The adoption of cloud technologies, the focus on digital transformation, and increasing cyberattacks are anticipated to fuel the rise of the key management as a service. The market for key management as a service is anticipated to reach US$ 1.5 billion by 2021 and have a CAGR of 25% from 2021 to 2031.
To safeguard businesses against internal and external cyberattacks, this system offers full lifecycle management of cryptographic keys.
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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.
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.
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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.
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)
- IBM Corporation
- Egnyte
- KeyNexus Inc.
- Intel Corporation
- Sepior ApS
- Unbound Tech
- Others
Key players in the market are focusing on acquisitions to complement their product portfolio to cater to the needs of a variety of customers. Market participants are also focusing on providing products directly to end users to improve direct customer relations.
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Key Segments of Key Management as a Service Market
By Component:
- Key Management as a Service Solution
- Services
- Professional services
- Support and maintenance
- Consulting
- Training and education
- Managed services
- Professional services
By Enterprises Size:
- Small and Medium Enterprises (SMEs)
- Large enterprises
By Industry:
- Banking, Financial Services, and Insurance (BFSI)
- Aerospace & Defense
- Healthcare
- IT and Telecommunications
- Retail
- Government
- Others
By Region:
- North America
- US
- Canada
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Europe
- UK
- France
- Germany
- Italy
- Spain
- BENELUX
- Russia
- Rest of Europe
- East Asia
- China
- Japan
- South Korea
- South Asia & Pacific
- India
- Thailand
- Indonesia
- Malaysia
- Australia & New Zealand
- Rest of South Asia & Pacific
- Middle East & Africa
- GCC Countries
- Turkey
- South Africa
- Rest of Middle East and Africa
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