New York, US, Aug. 13, 2021 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Global Key Management as a Service Market information by Organization Size, by Components, by Application and Region – forecast to 2027” market was valued at USD 363.54 million in 2018 and is expected to reach USD 2,296.32 Million by 2025 at a 31.22% CAGR.
Market Scope:
Key management as a service (KMaaS) refers to services that enable organizations to easily manage cryptographic keys for the protection of sensitive data and credentials of enterprises across their cloud as well as on-premise infrastructure. KMaaS helps enterprises strengthen their key control and information security and improve their IT efficiency while meeting regulatory compliance with features like strong encryption key security, multi-cloud support, and user access to key management.
Dominant Key Players on Key Management as a Service Market covered are:
- Oracle Corporation (US)
- IBM Corporation (US)
- Amazon Web Services (US)
- Thales eSecurity (France)
- Equinix Inc. (US)
- Alibaba (China)
- Egnyte (US)
- Ciphercloud (US)
- Google (US)
- Keynexus (US)
- Sepior ApS (Denmark)
- Unbound Tech (Israel)
- Box (US)
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Market USP exclusively encompassed:
KMaaS Market Drivers
The factors propelling the growth of the key management as a service market are the growing adoption of cloud-based platforms, the increasing mandate among companies to meet regulatory compliances, and the increasing focus of organizations to improve their IT efficiency. The KMaaS provides centralized key management, allowing companies to access all cloud providers from a single browser, as well as multiple subscriptions and automated key rotation for improved data security, allowing them to improve their IT efficiency. The market is also looking for opportunities in the rising demand for cloud-based key management solutions, which enable businesses to protect sensitive information. Lack of information about key management as a service, on the other hand, can restrict the adoption of key management solutions and services. Furthermore, the industry faces difficulties as a result of a lack of technical expertise across organizations.
Browse In-depth Market Research Report (111 Pages) on Key Management as a Service Market:
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Segmentation of Market Covered in the Research:
The global key management as a service industry has been segmented on the basis of component, application, organization size, vertical, and region.
By component, the global key management as a service market has been segmented into solutions and services. By services, the market has been further divided into managed and professional services.
By application, the global key management as a service market has been segmented into disk encryption, file encryption, database encryption, communication encryption, and cloud encryption.
By organization size, the global key management as a service market has been segmented into small and medium-sized enterprises and large enterprises.
By vertical, the global key management as a service market has been categorized into BFSI, healthcare, IT and telecommunication, government, retail, manufacturing, and aerospace and defense, among others.
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Regional Analysis
By region, the global key management as a service market has been segmented into North America, Europe, Asia Pacific, the Middle East and Africa, and South America.
North America currently governs the global key management as a service industry. The region is an early adopter of technology and also has the presence of a majority of key KMaaS providers. The United States accounts for the largest market share of all nations, owing to highly qualified abilities and research and development capabilities aimed at developing technologies and services for enhanced information security, which has propelled the country's key management as a service market growth.
In terms of market share in the worldwide key management as a service market, Europe trails North America. The region's market growth is being driven by the increasing adoption of key management solutions by companies across various industry verticals in order to comply with stringent data regulations. During the forecast period, Asia Pacific is expected to be the fastest-growing region. Government policies promoting digitalization and growing business adoption of cloud platforms have increased demand for KMaaS in the region.
The global key management as a service industry in the Middle East and Africa, as well as South America, is expected to expand at a significant rate during the forecast period, owing to the increasing adoption of KMaaS by SMEs and large enterprises to protect sensitive information.
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COVID-19 Impact on the Global Key Management as a Service Market
The introduction of a range of regulations by governments around the world to deal with the COVID-19 outbreak, like a complete shutdown of manufacturing units, has been found to have an impact on the development of the global key management as a service market.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
