Key Management as a Service Market - Industry Analysis, Market Size, Share, Trends,Application Analysis, Growth and Forecast 2021 - 2026

Report Code: ITR 76582 Report Format: PDF + Excel

Key Management as a Service Market Overview

The global Key Management as a Service market size is forecast to reach $1,820.3 million by 2026, growing at a CAGR of 23.7% from 2021 to 2026. Stringent government regulations towards protection of organizational data, rising adopted of encrypted services, and so on attribute towards the market growth. Key management generally refers to managing cryptographic keys for a cryptosystem, involving operations like generation, creation, protection, storage, as well as exchange replacement. Increasing need for disk encryption, database encryption along with cloud encryption across enterprises have been helping in wider deployment of KMaaS services overtime. Growing adoption of cloud applications across enterprises, increase in cyber security breach incidents, advancements in healthcare sector towards digitalization will further drive the market forward in the long run.

Key Management as a Service Market Report Coverage

The report: “Key Management as a Service Industry Outlook– Forecast (2021-2026)”, by Industry ARC covers an in-depth analysis of the following segments of the Key Management as a Service industry.

By Type: Solution, Services (Professional Services, Managed Services)
By Deployment Mode: Cloud, On Premise
By Organization Size: Small & Medium sized Enterprises (SMEs), Large Enterprises
By Application: Communication Encryption, Database Encryption, File/Folder Encryption, Disk Encryption, Cloud Encryption, Others
By End Users: Banking, Financial Services & Insurance (BFSI), Healthcare & Life Sciences, IT & Telecom, Government, Aerospace & Defense, Energy & Utilities, Manufacturing, Retail & E-Commerce, Others
By Geography: North America (U.S, Canada, Mexico), Europe (U.K, Germany, France, Italy, Spain, Others), APAC (China, Japan, South Korea, India, Australia, Others), South America (Brazil, Argentina, Others), RoW (Middle East, Africa)

Key Takeaways

  • BFSI sector is analyzed to grow with the highest CAGR during 2021-2026, owing to rise in financial cyber-attacks or cyber security crimes, growing shift towards digital banking services and others.
  • North America Key Management as a Service (KMaaS) market held the largest share in 2020, owing to growth of IT industry, high adoption of cloud based infrastructures and so on.
  • Increasing number of cybersecurity breach incidents along with growing adoption of cloud application across enterprise will significantly drive the Key Management as a Service market during the forecast period 2021-2026.

Global Key Management as a Service Market Value Share, By Region, 2020 (%)

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Key Management as a Service Market Segment Analysis- By Deployment Mode

Based on deployment mode, cloud key management as a service (KMaaS) segment is analyzed to grow with the highest CAGR of 25.5% during the forecast period 2021-2026. Adoption of cloud deployed KMaaS models help in enhancing data security within cloud environments, without exposing encryption keys or sensitive data. Compared to on premise models, cloud deployment help in offering highly scalable, centralized and faster key management services while managing both symmetric and asymmetric cryptographic keys with ease. Additionally, cloud deployment encryption have been gaining wide popularity overtime due to reducing dependency on provisioning hardware security module as well as its related installation, maintenance and purchasing costs. This in turn, can be considered as a vital factor in aiding the demand towards cost efficient cloud key management service models with capability of handling multiple encrypted keys with higher flexibility. In December 2020, Fortanix Inc. announced about the launch of a cloud solution, named Cloud Key Manager in order to help businesses secure private data while migrating to public cloud. This solution availability with use across Google Cloud, Microsoft Azure and AWS, makes it capable of applying consistent encryption key management policies across multiple cloud providers, thereby further set to drive its market growth in the long run.

