Key Management as a Service Market Overview
Key Management as a Service Market Size was valued at USD 0.5 Billion in 2022. The Key management as a service Market industry is projected to grow from USD 0.64 Billion in 2023 to USD 4.48 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 27.60% during the forecast period (2023 - 2032). Rising adoption of cloud-based platforms and growing regulations regarding regulatory compliances are the key market drivers enhancing the market growth.
Figure 1: Key Management as a Service Market Size, 2023-2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Key Management as a Service Market Trends
Growing adoption of IoT across industries is driving the market growth
Market CAGR for key management as a service is being driven by the rise in the adoption of IoT-based technologies. Owing to the increase in data breaches and the theft of personal information, many industries have embraced advanced corporate security solutions. The move of organizations to a digital environment to provide digital services and the rise in the amount of sensitive and unprotected data that needs to be protected are anticipated to be the main drivers of market growth. In a distributed IT environment within a company, enterprise key management employs a centralized management system to protect the cryptographic keys needed to encrypt critical data. Data security policies are impacted by the growth of data within an organization, the extension of privacy regulations, the threat of data breaches and hacking, and judgments about which data to protect and at what cost. A system must have a strong design and built-in security for data protection. Businesses adopt data protection strategies more frequently nowadays, but doing so has significant costs, complexity, and expenditure implications.
IoT adoption raises the overall volume of data production, converting industrial data into industrial Big Data. The number of IoT devices is expected to increase significantly as a result of the combination of Artificial intelligence, machine learning, and real-time data processing provided by IoT solutions. By 2023, it is anticipated that Asia will have added more Internet of Things (IoT) devices than the current estimate of 3.5 billion. It is expected that the market would be driven by the enormous data expansion brought on by the use of IoT and cloud technologies.
By passing rules like the GDPR and CCPA, governments all across the world are beginning to respond to high-profile data breaches. By fulfilling these standards, the organization proves that it is fully aware of the issue and has taken appropriate steps to deal with it. These requirements exist to guarantee a basic level of security. Therefore, the loss of crucial data and compliance issues are what fuel the need for enterprise key management services. Thus, driving the Key management as a service Market revenue.
Key Management as a Service Market Segment Insights
Key Management as a Service Application Insights
The Key management as a service Market segmentation, based on application disk encryption, file encryption, database encryption, communication encryption, and cloud encryption. The market segment with the biggest share was disc encryption. Encrypting a disc has the advantage of preserving its encrypted state even in the event of loss or theft, making it difficult for anybody other than an authorised user to access its Information. The analysis predicts that the aforementioned factors will support the segment's growth for the entire projection period.
Key Management as a Service Component Insights
The Key management as a service Market segmentation, based on component, includes solution, service, and managed. The software category generated the most income. It is projected that the solution category would expand significantly. Businesses are under increased pressure to comply with regulations, cloud-based solutions are becoming more widely adopted, and IT efficiency is becoming a bigger priority for companies. These developments are driving the market for key management as a service to grow.
Key management as a service Organization Size Insights
The Key management as a service Market segmentation, based on organization size, includes SMEs, and large enterprises. In the key management as a service industry, the large enterprises segment dominated the total market. The major market share belonged to the segment of large firms. This is as a result of the swift uptake of cloud computing, their migration to digitization, the rise in cybercrime and the need to safeguard their personal information, as well as the necessity of meeting regulatory compliance standards.
Key management as a service Vertical Insights
The Key management as a service Market segmentation, based on vertical, includes BFSI, healthcare, IT & telecommunications, government, retail, manufacturing, and aerospace & defense. Due to Key Management, BFSI segments control the market. The growing trend towards cloud environments, the acceleration of digital transformation, the rise of cybercrimes involving financial fraud, server hacking, and other issues across financial organizations have all contributed to the need to optimize encryption services for the best possible data security or protection.
Figure 2: Key management as a service Market, by Vertical, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Key management as a service Regional Insights
By region, the study provides market insights into North America, Europe, Asia-Pacific, and Rest of the World. The North American Key management as a service Market area will dominate this market, owing to the presence of well-established IT infrastructure in the region. In addition, the growing risk of cyberattacks will also expedite market growth in this region.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: KEY MANAGEMENT AS A SERVICE MARKET SHARE BY REGION 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Europe’s Key management as a Service Market is expected to grow fastest due to the growing adoption of key management solutions in order to abide by the stringent data regulations. Further, the German Key management as a service Market is anticipated to hold the fastest growth, and the UK Key management as a service Market was the fastest growing.
