Key Management as a Service (KMaaS) Market
The global key management as a service market was valued at USD 363.54 million in 2018; it and 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.
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 areis 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, are 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 of in favor of key management as a 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 possibilitiesrisk 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 enterprisess segment is currently dominating the market due to the increasing need to safeguard the huge volumes of sensitive information present on-premise as well as on 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 market the market for this segmentgrowth. Whereas, the SMEs is projected to grow with the fastest CAGR owing to rising adoption of cloud-based platforms elevating 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 with 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 the 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 has have been further segmented into Saudi Arabia, Israel, Turkey, and South Africa and South America has been classified into Brazil, Peru, Chile, and Argentina.
The delayed manner of adoption by organizations of the proper privacy, security, and compliance measures to ensure its maximum benefits may leave them exposed to the threat of a cyber-attack. The companies offering solutions for key management as a service market are pooling in their efficiencies to ensure a better degree of success in the market space. Utimaco GmbH, a German cybersecurity firm recently announced it had purchased Geobridge Corporation, a cryptographic key management firm for an anonymous value. The acquirement would allow Utimaco to provide support for a strategic injection at the PoS and key management as a service to its present array of cybersecurity products with Geobridge’s KeyBRIDGE platform backing the Utimaco’s Atalla product range of hardware security modules. Furthermore, the need for access by the cloud providers from a single browser, as well as multiple subscriptions, is estimated further to transform the market development in the forthcoming period.
The key management service industry is estimated to diversify with the need of companies for strengthening their key control and information security. The increased transfer of assets onto the cloud due to cloud-based key management solutions is estimated to develop the market in the impending period further. The presence of large enterprises who have access to an adequate quantity of budget for the IT spends to augment their security and efficiency, will play a critical role in the expansion of the key management as a service market in the future.
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According to research report "Key Management as a Service Market by Component (Solution and Services), Application (Disk Encryption, File/Folder Encryption, Database Encryption, and Cloud Encryption), Organization Size, Vertical, and Region - Global Forecast to 2023", The KMaaS market size is expected to grow from USD 0.37 Billion in 2018 to USD 1.28 Billion by 2023, at a Compound Annual Growth Rate (CAGR) of 28.4%.
The demand for KMaaS is expected to be driven by the stringent government regulations and the need to protect critical organizational data.
With the increasing usage of encryption solutions across different verticals and the rising trend of Bring Your Own Key (BYOK), the adoption rate of KMaaS among enterprises is expected to gain a major traction during the forecast period.
Browse 66 Tables and 38 Figures spread through 117 Pages and in-depth TOC on "Key Management as a Service Market - Global Forecast to 2023"Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=224805322The disk encryption application is expected to hold the largest market share during the forecast periodDisk encryption, also known as hard drive encryption, full disk encryption, or whole disk encryption, refers to the encryption of the entire disk.
The importance of encrypting a disk is that, if the encrypted disk is lost or stolen, the encrypted state of the drive remains unchanged, and only an authorized user would be able to access its contents.
Furthermore, the KMaaS solution helps the clinical and IT staff in protecting patients’ critical data.
Key Management as a Service MarketThe 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.
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.
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.
Key Management as a Service MarketA new market study, titled “Key Management as a Service Market” has been featured on Market Research Future.The global economy is gradually coming back to its current position as businesses reopen after pandemic-induced lockdowns caused due to COVID 19 outbreak.
The global key management as a service market has also faced similar issues.
On this, Market Research Future gathered information and made a comprehensive study which revealed that the global key management as a service market and its share would be rising at 31.22% CAGR from the years 2019 to 2025 despite Coronavirus pandemic kept businesses on sluggish mode.
The valuation expected to be gained nearly USD 2,296.32 Million by 2025 after the last gained valuation of USD 363.54 million in 2018.Related Link@ https://icrowdnewswire.com/2020/07/31/reopening-speed-of-top-companies-in-key-management-as-a-service-market-predicts-imperative-phase-with-covid-19-outbreak-sales-revenue-grow-pricing-and-industry-growth-analysis/Notable DevelopmentsKey generation is a process of generating keys through various algorithms such as advanced encryption standard (AES), symmetric key generation algorithms (data encryption standard (DES) and asymmetric key generation algorithms (RSA algorithm).
This has led to a rise in demand for vital management services which enhances the security of the encrypted information and also surges availability of the encryption keys for the organization.The key management service provider tenders a centralized key management and certificate management, which has supported the growth of key management service market to a great extent.
This ropes the growth of key management service market for the future timeframe as well.MRFR also puts the spot light on the fact that growth in cybercrimes and mount in many cashless transactions is probable to create immense opportunities for key management service market during the forecast period.
