Key Management As A Service Market Segments, Top Trends, Size, Share And Forecast 2033

The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Key Management As A Service Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $3.33 Bn In 2028 At A CAGR Of 26.8%

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.

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Key Management As A Service Market Major 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 Driver - 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.

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Prominent Trend - 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.

Key Management As A Service Market Players
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.

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Largest And Fastest Growing Region In The Market
North America was the largest region in the key management as a service market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the key management as a service market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Key Management As A Service Market Report Structure
3. Key Management As A Service Market Trends And Strategies
4. Key Management As A Service Market - Macro Economic Scenario
5. Key Management As A Service Market Size And Growth
…..
27. Key Management As A Service Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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