Key Management as a Service Market Projected to Gain $1.28 Billion by 2023

According to a new market research report "Key Management as a Service Market by Component (Solution and Services), Application (Disk Encryption, File/Folder Encryption, Database Encryption, and Cloud Encryption), Organization Size, Vertical, and Region - Global Forecast to 2023" published by MarketsandMarkets™, the Key Management as a Service Market expected 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 demand for Key Management as a Service is expected to be driven by the stringent government regulations and the need to protect critical organizational data. With the increasing usage of encryption solutions across different verticals and the rising trend of Bring Your Own Key (BYOK), the adoption rate of Key Management as a Service among enterprises is expected to gain a major traction during the forecast period.

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The disk encryption application is expected to hold the largest market share during the forecast period

Disk encryption, also known as hard drive encryption, full disk encryption, or whole disk encryption, refers to the encryption of the entire disk. The importance of encrypting a disk is that, if the encrypted disk is lost or stolen, the encrypted state of the drive remains unchanged, and only an authorized user would be able to access its contents. With the increase in the BYOK trend, enterprises can freely use their own cryptographic keys and exchange critical information across different mobile and cloud environments. Therefore, with the adoption of a strong Key Management as a Service solution, customers can protect their confidential data, even if the device is lost or stolen.

The healthcare and life sciences vertical is expected to grow at the fastest rate during the forecast period

The healthcare and life sciences vertical is a key target for hackers, as healthcare companies need to manage patients’ personal health information and critical data. The healthcare industry is very conscientious about data privacy, and some of these issues can be addressed with the use of the Key Management as a Service solution. Furthermore, the Key Management as a Service solution helps the clinical and IT staff in protecting patients’ critical data. With the rising use of the Key Management as a Service technology and the awareness of regulatory compliances, it is expected that the adoption trend of the Key Management as a Service solution would grow among the developing countries.

North America is expected to hold the largest market share, whereas Asia Pacific (APAC) is expected to grow at the fastest rate during the forecast period

North America is believed to be the foremost potential market, due to the presence of a large number of players offering Key Management as a Service solution and services in this region. This region is expected to hold the largest market size during the forecast period, as organizations in this region are among the early adopters of advanced technologies. Furthermore, organizations have made huge investments in next-gen technologies to gain a competitive advantage and improve the business operations. The APAC region is in its initial growth phase; however, it is believed to be the fastest growing region in the global Key Management as a Service Market. The increasing adoption of Key Management as a Service in this region can be attributed to the wide-spread presence of Small and Medium-sized Enterprises (SMEs) that are implementing low cost cloud-based technologies to prevent unauthorized access to critical business data residing on the enterprise’s networks and databases, and the unethical use of such information.

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The major vendors providing Key Management as a Service solution and services are CipherCloud (US), Gemalto (Netherlands), Google (US), IBM (US), Thales e-Security (France), Box (US), Egnyte (US), KeyNexus (Canada), Sepior (Denmark), and Unbound Tech (US).

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