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Key management as a service Market Research Report - Global Forecast till 2027

Global Key Management as a Service Market: by Component (Solution, Service (Professional, Managed)), by Application (Disk Encryption, File Encryption, Database Encryption, Communication Encryption, Cloud Encryption), by Organization Size (Small and Medium-Sized Enterprises, Large Enterprises), by Vertical (BFSI, Healthcare, IT and Telecommunication, Government, Retail, Manufacturing, Aerospace and Defense, Others), by Region (North America, Europe, Asia-Pacific, Middle East and Africa, South America) - Forecast till 2027

ID: MRFR/ICT/6716-HCR | December 2022 | Region: Global | 111 Pages         

Key Management as a Service Market

Key Management as a Service Market is expected to reach USD 2625.16 Million by 2027 and growing at a 27.24% CAGR

Segmentation

By Component Solution Service (Professional Managed
By Application Disk Encryption File Encryption Database Encryption Communication Encryption Cloud Encryption
By Organization Size Small and Medium-sized enterprises Large enterprises
By Vertical BFSI healthcare IT and Telecommunication Government Retail Manufacturing Aerospace and Defense

Key Players

  • 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)
  • Box (US).

Drivers

  • Helps the enterprises to strengthen their key control and information security
  • Enhance the IT efficiency
  • Growing adoption of cloud-based platforms
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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.


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)  Key management as a service Market


Source: Company websites, Annual Reports, Secondary research, Press Releases, Paid Database, Expert interviews, White papers, Journals, Case Studies, MRFR Analysis


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



  • Investors and consultants

  • Research/Consultancy firms

  • Technology solution providers

  • Government agencies

  • Key Management Service providers

  • Cybersecurity vendors

  • Independent Software Vendors (ISVs)

  • IT Security Agencies

  • Managed Security Service Providers



Report Scope:

Report Attribute/Metric Details
  Market Size   USD 2625.16 Million
  CAGR   CAGR 27.24%
  Base Year   2020
  Forecast Period   2021–2027
  Historical Data   2019
  Forecast Units   Value (USD Million)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Component, Application
  Geographies Covered   North America, Europe, Asia-Pacific
  Key Vendors   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) Box (US).
  Key Market Opportunities   
  Key Market Drivers   Growing adoption of cloud-based platforms


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Frequently Asked Questions (FAQ) :

A resilient CAGR of 31.22% CAGR is anticipated to guide the market to revenues worth USD 2,296.32 million by 2025.

The need to reinforce their vital control and information security while enhancing their IT efficiency is expected to strengthen the market in the coming years.

The North American region is accredited for the prime market segment due to the availability of extremely skilled proficiency and research & development competences.

The notable contenders who are changing the market set up are Amazon Web Services (US), Thales eSecurity (France), IBM Corporation (US), Oracle Corporation (US), Alibaba (China), Equinix, Inc. (US) to name a few.

The segments in the market are made based on vertical, application, component, organization size, and region.