Key Management as a Service Market Segment Analysis- By End Users

Banking, Financial Services & Insurance (BFSI) sector is anticipated to witness the fastest growth in the global key management as a service market with a CAGR of around 27.5% during 2021-2026. Growing shift towards cloud environments, rise of digital transformation as well as increasing number of cybercrimes related to financial frauds, server hacking and so on across financial orgnaizations, have eventually attributed towards the need for optimizing encryption services for optimum data security or protection. With growing volume of transactions, consumers or devices alongside increased reliance on third party vendors, data security is getting heavily regulated within banks and financial institutions, aiding the market growth for key management as a service (KMaaS) solutions. According to reports of Indian Computer Emergency Response Team, the Indian Government revealed about over 2,90,445 cyber security incidents related to digital banking in 2020, which is 15.1% higher comapred to the previous year. In April 2021, Sepior ApS and SBI Digital Holdings had partnered up in order to announce integartion of its ThresholdSig software with sbiwallet, as a part of offering digital asset custody solutions with banking services through enabling flexible and scalable digiatl asset ecosystem. Such rise in banking or financial sector related cyber crime incidents along with partnerships to enhance digital banking encryption facilities will further drive the market growth towards KMaaS in the long run.

Key Management as a Service Market Segment Analysis- By Geography

North America region accounted for the largest share of around 37% in the global key management as a service market in 2020, and is also anticipated to have a significant growth during the forecast period. Growing shift towards cloud-based infrastructures, rise of IT industries and surge in cyber-attack or cyber security breach incidents have attributed towards the market growth. High investments from some of the major market players in R&D activities, partnerships and related strategies including Oracle Corporation, IBM Corporation, Fortinet Inc. and others along with growth in online or digital banking services can also drive the market demand for key management as a service across the region. In September 2020, Fortanix Inc. announced about its partnership with VMware for integration of its self-defending key management service with VMware’s cloud director. This was meant to deliver a broad range of differentiated data security services while focusing on better data security through its lifecycle, thereby positively impacting the market growth in the long run.

Key Management as a Service Market Drivers

Growing adoption of cloud applications across enterprises to positively impact the market demand for Key Management as a Service

Growing adoption of cloud applications across enterprises can be considered as a major factor boosting the growth of Key Management as a Service Market. This shift towards cloud based applications or platforms is mainly due to improving workload productivity through higher scalability, flexibility and cost efficiency benefits. Shift towards public cloud environments or migration to cloud services within enterprises eventually drives the need for efficient data protection solutions, capable of offering security against cybersecurity crimes, like data hacking, data exploitation and others through optimum encryption. According to State of the Cloud Report 2019 from Right Scale, 91% of businesses have been using public cloud, with 72% with private cloud deployments. In addition, the 2021 Verizon Data Breach Investigations Report revealed about 73% of the cybersecurity incidents being involved with external cloud assets, compared to only 27% breaches in 2020. Such growing cloud migration within enterprises coupled with surge in cloud related cyber security breach or potential threats overtime will further boost the need for key management as a service in the long run.

Increasing number of cybersecurity breach incidents drives the market forward

Increasing number of cybersecurity breach incidents act as a major factor driving the growth of key management as a service market. Growing advancements of cybercriminals towards data hacking, financial frauds, phishing attacks, ransom ware threats and so on have been potentially rising overtime, making adoption of secured and encryption based services highly essential. Since data breach incidents can potentially hamper an organization’s market position, revenue, customer base and others, adoption of key management as a service (KMaaS) solutions can help in encrypting data more security, ensuring higher protection. According to IBM’s Cost of a Data Breach Report 2019, co-published with Ponemon Institute had reported about 25,575 being the average number of documents accessed during a data breach, which ends up with average costing around $3.92 million. Furthermore, the outbreak of COVID-19 pandemic have been also impacting the rise in cyber-attacks majorly across financial institutions, IT firms, e-commerce and so on, which is intended to aid the market demand for KMaaS solutions.

Key Management as a Service Market Challenges

Lack of awareness and performance constraints regarding KMaaS impedes the market growth

Lack of awareness and performance constraints regarding KMaaS act as one of the major factors restraining the market growth. Adoption of these service models require skilled expertise to counter complex challenges or configuration issues, raising its limited awareness. However, due to offering encryption of data keys eventually affects the overall performance of the workload, which in turn hampers its adoptability within enterprises. Additionally, the need for providing training or skills requirement for the workforce, raises the overall operational costs for an organization, which in turn creates an adverse impact on its market growth.

Key Management as a Service Market Landscape

Technology launches, Partnerships and R&D activities are key strategies adopted by players in the Key Management as a Service market. The Key Management as a Service top 10 companies include:

  • IBM Corporation
  • Oracle Corporation
  • Google LLC
  • Fortinet Inc.
  • Amazon Web Services (US)
  • Unbound Security
  • Box Inc.
  • Sepior ApS
  • Egnyte
  • Equinix Inc.

