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How Surging Interaction Through Enterprise Messaging Applications Driving Key Management as a Service Market

07-16-2020 05:02 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: P&S Intelligence

How Surging Interaction Through Enterprise Messaging

In the wake of the rising cyber attacks, adoption of cloud technologies, and focus on digital transformation, the need to meet the associated regulatory compliance is increasing around the world. Health Insurance Portability and Accountability Act (HIPAA), Payment Card Industry Data Security Standard (PCI DSS), General Data Protection Regulation (GDPR), and Federal Information Security Management Act (FISMA) are the various acts and standards which govern cyber security.

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As a result of key management being an important aspect covered in these regulations, the global key management as a service market is projected to grow at a CAGR of 25.9% between 2020 and 2030 (forecast period), after having generated $511.9 million, in revenue, in 2019. In order to ensure compliance, companies in numerous industries, especially healthcare and banking, financial services, and Insurance (BFSI), are already adopting KMaaS solutions.

Large enterprises are expected to dominate the key management as a service market throughout the forecast period. This is attributed to their complex network systems, strong focus on digital transformation, rapid adoption of cloud computing, and high compliance requirements, all of which together lead to a high integration of key management solutions in such organizations.

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North America was the most productive region in the market during the historical period (2014–2019), as companies here are deploying advanced technologies to combat cybercriminals. Additionally, the adoption of cloud computing, analytical tools, and data center services is surging, organizations are transitioning to a multi-cloud environment, and the focus on digitization is rising in the region.

About P&S Intelligence
P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.

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