Key Management as a Service Market Overview
The Global Key Management as a Service Market was valued at USD 363.54 million in 2018; it is estimated to reach USD 2.29 Billion by 2025 growing at a CAGR of 31.22% during the forecast period 2019–2025.
By component, the key management as a service market has been segmented into solution and services. Among these, currently, the key management solutions segment is dominating the market due to the increasing adoption of key management solutions by enterprises to enhance their IT security and efficiency. Government initiatives supporting digitalization and increasing adoption of cloud services are the factors contributing to the growth of key management solution. Whereas, the service segment comprising professional and managed services, is projected to witness a high growth rate in the coming years. Lack of technical expertise and awareness among the enterprises regarding the key management solutions has propelled the market in favor of key management service providers.
By application, the key management as a service market has been segmented into disk encryption, file encryption, database encryption, communication encryption, and cloud encryption. Among these, currently, the disk encryption application is expected to dominate the market due to the increasing demand among enterprises to reduce the risk of unauthorized access to sensitive information. Whereas, the cloud encryption segment is expected to witness the fastest CAGR during the forecast period. Rising adoption of cloud platform has propelled the market of cloud encryption.
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By organization size, the market has been segmented into small- and medium-sized enterprises and large enterprises. Among these, the large enterprises segment is currently dominating the market due to the increasing need to safeguard huge volumes of sensitive information present on-premise as well as cloud platforms. Also, the large enterprises have a sufficient amount of budget for the IT spends to enhance their security and efficiency, which further fuels the market for this segment. Whereas, the SMEs is projected to grow with the fastest CAGR owing to rising adoption of cloud-based platforms accelerating the demand for KMaaS.
By vertical, the market has been segmented into BFSI, healthcare, IT and telecommunication, government, retail, manufacturing, and aerospace, and defense among others. Among these, BFSI is currently dominating the market due to the high demand for information security. Increasing adoption of digital and cloud technology across BFSI sectors are some of the prime factors driving the adoption of key management as a service among banking and financial institutions. Whereas, healthcare vertical is projected to grow at the fastest CAGR during the forecast period.
By region, the market has been segmented into North America, Europe, Asia-Pacific, the Middle East and Africa, and South America. North America has been further segmented into the US, Canada, and Mexico. Europe has been further segmented into Germany, the UK, France, Spain, Norway, Benelux, and Italy. Asia-Pacific has been sub-segmented into China, Japan, India, South Korea, Australia, Malaysia, Indonesia, and the Philippines. The Middle East and Africa have been further segmented into Saudi Arabia, Israel, Turkey, and South Africa and South America has been classified into Brazil, Peru, Chile, and Argentina.
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Key Management as a Service Market Key Players
The key management as a service market is expected to be a growing market in the coming years owing to the presence of numerous large players active in the regional market. IBM Corporation (US), Amazon Web Services (US), Thales eSecurity (France), Oracle Corporation (US), Equinix, Inc. (US), Alibaba (China), Egnyte (US), Ciphercloud (US), Google (US), Keynexus (US), Sepior ApS (Denmark), Unbound Tech (Israel), and Box (US) are the companies leading the key management as a service market globally.
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