Acquisitions/Technology Launches

  • In April 2021, Unbound Security announced about extending support for Google Cloud External Key Manager, through development of a key management platform, named Unbound CORE. This will help in offering central management and control for encryption keys protecting all data stored on Google Cloud.
  • In January 2020, Google announced about the launch of Secret Manager Service capable of offering a safe as well as secured way for developers to store passwords, certificates, API Keys and related sensitive data.

Relevant Report Titles:
Report Code: ITR 0186

Report Code: ITR 0061

For more Information and Communications Technology Market reports, please click here

1. Key Management as a Service Market- Market Overview
    1.1 Definitions and Scope
2. Key Management as a Service Market- Executive Summary
    2.1 Market Revenue, Market Size and Key Trends by Company
    2.2 Key trends by type
    2.3 Key trends segmented by geography
3. Key Management as a Service Market–Market Landscape
    3.1 Comparative Analysis
        3.1.1 Product Benchmarking
        3.1.2 Top 5 Financial Analysis
        3.1.3 Market Value Split by Top 10 companies
        3.1.4 Patent Analysis
        3.1.5 Pricing Analysis
4. Key Management as a Service Market– Industry Market Entry Scenario Premium (Premium)
    4.1 Regulatory Framework Overview
    4.2 New Business and Ease of Doing business index
    4.3 Case studies of successful ventures
    4.4 Customer Analysis – Top 10 companies
5. Key Management as a Service Market – Startup Company Scenario (Premium)
    5.1 Investment Analysis
    5.2 Venture Capital Funding Scenario
6. Key Management as a Service Market- Market Forces
    6.1 Market Drivers
    6.2 Market Constraints
    6.3 Porters five force model
        6.3.1 Bargaining power of suppliers
        6.3.2 Bargaining powers of customers
        6.3.3 Threat of new entrants
        6.3.4 Rivalry among existing players
        6.3.5 Threat of substitutes
7. Key Management as a Service Market – By Strategic Analysis (Market Size -$Million/Billion)
    7.1 Value Chain Analysis
    7.2 Opportunities Analysis
    7.3 Product Life Cycle
    7.4 Suppliers and Distributors
8. Key Management as a Service Market- By Type
    8.1 Solution
    8.2 Services
        8.2.1 Professional Services
        8.2.2 Managed Services
9. Key Management as a Service Market- By Deployment Mode
    9.1 Cloud
    9.2 On-Premise
10. Key Management as a Service Market- By Organization Size
    10.1 Small & Medium-sized Enterprises (SMEs)
    10.2 Large Enterprises
11. Key Management as a Service Market- By Application
    11.1 Communication Encryption
    11.2 Database Encryption
    11.3 File/Folder Encryption
    11.4 Disk Encryption
    11.5 Cloud Encryption
    11.6 Others
12. Key Management as a Service Market- By End Users
    12.1 Banking, Financial Services & Insurance (BFSI)
    12.2 Healthcare & life Sciences
    12.3 IT & Telecom
    12.4 Government 
    12.5 Aerospace & Defense
    12.6 Energy & Utilities
    12.7 Manufacturing
    12.8 Retail & E-Commerce
    12.9 Others
13. Key Management as a Service Market - By Geography (Market Size -$Million/Billion)
    13.1 North America
        13.1.1 U.S
        13.1.2 Canada
        13.1.3 Mexico
    13.2 Europe
        13.2.1 U.K
        13.2.2 Germany
        13.2.3 France
        13.2.4 Italy
        13.2.5 Spain
        13.2.6 Others
    13.3 APAC
        13.3.1 China
        13.3.2 Japan
        13.3.3South Korea
        13.3.4 India
        13.3.5 Australia
        13.3.6 Others
    13.4 South America
        13.4.1 Brazil
        13.4.2 Argentina
        13.4.3 Others
    13.5 RoW
        13.5.1 Middle East
        13.5.2 Africa
14. Key Management as a Service Market- Entropy
15. Key Management as a Service Market- Industry Competition Landscape (Premium)
    15.1 Global Market Share
    15.2 Market Share by Region
    15.3 Market Share by Type
    15.4 Market Share by End Users
16. Key Management as a Service Market- Key Company List by Country Premium (Premium)
17. Key Management as a Service Market Company Analysis
    17.1 Market Share, Company Revenue, Products, M&A, Developments
    17.2 Oracle Corporation
    17.3 Fortinet Inc.
    17.4 Amazon Web services
    17.5 Egnyte
    17.6 Equinix Inc.
    17.7 Company 6
    17.8 Company 7
    17.9 Company 8
    17.10 Company 9
    17.11 Company 10
"*Financials would be provided on a best efforts basis for private companies"

