The latest market report published by Credence Research, Inc. “Global Key Management as a Service Market: Growth, Future Prospects, and Competitive Analysis, 2017 – 2030”. The Global Key Management as a Service Market generated revenue of around USD 849.2 million in 2022 and is anticipated to grow a CAGR of over 28.10% during the forecast period from 2023 to 2030 to reach around USD 4,806.8 million in 2030.
The key management as a service market is expected to grow primarily due to the rise in enterprises’ focus on improving operational efficiency and the migration of many companies toward cloud-based services. Key management as a service (KMaaS) software adoption in the BFSI vertical is expected to create major opportunities in the service (KMaaS) market due to increased enterprise demand for integrated key management software. Organizations using encryption to protect information have encountered problems owing to the availability of features such as the sarbanes-oxley data security standard for the payment card industry and the portability and accountability act for health insurance. Organizations’ increasing adoption of data encryption has resulted in an exponential increase in keys, leading to an increase in market demand for key management services (KMaaS).
The global key management as a service market is bifurcated into Components, Enterprises Size, Industry, and Geography. Based on components, the market is categorized into solutions and services. On the basis of enterprise size, the global key management as a service market is segmented into small and medium enterprises (SMEs) and large enterprises. Based on industry, the key management as a service market is categorized into banking, financial services, and insurance (BFSI), aerospace & defense, healthcare, IT and telecommunication, retail, government, and others. Based on geography, the market is segmented as North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
In 2022, North America dominated the global key management as a service market and accounted for a major market revenue share in terms of value. A rise in cloud-based infrastructure adoption, the expansion of the IT sector, and a rise in cyberattacks and cybersecurity breaches have driven the market. As well as significant R&D expenditures by some leading market participants, such as Oracle Corporation, IBM Corporation, Fortinet Inc., and others, online or digital banking services may also drive demand for key management.
Key Management as a Service Market major players analysis is an important aspect of understanding the competitive landscape of this market. The market has seen significant growth in recent years due to the increasing use of encryption technologies across various industries. Key management services help organizations manage their encryption keys, ensuring that sensitive data remains secure and protected from unauthorized access. Major players in this market include Gemalto NV, Amazon Web Services (AWS), Thales e-Security Inc., Microsoft Corporation, Oracle Corporation, Google LLC, International Business Machines Corporation (IBM), Hewlett Packard Enterprise Development LP (HPE), and others.
The key management as a service (KMaaS) market has been experiencing rapid growth in recent years due to several factors:
- One of the main global factors driving growth in the KMaaS market is the increasing need for security and compliance in the digital age. As organizations continue to move their operations online and store sensitive data in the cloud, they are increasingly vulnerable to cyber threats and attacks. KMaaS provides a secure and centralized way to manage encryption keys, which are critical to protecting data.
- Another factor contributing to the growth of the market is the increasing adoption of cloud computing and storage. As more organizations move their data and applications to the cloud, they require secure and reliable key management solutions that can be easily integrated with their cloud environments.
- In addition, regulatory compliance is driving the adoption of KMaaS. Many industries are subject to strict data protection regulations, such as HIPAA and GDPR, which require organizations to implement strong encryption and key management practices. KMaaS provides a way for organizations to easily comply with these regulations and protect sensitive data.
- Regionally, the growth of the KMaaS market has been driven by factors such as the presence of a strong technology industry, favorable government policies and regulations, and increasing awareness of cybersecurity threats.
- Overall, the KMaaS market is expected to continue to grow in the coming years, driven by increasing demand for secure and compliant key management solutions, the adoption of cloud computing and storage, and ongoing innovation and development in the industry.
Why to Buy This Report-
- The report provides a qualitative and quantitative analysis of the global key management as a service market by segments, current trends, drivers, restraints, opportunities, challenges, and market dynamics with the historical period from 2018-2021, base year- 2022, and forecast period 2023-2030.
- The report contains information related to the competitive landscape, like how the key players in the market are operating at a global, regional, and country level
- In-depth analysis of the global key management as a service market segmentation based on components, enterprise size, and industry.
- This report covers all levels of analysis, including global, regional, and country levels, as well as key market trends, major players, and market growth strategies.
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