Key Management as a Service Market Research Report: By Component (Solution, Service), Enterprise (Large Enterprises, Small and Medium Enterprises), Application (Disk Encryption, Cloud Encryption, File/Folder Encryption, Database Encryption, Communication Encryption), Industry (BFSI, Retail and E-Commerce, IT and Telecom, Government, Healthcare, Aerospace and Defense)
NEW YORK, May 04, 2020 (GLOBE NEWSWIRE) — In the wake of the rising cyber attacks, adoption of cloud technologies, and focus on digital transformation, the need to meet the associated regulatory compliance is increasing around the world. Health Insurance Portability and Accountability Act (HIPAA), Payment Card Industry Data Security Standard (PCI DSS), General Data Protection Regulation (GDPR), and Federal Information Security Management Act (FISMA) are the various acts and standards which govern cyber security.
As a result of key management being an important aspect covered in these regulations, the global key management as a service market is projected to grow at a CAGR of 25.9% between 2020 and 2030 (forecast period), after having generated $511.9 million, in revenue, in 2019. In order to ensure compliance, companies in numerous industries, especially healthcare and banking, financial services, and Insurance (BFSI), are already adopting KMaaS solutions.
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Solutions to Dominate Market during Forecast Period
Till 2030, higher revenue to the key management as a service market would be contributed by the solution bifurcation, as a result of the rising demand for encrypting the data, transition to multi-cloud environments, and increasing requirement for complying with regulations.
Large enterprises are expected to dominate the key management as a service market throughout the forecast period. This is attributed to their complex network systems, strong focus on digital transformation, rapid adoption of cloud computing, and high compliance requirements, all of which together lead to a high integration of key management solutions in such organizations.
During 2020–2030, the fastest key management as a service market growth, at a CAGR of 31.8%, would be witnessed by the cloud encryption classification. This is credited to the rapid transition of companies to the cloud computing platform, which makes the storage, management, and sharing of complex data less cumbersome and cost-effective.
In 2019, the BFSI sector held the largest share in the key management as a service market, as a result of the increasing number of cyber attacks on financial corporations, which create a high need for data security, growing preference for availing of digital banking services, surging demand to safeguard communication channels, and need to comply with Federal Information Processing Standard (FIPS) and PCI DSS regulations.
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North America was the most productive region in the market during the historical period (2014–2019), as companies here are deploying advanced technologies to combat cybercriminals. Additionally, the adoption of cloud computing, analytical tools, and data center services is surging, organizations are transitioning to a multi-cloud environment, and the focus on digitization is rising in the region. In the years to come, Asia-Pacific (APAC) would witness the fastest key management as a service market growth, due to the increasing digitization initiatives, booming demand for cloud solutions, rising awareness about the need to counter cybercrime, and bettering lifecycle process of key management.
Partnerships Characterize Market Competitive Landscape
In recent years, numerous partnerships have been formed by the companies operating in the key management as a service market, as an opportunity to:
- Merge their solutions to create a better offering
- Offer their solutions on well-established cloud platforms
- Enable clients to securely transfer data over the cloud
- Make people aware about their offerings
- Allow users to strengthen their IT security
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The prominent global key management as a service market players include Box Inc., Google LLC, NetApp Inc., Oracle Corporation, Microsoft Corporation, Amazon Web Services (AWS) Inc., CipherCloud Inc., Thales SA, Egnyte Inc., Unbound Tech Ltd., Kapalya Inc., International Business Machines (IBM) Corporation, Zettaset Inc., StorMagic Ltd., HyTrust Inc., Sepior ApS, Fortanix Inc., Secomba GmbH, McAfee LLC, Bitglass Inc., Atos SE, Sookasa Inc., Sophos Group PLC, Netskope Inc., WinMagic, ESET spol. s ro, Druva Inc., SYPRUS Inc., and ServiceNow Inc.
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