LIST OF TABLES

1.Global Key Management as a Service Market By Component Market 2019-2024 ($M)
1.1 Solution Market 2019-2024 ($M) - Global Industry Research
1.2 Services Market 2019-2024 ($M) - Global Industry Research
1.2.1 Professional Services Market 2019-2024 ($M)
1.2.2 Managed Services Market 2019-2024 ($M)
2.Global Market By Organization Size Market 2019-2024 ($M)
2.1 Large Enterprises Market 2019-2024 ($M) - Global Industry Research
2.2 Small & Medium-Sized Enterprises Market 2019-2024 ($M) - Global Industry Research
3.Global Market By Vertical Market 2019-2024 ($M)
3.1 Telecommunications & It Market 2019-2024 ($M) - Global Industry Research
3.2 Healthcare & Life Sciences Market 2019-2024 ($M) - Global Industry Research
3.3 Government & Public Utilities Market 2019-2024 ($M) - Global Industry Research
3.4 Aerospace & Defense Market 2019-2024 ($M) - Global Industry Research
3.5 Retail & Consumer Goods Market 2019-2024 ($M) - Global Industry Research
3.6 Energy & Utilities Market 2019-2024 ($M) - Global Industry Research
3.7 Manufacturing Market 2019-2024 ($M) - Global Industry Research
4.Global Key Management as a Service Market By Component Market 2019-2024 (Volume/Units)
4.1 Solution Market 2019-2024 (Volume/Units) - Global Industry Research
4.2 Services Market 2019-2024 (Volume/Units) - Global Industry Research
4.2.1 Professional Services Market 2019-2024 (Volume/Units)
4.2.2 Managed Services Market 2019-2024 (Volume/Units)
5.Global Market By Organization Size Market 2019-2024 (Volume/Units)
5.1 Large Enterprises Market 2019-2024 (Volume/Units) - Global Industry Research
5.2 Small & Medium-Sized Enterprises Market 2019-2024 (Volume/Units) - Global Industry Research
6.Global Market By Vertical Market 2019-2024 (Volume/Units)
6.1 Telecommunications & It Market 2019-2024 (Volume/Units) - Global Industry Research
6.2 Healthcare & Life Sciences Market 2019-2024 (Volume/Units) - Global Industry Research
6.3 Government & Public Utilities Market 2019-2024 (Volume/Units) - Global Industry Research
6.4 Aerospace & Defense Market 2019-2024 (Volume/Units) - Global Industry Research
6.5 Retail & Consumer Goods Market 2019-2024 (Volume/Units) - Global Industry Research
6.6 Energy & Utilities Market 2019-2024 (Volume/Units) - Global Industry Research
6.7 Manufacturing Market 2019-2024 (Volume/Units) - Global Industry Research
7.North America Key Management as a Service Market By Component Market 2019-2024 ($M)
7.1 Solution Market 2019-2024 ($M) - Regional Industry Research
7.2 Services Market 2019-2024 ($M) - Regional Industry Research
7.2.1 Professional Services Market 2019-2024 ($M)
7.2.2 Managed Services Market 2019-2024 ($M)
8.North America Market By Organization Size Market 2019-2024 ($M)
8.1 Large Enterprises Market 2019-2024 ($M) - Regional Industry Research
8.2 Small & Medium-Sized Enterprises Market 2019-2024 ($M) - Regional Industry Research
9.North America Market By Vertical Market 2019-2024 ($M)
9.1 Telecommunications & It Market 2019-2024 ($M) - Regional Industry Research
9.2 Healthcare & Life Sciences Market 2019-2024 ($M) - Regional Industry Research
9.3 Government & Public Utilities Market 2019-2024 ($M) - Regional Industry Research
9.4 Aerospace & Defense Market 2019-2024 ($M) - Regional Industry Research
9.5 Retail & Consumer Goods Market 2019-2024 ($M) - Regional Industry Research
9.6 Energy & Utilities Market 2019-2024 ($M) - Regional Industry Research
9.7 Manufacturing Market 2019-2024 ($M) - Regional Industry Research
10.South America Key Management as a Service Market By Component Market 2019-2024 ($M)
10.1 Solution Market 2019-2024 ($M) - Regional Industry Research
10.2 Services Market 2019-2024 ($M) - Regional Industry Research
10.2.1 Professional Services Market 2019-2024 ($M)
10.2.2 Managed Services Market 2019-2024 ($M)
11.South America Market By Organization Size Market 2019-2024 ($M)
11.1 Large Enterprises Market 2019-2024 ($M) - Regional Industry Research
11.2 Small & Medium-Sized Enterprises Market 2019-2024 ($M) - Regional Industry Research
