To sustain in today’s highly competitive environment, enterprises are rapidly adopting advanced technologies, such as big data, cloud, and Internet of Things (IoT). This has made both data security and privacy very important to enterprises. Cyber threats of mission-critical data and regulatory compliance requirements have caused a significant increase in the need for comprehensive encryption and key management solutions. Moreover, the increasing adoption of the Bring Your Own Key (BYOK) trend among organizations across various industry verticals is expected to have further boosted the demand for the cloud-based key management solution. MarketsandMarkets expects the Key Management as a Service Market size to grow from USD 0.37 billion in 2018 to USD 1.28 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 28.4%.
The services segment is expected to grow at a faster rate among the components. Among cloud-based key management services, the managed services segment is expected to grow at a higher CAGR. Small and Medium-sized Enterprises (SMEs) are inclining more toward third-party key management vendors and outsourcing their services, so that they can focus on their business requirements and core business functions. This is expected to have resulted in the higher demand for managed services.
The cloud encryption application is expected to grow at the highest CAGR during the forecast period. Organizations are suffering from advanced cyber threats and unethical data breaches, due to the absence of the best-in-class KMaaS solution that can safeguard the data residing on the cloud. Moreover, the increasing adoption of cloud technologies across different business processes is expected to push the growth of the cloud encryption application.
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The healthcare and life sciences vertical is believed to be the fastest growing in the KMaaS market, as healthcare companies need to manage personal health information and critical data about patients, and so needs high security. Moreover, the healthcare industry is very conscientious about data privacy, and some of these issues can be addressed with the use of KMaaS solution. Furthermore, the usage of the KMaaS solution helps the clinical and IT staff in protecting patients’ critical data.
The Asia Pacific (APAC) region is expected to grow at the highest CAGR during the forecast period, as the enterprises in this region are deploying KMaaS solution and services to protect themselves from advanced cyber threats and security breaches. North America is expected to contribute to the largest market share in the overall KMaas market.
The major growth factors that are expected to further drive the adoption of the KMaas market include the increasing migration toward the cloud, stringent regulations, and organizations’ need to maximize the operational efficiency.
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Some of the major players in the KMaaS market include CipherCloud (US), Gemalto (Netherlands), Google (US), IBM (US), Thales e-Security (France), Box (US), Egnyte (US), KeyNexus (Canada), Sepior (Denmark), and Unbound Tech (US).
These players have adopted various growth strategies, such as partnerships, agreements, and collaborations; business expansions; acquisitions; and new product launches. These strategies have helped them achieve a strong foothold in the KMaaS market, along with better profit margins.
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