service
suppliers to resolve different challenges, and the novel risks and additional
responsibilities that come with key management as a service.
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Key Players
The key management as a
service market is expected to be a growing market in the coming years owing to
the presence of numerous large players active in the regional market. 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) are the companies leading the key management as a service market
globally.
Segmentation
By component, the key
management as a service market has been segmented into solution and services.
Among these, currently, the key management solutions segment is dominating the
market due to the increasing adoption of key management solutions by
enterprises to enhance their IT security and efficiency. Government initiatives
supporting digitalization and increasing adoption of cloud services are the
factors contributing to the growth of key management solution. Whereas, the
service segment comprising professional and managed services, is projected to
witness a high growth rate in the coming years. Lack of technical expertise and
awareness among the enterprises regarding the key management solutions has
propelled the market in favor of key management service providers.
By application, the key
management as a service market has been segmented into disk encryption, file
encryption, database encryption, communication encryption, and cloud
encryption. Among these, currently, the disk encryption application is expected
to dominate the market due to the increasing demand among enterprises to reduce
the risk of unauthorized access to sensitive information. Whereas, the cloud
encryption segment is expected to witness the fastest CAGR during the forecast
period. Rising adoption of cloud platform has propelled the market of cloud
encryption.
By organization size, the
market has been segmented into small- and medium-sized enterprises and large
enterprises. Among these, the large enterprises segment is currently dominating
the market due to the increasing need to safeguard huge volumes of sensitive
information present on-premise as well as cloud platforms. Also, the large
enterprises have a sufficient amount of budget for the IT spends to enhance
their security and efficiency, which further fuels the market for this segment.
Whereas, the SMEs is projected to grow with the fastest CAGR owing to rising
adoption of cloud-based platforms accelerating the demand for KMaaS.
By vertical, the market has
been segmented into BFSI, healthcare, IT and telecommunication, government,
retail, manufacturing, and aerospace, and defense among others. Among these,
BFSI is currently dominating the market due to the high demand for information
security. Increasing adoption of digital and cloud technology across BFSI
sectors are some of the prime factors driving the adoption of key management as
a service among banking and financial institutions. Whereas, healthcare
vertical is projected to grow at the fastest CAGR during the forecast period.
By region, the market has
been segmented into North America, Europe, Asia-Pacific, the Middle East and
Africa, and South America. North America has been further segmented into the
US, Canada, and Mexico. Europe has been further segmented into Germany, the UK,
France, Spain, Norway, Benelux, and Italy. Asia-Pacific has been sub-segmented
into China, Japan, India, South Korea, Australia, Malaysia, Indonesia, and the
Philippines. The Middle East and Africa have been further segmented into Saudi
Arabia, Israel, Turkey, and South Africa and South America has been classified
into Brazil, Peru, Chile, and Argentina.
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