Key Management as a Service Market
The sudden challenges created by the ongoing COVID-19 are captured effectively to exhibit the long term growth projections in the MRFR report on Key Management as a Service Market. The growth sectors of the Key Management as a Service Market are identified with precision for a better growth perspective.
The global economy is gradually coming back to its current position as businesses reopen after pandemic-induced lockdowns caused due to COVID 19 outbreak. The global key management as a service market has also faced similar issues. On this, Market Research Future gathered information and made a comprehensive study which revealed that the global key management as a service market and its share would be rising at 31.22% CAGR from the years 2019 to 2025 despite Coronavirus pandemic kept businesses on sluggish mode. The valuation expected to be gained nearly USD 2,296.32 Million by 2025 after the last gained valuation of USD 363.54 million in 2018.
Key generation is a process of generating keys through various algorithms such as advanced encryption standard (AES), symmetric key generation algorithms (data encryption standard (DES) and asymmetric key generation algorithms (RSA algorithm). The key generation as a service market is gaining predominance owing to the extensive adoption of data encryption by the organizations, which has resulted in several keys. These have been increasing exponentially in the current state. This has led to a rise in demand for vital management services which enhances the security of the encrypted information and also surges availability of the encryption keys for the organization.
The key management service provider tenders a centralized key management and certificate management, which has supported the growth of key management service market to a great extent. As per Cost of Data Breach Study 2015 by Ponemon Institute, the standard cost for a data breach is calculated to be US$ 3.5 Mn per incident. The security breach incidents consequence in loss of customer trust and revenue, thus lead to ascend the demand of keys required for encryption. This ropes the growth of key management service market for the future timeframe as well.
MRFR also puts the spot light on the fact that growth in cybercrimes and mount in many cashless transactions is probable to create immense opportunities for key management service market during the forecast period. On the contrary, the factor of limited availability of keys and scalability issues about multiple databases, standards and applications is projected to create challenges in the growth course of the key management service market in the future.
The global key management as a service market, on a global scale, has been studied over the segments of component, application, organization size, and vertical.
Depending on the component segment, the market has included solution and services. The services segment is additionally segmented into managed and professional services.
Depending on the application segment, the market has included file encryption, disk encryption, communication encryption, database encryption, and cloud encryption.
Depending on organization size segment, the market has included small and medium-sized enterprises and large enterprises.
Depending on the vertical segment, the market has included healthcare, BFSI, government, IT and telecommunication, manufacturing, retail, aerospace and defence.
Europe, Asia-Pacific, North America, Middle East and Africa, and South America are the regions included in the study of the global key management as a service market.
North America has the maximum adoption of the key management service owing to the incidence of the highly digitalized banking sector in the region. The region is an early adopter of technology and also grabs the incidence of a more significant part of top KMaaS providers. The US, among all the countries, grabs the largest market share in support of vast expertise and research and development capabilities, aiming at mounting solutions and services for enhanced information security. All these factors have propelled the market growth of key management as a service in the country.
Europe is also in the line of grabbing high market share in the global key management as a service market. Escalating adoption of crucial management solutions among enterprises of various industries vertical to maintain rigorous data regulations is motivating the market growth in the region.
Asia-Pacific region is likely to be the fastest-growing region during the assessment period. Government initiatives supporting digitalization and mounting adoption of cloud platforms by enterprises have eminent the demand for KMaaS in the region.
Top Industry Players
The well-known players are vigorous in the global market of key management as a service. They are Amazon Web Services (US), IBM Corporation (US), Oracle Corporation (US), Thales eSecurity (France), Alibaba (China), Equinix, Inc. (US), CipherCloud (US), Egnyte (US), Keynexus (US), Google (US), Unbound Tech (Israel), Sepior ApS (Denmark), and Box (US).
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