12.South America Market By Vertical Market 2019-2024 ($M)
12.1 Telecommunications & It Market 2019-2024 ($M) - Regional Industry Research
12.2 Healthcare & Life Sciences Market 2019-2024 ($M) - Regional Industry Research
12.3 Government & Public Utilities Market 2019-2024 ($M) - Regional Industry Research
12.4 Aerospace & Defense Market 2019-2024 ($M) - Regional Industry Research
12.5 Retail & Consumer Goods Market 2019-2024 ($M) - Regional Industry Research
12.6 Energy & Utilities Market 2019-2024 ($M) - Regional Industry Research
12.7 Manufacturing Market 2019-2024 ($M) - Regional Industry Research
13.Europe Key Management as a Service Market By Component Market 2019-2024 ($M)
13.1 Solution Market 2019-2024 ($M) - Regional Industry Research
13.2 Services Market 2019-2024 ($M) - Regional Industry Research
13.2.1 Professional Services Market 2019-2024 ($M)
13.2.2 Managed Services Market 2019-2024 ($M)
14.Europe Market By Organization Size Market 2019-2024 ($M)
14.1 Large Enterprises Market 2019-2024 ($M) - Regional Industry Research
14.2 Small & Medium-Sized Enterprises Market 2019-2024 ($M) - Regional Industry Research
15.Europe Market By Vertical Market 2019-2024 ($M)
15.1 Telecommunications & It Market 2019-2024 ($M) - Regional Industry Research
15.2 Healthcare & Life Sciences Market 2019-2024 ($M) - Regional Industry Research
15.3 Government & Public Utilities Market 2019-2024 ($M) - Regional Industry Research
15.4 Aerospace & Defense Market 2019-2024 ($M) - Regional Industry Research
15.5 Retail & Consumer Goods Market 2019-2024 ($M) - Regional Industry Research
15.6 Energy & Utilities Market 2019-2024 ($M) - Regional Industry Research
15.7 Manufacturing Market 2019-2024 ($M) - Regional Industry Research
16.APAC Key Management as a Service Market By Component Market 2019-2024 ($M)
16.1 Solution Market 2019-2024 ($M) - Regional Industry Research
16.2 Services Market 2019-2024 ($M) - Regional Industry Research
16.2.1 Professional Services Market 2019-2024 ($M)
16.2.2 Managed Services Market 2019-2024 ($M)
17.APAC Market By Organization Size Market 2019-2024 ($M)
17.1 Large Enterprises Market 2019-2024 ($M) - Regional Industry Research
17.2 Small & Medium-Sized Enterprises Market 2019-2024 ($M) - Regional Industry Research
18.APAC Market By Vertical Market 2019-2024 ($M)
18.1 Telecommunications & It Market 2019-2024 ($M) - Regional Industry Research
18.2 Healthcare & Life Sciences Market 2019-2024 ($M) - Regional Industry Research
18.3 Government & Public Utilities Market 2019-2024 ($M) - Regional Industry Research
18.4 Aerospace & Defense Market 2019-2024 ($M) - Regional Industry Research
18.5 Retail & Consumer Goods Market 2019-2024 ($M) - Regional Industry Research
18.6 Energy & Utilities Market 2019-2024 ($M) - Regional Industry Research
18.7 Manufacturing Market 2019-2024 ($M) - Regional Industry Research
19.MENA Key Management as a Service Market By Component Market 2019-2024 ($M)
19.1 Solution Market 2019-2024 ($M) - Regional Industry Research
19.2 Services Market 2019-2024 ($M) - Regional Industry Research
19.2.1 Professional Services Market 2019-2024 ($M)
19.2.2 Managed Services Market 2019-2024 ($M)
20.MENA Market By Organization Size Market 2019-2024 ($M)
20.1 Large Enterprises Market 2019-2024 ($M) - Regional Industry Research
20.2 Small & Medium-Sized Enterprises Market 2019-2024 ($M) - Regional Industry Research
21.MENA Market By Vertical Market 2019-2024 ($M)
21.1 Telecommunications & It Market 2019-2024 ($M) - Regional Industry Research
21.2 Healthcare & Life Sciences Market 2019-2024 ($M) - Regional Industry Research
21.3 Government & Public Utilities Market 2019-2024 ($M) - Regional Industry Research
21.4 Aerospace & Defense Market 2019-2024 ($M) - Regional Industry Research
21.5 Retail & Consumer Goods Market 2019-2024 ($M) - Regional Industry Research
21.6 Energy & Utilities Market 2019-2024 ($M) - Regional Industry Research
21.7 Manufacturing Market 2019-2024 ($M) - Regional Industry Research

