Key Management Service Market Trends and Forecast By 2024

Key management refers to management of cryptographic keys in a cryptosystem, which includes key generation, key exchange, storage and replacement of keys.

A cryptosystem consists of three algorithms which are key generation, encryption and decryption. Key generation refers to process of generating keys through various algorithms such as symmetric key generation algorithms (data encryption standard (DES) and advanced encryption standard (AES)) and asymmetric key generation algorithms (RSA algorithm).

The National Institute of Standards and Technology (NIST) has defined a key management system security policy which establishes and specifies rules used to protect keys and metadata supported by key management system.

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The policy helps in protecting the confidentiality, integrity, availability and source authenticity, thus covering the complete key life cycle from its inception to its elimination.

The compliances such as Payment Card Industry Data Security Standard (PCI-DSS), Sarbanes–Oxley (SOX) and Health Insurance Portability and Accountability Act (HIPAA) have created challenges for the organizations that use encryption for protecting the information.

Due to wide adoption of data encryption by the organizations, the number of keys are increasing exponentially. This has led to rise in demand of key management services which enhances security of the encrypted information and also increases availability of the encryption keys for the organization.

The key management service provider offers a centralized key management and certificate management, which has further supported the growth of key management service market.

According to Cost of Data Breach Study 2015 by Ponemon Institute, the average cost for a data breach is US$ 3.5 Mn per incident. The security breach incidents result in loss of customer trust and revenue, thus lead to rise in demand of keys required for encryption.

This supports the growth of key management service market. Growth in cybercrimes and rise in number of cashless transactions is likely to create immense opportunities for key management service market.

Limited availability of keys and scalability issues pertaining to multiple databases, standards and applications is expected to create challenges in the growth of the key management service market.

Key management service market is segmented on the basis of key type, sector and geography. On the basis of key type, key management service market is segmented into symmetric key and asymmetric key.

Symmetric key refers to identical keys which are used for both encryption and decryption whereas asymmetric key refers to two mathematically related different keys for encryption and decryption.

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On the basis of sector, the key management service market is segmented into BFSI, retail, IT & telecommunication and others. Moreover, on the basis of geographies, the global key management service market is segmented into Asia Pacific, North America, Europe, Middle East and Africa and South America.

North America has the highest adoption of the key management service due to presence of highly digitalized banking sector in the region. Asia Pacific region is expected to have a high demand for key management service attributed to rapid growth of cashless payment system in the region.

Leading service providers in the global key management service market includes International Business Machine (IBM) Corporation, Amazon Web Services, Inc., Hewlett Packard Enterprise Development LP, FORNETIX, Oracle Corporation, Microsoft Corporation, Thales Group, Vormetric, Inc., RSA Security LLC., Cryptomathic A/S and SSH Communications Security, Inc.

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