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.
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)
Source: Company websites, Annual Reports, Secondary research, Press Releases, Paid Database, Expert interviews, White papers, Journals, Case Studies, MRFR Analysis
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.
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.
|Market Size||USD 2625.16 Million|
|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|
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.