Key Management As A Service Global Market Reach $3.33 Billion By 2033, Key Factors behind Market's Exponential Growth | Google LLC, Microsoft Corporation, Oracle Corporation, Thales Group, Atos SE

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 increasing data breaches and cybersecurity threats, growing adoption of cloud-based services, rising complexity of cryptographic operations, increasing use of blockchain technology, expansion of digital transformation initiatives across 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 growth in the forecast period can be attributed to rapid growth in cloud adoption, increasing stringency of data protection regulations, growing emphasis on confidentiality and privacy, shift towards devSecOps practices, demand for centralized key management. Major trends in the forecast period include adoption of IoT-based technologies, adoption of cloud technologies, focus on data privacy, integration of artificial intelligence.

Market Overview -
Key management (KMaaS) as a service refers to cloud-based systems that provide enterprises with efficient means for producing, storing, and managing encryption keys. These systems improve data security by making centralized key management features available over the internet. KMaaS enables strong encryption standards without the requirement for large on-premises infrastructure.

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Cybersecurity Breaches Fueling Growth In The Key Management As A Service Market
The increase in cyber security breach incidents is expected to propel the growth of the key management as a service market going forward. A cybersecurity breach is the illegal access, disclosure, modification, or destruction of sensitive information or systems within a computer network or digital environment. The cybersecurity breach incidents are increasing due to the proliferation of internet-connected devices, increasing remote workforce challenges, and limited security investments. For instance, in February 2023, according to the Australian Cyber Security Centre, an Australia-based cyber security agency, the number of cybercrime reports received in 2022 was 76,000, up 13% from the previous year. Furthermore, in March 2021, according to the Internet Crime Complaint Center, a US-based government organization, the United States witnessed 847,376 cybercrime complaints, marking a 7% surge from 2020, with estimated losses surpassing $6.9 billion. Therefore, the increase in cyber security breach incidents is driving the growth of the key management as a service market.

Competitive Landscape -
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.

Innovative Solutions In Key Management Is Embracing IoT Technologies
Major companies operating in the key management as a service market are focusing on introducing intelligent and advanced solutions, such as non-custodial key management platforms, to gain a competitive edge in the market. Non-custodial key management platforms are solutions that enable users to manage their cryptographic keys without the keys being held by a third-party custodian. For instance, in April 2023, Cubist Inc., a US-based software company, introduced a non-custodial key management tool to assist infrastructure teams of engineers in programmatically managing and safeguarding their private keys. The key management platform satisfies the crucial need for enhanced security in Web3 environments and is spearheaded by a team with backgrounds in computer security and fraud operations. The platform lowers exposure to raw keys and the possibility of unauthorized access by enabling users to safely store keys in hardware modules and providing short-lived revocable capabilities.

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Key Segments -
The key management as a service market covered in this report is segmented -
1) By Component: Solution, Services
2) By Organization Size: Large Enterprises, Small and Medium Enterprises
3) By Application: Communication Encryption, Disk Encryption, File and Folder Encryption, Database Encryption, Cloud Encryption
4) By Industry Vertical: Banking, Financial Services, and Insurance (BFSI), Retail And E-commerce, Manufacturing, Government And Defense, Energy And Utilities, Information Technology (IT) and Telecom, Education, Healthcare, Other Verticals

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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