Overview and Scope
Key management (KMaaS) as a service refers to cloud-based systems that provide enterprises with efficient means for producing, storing, and managing encryption keys. These systems improve data security by making centralized key management features available over the internet. KMaaS enables strong encryption standards without the requirement for large on-premises infrastructure.
Sizing and Forecast
The key management as a service market size has grown exponentially in recent years. It will grow from $1.02 billion in 2023 to $1.29 billion in 2024 at a compound annual growth rate (CAGR) of 26.4%. The growth in the historic period can be attributed to increasing data breaches and cybersecurity threats, growing adoption of cloud-based services, rising complexity of cryptographic operations, increasing use of blockchain technology, expansion of digital transformation initiatives across industries.
The key management as a service market size is expected to see exponential growth in the next few years. It will grow to $3.33 billion in 2028 at a compound annual growth rate (CAGR) of 26.8%. The growth in the forecast period can be attributed to rapid growth in cloud adoption, increasing stringency of data protection regulations, growing emphasis on confidentiality and privacy, shift towards devSecOps practices, demand for centralized key management. Major trends in the forecast period include adoption of IoT-based technologies, adoption of cloud technologies, focus on data privacy, integration of artificial intelligence.
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Segmentation & Regional Insights
The key management as a service market covered in this report is segmented –
1) By Component: Solution, Services
2) By Organization Size: Large Enterprises, Small and Medium Enterprises
3) By Application: Communication Encryption, Disk Encryption, File and Folder Encryption, Database Encryption, Cloud Encryption
4) By Industry Vertical: Banking, Financial Services, and Insurance (BFSI), Retail And E-commerce, Manufacturing, Government And Defense, Energy And Utilities, Information Technology (IT) and Telecom, Education, Healthcare, Other Verticals
Top 5 major Players:
- Amazon Web Services Inc
- Google LLC
- Microsoft Corporation
- International Business Machines Corporation
- Oracle Corporation
North America was the largest region in the key management as a service market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the key management as a service market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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Major Driver Impacting Market Growth
The increase in cyber security breach incidents is expected to propel the growth of the key management as a service market going forward. A cybersecurity breach is the illegal access, disclosure, modification, or destruction of sensitive information or systems within a computer network or digital environment. The cybersecurity breach incidents are increasing due to the proliferation of internet-connected devices, increasing remote workforce challenges, and limited security investments. For instance, in February 2023, according to the Australian Cyber Security Centre, an Australia-based cyber security agency, the number of cybercrime reports received in 2022 was 76,000, up 13% from the previous year. Furthermore, in March 2021, according to the Internet Crime Complaint Center, a US-based government organization, the United States witnessed 847,376 cybercrime complaints, marking a 7% surge from 2020, with estimated losses surpassing $6.9 billion. Therefore, the increase in cyber security breach incidents is driving the growth of the key management as a service market.
Key Industry Players
Major companies operating in the key management as a service market are Amazon Web Services Inc., Google LLC, Microsoft Corporation, International Business Machines Corporation, Oracle Corporation, Thales Group, Atos SE, NetApp Inc., Box Inc., ESET s.r.o., Netskope Inc., Druva Inc., StorMagic Ltd., Egnyte Inc., Sophos Group PLC, Bitglass Inc., HyTrust Inc., Fortanix Inc., WinMagic, Unbound Tech Ltd., Townsend Security Inc., Zettaset Inc., Sepior ApS, Sookasa Inc., Kapalya Inc., CryptoMove Inc.
The key management as a service market report table of contents includes:
1. Executive Summary
2. Key Management As A Service Market Characteristics
3. Key Management As A Service Market Trends And Strategies
4. Key Management As A Service Market – Macro Economic Scenario
5. Global Key Management As A Service Market Size and Growth
….
32. Global Key Management As A Service Market Competitive Benchmarking
33. Global Key Management As A Service Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Key Management As A Service Market
35. Key Management As A Service Market Future Outlook and Potential Analysis
36. Appendix
List Of Tables:
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global Key Management As A Service Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global Key Management As A Service Market, Segmentation By Organization Size, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global Key Management As A Service Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
…..
Table 75: Amazon Web Services Inc. Financial Performance
Table 76: Google LLC Financial Performance
Table 77: Microsoft Corporation Financial Performance
Table 78: International Business Machines Corporation Financial Performance
Table 79: Oracle Corporation Financial Performance
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