Key Management as a Service Expected to be Valued US$ 1.5 Bn by 2021
Rising cyber-attacks, focus on digital transformation, and the adoption of cloud technologies are expected to propel the growth of the Key Management as a Service. The Key Management as a Service market is estimated to grow US$ 1.5 Bn by 2021, with a CAGR of 25% during the forecast period 2021-2031. This solution provides a complete lifecycle management of cryptographic keys within the enterprises, to protect them from internal as well as external cyber-attacks
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.
Key Management as a Service offers a wide range of applications such as disk encryption, database encryption, file/folder encryption, communication encryption, and cloud encryption, among others. The reliability of such applications drives the demand for Key Management as a Service, over the coming years.
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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.
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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), Google, IBM Corporation, Egnyte, KeyNexus Inc., Intel Corporation, Sepior ApS, Unbound Tech, and 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
An Adaptive Approach to Modern-day Research Needs
Key Management as a Service Market Report Highlights:
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
- Key Management as a Service Solution
- Professional services
- Support and maintenance
- Training and education
- Managed services
- Professional services
By Enterprises Size
- Small and Medium Enterprises (SMEs)
- Large enterprises
- Banking, Financial Services, and Insurance (BFSI)
- Aerospace & Defense
- IT and Telecommunications
- North America
- Latin America
- Rest of Latin America
- Rest of Europe
- East Asia
- South Korea
- South Asia & Pacific
- Australia & New Zealand
- Rest of South Asia & Pacific
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East and Africa
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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