LIST OF FIGURES

1.US Key Management As A Service Market Revenue, 2019-2024 ($M)
2.Canada Key Management As A Service Market Revenue, 2019-2024 ($M)
3.Mexico Key Management As A Service Market Revenue, 2019-2024 ($M)
4.Brazil Key Management As A Service Market Revenue, 2019-2024 ($M)
5.Argentina Key Management As A Service Market Revenue, 2019-2024 ($M)
6.Peru Key Management As A Service Market Revenue, 2019-2024 ($M)
7.Colombia Key Management As A Service Market Revenue, 2019-2024 ($M)
8.Chile Key Management As A Service Market Revenue, 2019-2024 ($M)
9.Rest of South America Key Management As A Service Market Revenue, 2019-2024 ($M)
10.UK Key Management As A Service Market Revenue, 2019-2024 ($M)
11.Germany Key Management As A Service Market Revenue, 2019-2024 ($M)
12.France Key Management As A Service Market Revenue, 2019-2024 ($M)
13.Italy Key Management As A Service Market Revenue, 2019-2024 ($M)
14.Spain Key Management As A Service Market Revenue, 2019-2024 ($M)
15.Rest of Europe Key Management As A Service Market Revenue, 2019-2024 ($M)
16.China Key Management As A Service Market Revenue, 2019-2024 ($M)
17.India Key Management As A Service Market Revenue, 2019-2024 ($M)
18.Japan Key Management As A Service Market Revenue, 2019-2024 ($M)
19.South Korea Key Management As A Service Market Revenue, 2019-2024 ($M)
20.South Africa Key Management As A Service Market Revenue, 2019-2024 ($M)
21.North America Key Management As A Service By Application
22.South America Key Management As A Service By Application
23.Europe Key Management As A Service By Application
24.APAC Key Management As A Service By Application
25.MENA Key Management As A Service By Application
26.Ciphercloud, Sales /Revenue, 2015-2018 ($Mn/$Bn)
27.Gemalto, Sales /Revenue, 2015-2018 ($Mn/$Bn)
28.Google, Sales /Revenue, 2015-2018 ($Mn/$Bn)
29.IBM, Sales /Revenue, 2015-2018 ($Mn/$Bn)
30.Thales E-Security, Sales /Revenue, 2015-2018 ($Mn/$Bn)
31.Box, Sales /Revenue, 2015-2018 ($Mn/$Bn)
32.Egnyte, Sales /Revenue, 2015-2018 ($Mn/$Bn)
33.Keynexus, Sales /Revenue, 2015-2018 ($Mn/$Bn)
34.Sepior, Sales /Revenue, 2015-2018 ($Mn/$Bn)
35.Unbound Tech, Sales /Revenue, 2015-2018 ($Mn/$Bn)