Key Management as a Service Global Market Report 2024

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 several factors, including the escalating frequency of data breaches and cybersecurity threats, the widespread adoption of cloud-based services, the escalating complexity of cryptographic operations, the increasing utilization of blockchain technology, and the expansion of digital transformation initiatives across various 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 surge in cloud adoption, heightened enforcement of data protection regulations, heightened focus on confidentiality and privacy, the transition towards devSecOps practices, and the demand for centralized key management are expected to drive growth in the forecast period. Major trends during this time include the uptake of IoT-based technologies, the adoption of cloud technologies, an intensified focus on data privacy, and the integration of artificial intelligence.

The anticipated rise in cyber security breach occurrences is poised to drive the expansion of the key management as a service market. Cybersecurity breaches entail the unauthorized access, exposure, alteration, or annihilation of sensitive data or systems within a digital network or environment. The surge in cyber security breach incidents is attributed to the proliferation of internet-connected devices, mounting challenges posed by remote workforces, and inadequate investments in security measures. For instance, according to the Australian Cyber Security Centre's February 2023 report, the number of cybercrime reports in 2022 reached 76,000, marking a 13% increase from the previous year. Additionally, as per the Internet Crime Complaint Center's March 2021 data, the United States recorded 847,376 cybercrime complaints, representing a 7% upsurge from 2020, with estimated losses exceeding $6.9 billion. Consequently, the escalating frequency of cyber security breaches is fueling the expansion of the key management as a service market.

Prominent firms operating in the key management as a service market are concentrating on introducing sophisticated and intelligent solutions, such as non-custodial key management platforms, to gain a competitive advantage. Non-custodial key management platforms empower users to oversee their cryptographic keys without third-party custodians holding the keys. For instance, in April 2023, Cubist Inc., a US-based software enterprise, unveiled a non-custodial key management tool tailored to aid infrastructure teams of engineers in efficiently managing and safeguarding their private keys. This key management platform addresses the critical necessity for heightened security in Web3 environments and is spearheaded by a team with extensive backgrounds in computer security and fraud operations. By enabling users to securely store keys in hardware modules and offering short-lived revocable capabilities, the platform mitigates the risk of unauthorized access and minimizes exposure to raw keys.

In January 2021, Entrust, a US-based software company, completed the acquisition of HyTrust for an undisclosed sum. With the integration of HyTrust, Entrust's digital security solutions now encompass a pivotal management layer for encryption, cryptographic keys, and cloud security policies, catering to the data protection and compliance needs of enterprises advancing their digital transformations. HyTrust, a US-based provider of key management as a service, augments Entrust's offerings through its HyTrust KeyControl solution.

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.

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.

The countries covered in the key management as a service market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Key management as a service (KMaaS) refers to cloud-based systems that streamline the production, storage, and management of encryption keys for enterprises. These platforms enhance data security by providing centralized key management capabilities accessible over the internet. KMaaS facilitates robust encryption standards without the need for extensive on-premises infrastructure.

The primary components of KMaaS include solutions and services. Solutions encompass the software or platforms offered by providers to enable businesses to efficiently manage encryption keys. These solutions cater to organizations of various sizes, including large enterprises and small and medium-sized enterprises (SMEs), across multiple applications such as communication encryption, disk encryption, file and folder encryption, database encryption, and cloud encryption. KMaaS finds applications across diverse industry verticals, including banking, financial services, and insurance (BFSI), retail and e-commerce, manufacturing, government and defense, energy and utilities, information technology (IT) and telecom, education, healthcare, and others.

The key management as a service market research report is one of a series of new reports that provides key management as a service market statistics, including key management as a service industry global market size, regional shares, competitors with a key management as a service market share, detailed key management as a service market segments, market trends and opportunities, and any further data you may need to thrive in the key management as a service industry. This key management as a service market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The key management as a service market includes revenues earned by entities providing services such as access control, key generation, key rotation, and external key management. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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