Key Management as a Service Market Global Trends, share ,size | 2022 – 2031

What is Driving Demand for Key Management as a Service?

Growth in development of cloud-based key management solutions across various enterprises to offers wide range of benefits including convenient key management, scalability, flexibility, and reduced cost of IT infrastructure. Significant growth in the key management as a service offering is expected to lead to greater opportunities owing to the substantial increase in cyber threats to mission-critical data and regulatory compliance requirements.

Key Management as a Service can be utilized for managing encryption keys for cloud services, that can be used for the development of cryptographic functions. The SMEs are focused on the adoption of Key Management as a Service solution for increasing their operational efficiency, and mandates to meet stringent regulations.

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Impact of COVID-19 Pandemic Outbreak on Key Management as a Service

The COVID-19 pandemic outbreak has disrupted many industries, including the Key Management as a Service market. The demand for Bring Your Own Encryption (BYOE) service, Bring Your Own Key-Cloud HSM, software key management, secret management, and remotely managed IT services has increased during the lockdown resulted from the COVID-19 outbreak.

As the stage of COVID-19 evolves across the world, technological developments have taken initiatives to stop the spread of COVID-19 disease. Increasing adoption of cloud-based Key Management as a Service solution for managing communication encryption such as voice encryption, email encryption, instant messaging encryption, due to global lockdowns, would further drive the Key Management as a Service demand.

US and Canada Key Management as a Service Market Outlook

The US is one of the largest markets for Key Management as a Service. This is attributed to the high increase in demand of Key Management as a Service for various end-users such as banking, financial services, and insurance (BFSI), government and public utilities, telecom & IT among others. Furthermore, the growing trend of integrated key management software, management of cryptographic keys for a cryptosystem is accelerating the demand for Key Management as a Service across North America.

The U.S. is the dominant country accounting for around 20%-25% of the global market share in 2021. Moreover, growing emphasis on regulating the U.S. government regarding enhances the security of data within all cloud services is also estimated to drive the Key Management as a Service solution in the U.S.

Europe Demand Outlook for Key Management as a Service

Rapid developments in new technologies/services including cloud services such as Database as a Service (DBaaS) provide simple, secure, reliable, and standard-compliant capabilities to protect and encrypt data. Hence, through the flexibility offered by such technologies, vendors offering Key Management as a Service can take the advantage of the growing opportunities in Europe.

Some of the key players such as Thales e-Security, Sophos Ltd., and others are focused on securing and offering advanced solutions that have the potential to enhancing customer experience through speed and convenience in European countries. Growing demand for advanced encryption standards (AES), and wide adoption of data encryption by the organizations are expected to have the highest impact on the Europe, over the forecast period.

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Who are the Key Providers of Key Management as a Service?

Some of the leading providers Key Management as a Service include

• CipherCloud
• Thales (Gemalto)
• Google
• IBM Corporation
• Egnyte
• KeyNexus Inc.
• Intel Corporation