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Key Management as a Service Market size is forecast to reach $1,820.3 million by 2026, growing at a CAGR of 23.7% from 2021 to 2026.
HYDERABAD, TELANGANA, INDIA, September 29, 2022 /EINPresswire.com/ — Key Management as a Service market size is forecast to reach $1,820.3 million by 2026, growing at a CAGR of 23.7% from 2021 to 2026. Stringent government regulations towards protection of organizational data, rising adopted of encrypted services, and so on attribute towards the market growth. Key management generally refers to managing cryptographic keys for a cryptosystem, involving operations like generation, creation, protection, storage, as well as exchange replacement. Growing adoption of cloud applications across enterprises, increase in cyber security breach incidents, advancements in healthcare sector towards digitalization will further drive the market forward in the long run.
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Key takeaways:
This IndustryARC report on the Key Management as a Service Market highlights the following areas –
1. BFSI sector is analyzed to grow with the highest CAGR during 2021-2026, owing to rise in financial cyber-attacks or cyber security crimes, growing shift towards digital banking services and others.
2. North America Key Management as a Service (KMaaS) market held the largest share in 2020, owing to growth of IT industry, high adoption of cloud based infrastructures and so on.
3. Increasing number of cybersecurity breach incidents along with growing adoption of cloud application across enterprise will significantly drive the Key Management as a Service market during the forecast period 2021-2026.
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Segmental Analysis:
1. Based on deployment mode, cloud key management as a service (KMaaS) segment is analyzed to grow with the highest CAGR of 25.5% during the forecast period 2021-2026. Adoption of cloud deployed KMaaS models help in enhancing data security within cloud environments, without exposing encryption keys or sensitive data.
2. North America region accounted for the largest share of around 37% in the global key management as a service market in 2020, and is also anticipated to have a significant growth during the forecast period. Growing shift towards cloud-based infrastructures, rise of IT industries and surge in cyber-attack or cyber security breach incidents have attributed towards the market growth.
3. Banking, Financial Services & Insurance (BFSI) sector is anticipated to witness the fastest growth in the global key management as a service market with a CAGR of around 27.5% during 2021-2026. Growing shift towards cloud environments, rise of digital transformation as well as increasing number of cybercrimes related to financial frauds, server hacking and so on across financial orgnaizations, have eventually attributed towards the need for optimizing encryption services for optimum data security or protection.
Competitive landscape:
The top 5 players in the Key Management as a Service industry are:
1. IBM Corporation
2. Oracle Corporation
3. Google LLC
4. Fortinet Inc.
5. Amazon Web Services
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