The Asia-Pacific Key management as a service Market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to expanding adoption of digital technology throughout the region. Moreover, China’s Key management as a service Market held the largest market share, and the Indian Key management as a service Market was the fastest growing market in the Asia-Pacific region.
Key management as a service Key Market Players & Competitive Insights
Leading market players are investing largely in research and development in order to grow their product/service lines, which will aid the Key management as a service Market, grow even more. Market players are also undergoing various initiatives to expand their footprint, with important market developments including new product launches & developments, contractual agreements among companies with complementary service lines, mergers & acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Key management as a service industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the Key management as a service industry to benefit clients and increase the market sector. In recent years, the Key management as a service industry has offered some of the most significant advantages to medicine. Major players in the Key management as a service Market, including Oracle Corporation (US), IBM Corporation (US), Amazon Web Services (US), Thales eSecurity (France), Equinix Inc. (US), Alibaba (China), Egnyte (US), Ciphercloud (US), Google (US), Keynexus (US), Sepior ApS (Denmark), Unbound Tech (Israel), Box (US), and others are attempting to increase market demand by investing in research and development operations.
Alibaba Group Holding Ltd. (Alibaba Group) offers E-commerce and technological infrastructure services. The business offers retailers, brands, merchants, and businesses the core technological infrastructure they need to market, sell, and run their operations online. Core commerce, digital media and entertainment, cloud computing, and other innovation projects make up its companies. Through its subsidiaries, which include Taobao, Tmall, Freshippo, Aliexpress, Lazada, Alibaba.com, 1688.com, ele.me, Youku, DingTalk, Alimama, Alibaba Cloud, and Cai Niao, Alibaba Group offers services. Additionally, it provides logistical support via the Koubei and Cainiao Network. In November 2022, Announcing the launch of ModelScope, an open-source Model-as-a-Service (MaaS) platform with hundreds of AI models, including sizable pre-trained models for international developers and researchers, Alibaba Cloud, the digital technology and intelligence core of Alibaba Group, opened its annual Apsara Conference.
A subsidiary of Amazon.com, Inc., Amazon Web Services Inc (AWS) offers cloud computing services. In addition to computing, storage, databases, networking, analytics, mobile, developer tools, augmented reality, virtual reality, robotics, game tech, machine learning, management tools, content delivery, media services, customer engagement, app streaming, and security, identity, and compliance, the company also provides a wide range of cloud infrastructure services. Automotive, digital marketing, telecommunications, government, financial services, media and entertainment, gaming, CPG, health & life sciences, oil & gas, power, and non-profit organizations are among the industries that AWS provides goods and services to. In November 2022, The External Key Store (XKS), was launched by AWS Key Management Service (AWS KMS). With independent authorization, audit, and the ability to encrypt or decrypt data with cryptographic keys in a key management system outside of AWS, clients now have more freedom.
Key Companies in the Key management as a service Market include
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Alibaba (China)
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Amazon Web Services (US)
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Thales eSecurity (France)
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Equinix Inc. (US)
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Egnyte (US)
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Ciphercloud (US)
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Google (US)
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Keynexus (US)
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Sepior ApS (Denmark)
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Unbound Tech (Israel)
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Box (US)
Key management as a service Industry Developments
November 2022: A feature of the AWS Key Management Service unveiled at AWS re:Invent 2022, CipherTrust Cloud Key Manager interaction with the AWS External Key Store, was made official by Thales. The connection enables enterprises to keep control of their encryption keys when moving their sensitive data to the AWS cloud in response to a rising demand for improved sovereign controls amid growing regulatory requirements.
Key management as a service Market Segmentation
Key management as a service Component Outlook (USD Billion, 2018-2032)
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Solution
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Service (Professional)
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Managed
Key management as a service, Application Outlook (USD Billion, 2018-2032)
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Disk Encryption
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File Encryption
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Database Encryption
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Communication Encryption
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Cloud Encryption
Key management as a service Organization Size Outlook (USD Billion, 2018-2032)
Key management as a service Vertical Outlook (USD Billion, 2018-2032)
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BFSI
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Healthcare
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IT & Telecommunications
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Government
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Retail
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Manufacturing
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Aerospace & Defense
Key management as a service Regional Outlook
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Germany
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France
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UK
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Italy
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Spain
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Rest of Europe
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Asia-Pacific
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China
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Japan
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India
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Australia
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South Korea
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Australia
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Rest of Asia-Pacific
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Rest of the World
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Middle East
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Africa
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Latin America
Key management service Market Highlights:
