KMaaS Market Size, Share, Scope and Comprehensive Analysis

The surging incidents of data breaches is creating a huge requirement for key management as a service solutions worldwide. Data breach leads to the loss of confidential information, such as social security numbers (SSNs) and credit card details. Complex access permissions, improper configuration, malware attacks, and weak passwords can aid cybercriminals in accessing confidential data. Loss of such data leads to major financial losses, which can be avoided through the adoption of key management as a service software by public and private organizations.

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Moreover, the rising preference for cloud encryption is expected to propel the key management as a service market at a CAGR of 25.9% during 2020–2030. According to P&S Intelligence, the market was valued at $511.9 million in 2019. Cloud encryption offers advantages such as regulatory compliance, data privacy, lower information technology (IT) spending, and the capability to store and manage complex data. Additionally, cloud encryption helps businesses in protecting company financial, intellectual property data, and account details stored within the cloud.

In recent years, key management platform providers have been undertaking mergers and acquisitions to offer advanced solutions and software to their customers. For example, in March 2020, NetApp Inc. acquired Talon Storage to merge Cloud Volume products of the former with Fast software of the latter to provide a centralized solution to end users for managing their cloud data. Moreover, through this acquisition, NetApp also hopes to widen its cloud data service portfolio and support the effort of its consumers to transfer files across remote branches of business, in a multi-cloud environment.

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Currently, service providers such as Box Inc., Amazon Web Services (AWS) Inc., International Business Machines (IBM) Corporation, Atos SE, NetApp Inc., Google LLC, Kapalya Inc., McAfee LLC, Microsoft Corporation, Unbound Tech Ltd., HyTrust Inc., Oracle Corporation, StorMagic Ltd., and Zettaset Inc. are developing advanced key management platforms for the retail and e-commerce, banking, financial services, and insurance (BFSI), IT and telecom, aerospace and defense, healthcare, and government sectors. These industries use such platforms for disk, cloud, communication, database, and file/folder encryption applications.

Thus, the increasing data breach cases and rising shift toward cloud encryption will fuel the adoption of key management solutions and services in business operations in the foreseeable future.

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