Key Management Service Market 2025 | Latest Update, Trends & International News In One Place - Check Out Now
December 9, 2019 by Market-NewsFlash
Global Key Management as a Service Market: by Component (Solution, Service (Professional, Managed)), by Application (Disk Encryption, File Encryption, Database Encryption, Communication Encryption, Cloud Encryption), by Organization Size (Small and Medium-Sized Enterprises, Large Enterprises), by Vertical (BFSI, Healthcare, IT and Telecommunication, Government, Retail, Manufacturing, Aerospace and Defense, Others), by Region (North America, Europe, Asia-Pacific, Middle East and Africa, South America) — Forecast till 2025
The global market of key management as a service is ready to be valued at USD 2,296.32 Million by 2025 from USD 363.54 million in 2018. The growth rate is calculated to be 31.22% CAGR for the market during the forecast period 2019–2025. Market Research Future presents the study on the global management as a service market and focuses on the crucial aspects such as driving factors, market players investing, regional shares and segmental analysis to understand better dynamics of the market for future.
Key Drivers & Challenges
Key management as a service; in general, encompasses facilities that consent to easy management of cryptographic keys for the safety of sensitive data, and credentials of enterprises across cloud as well as on-premise infrastructure. It also assists the enterprises to fortify its key control and information security to enhance IT efficiency through a secure encryption key security, multi-cloud support, and user access to key management. These factors have been showcased as prominent factors that are driving the market’s growth now.
At the same time, the emerging adoption of cloud-based platforms, mounting mandatory regulations in enterprises to meet compliances, and surging focus of organizations to augment their IT efficiency are the factors impacting the growth of key management as a service market constructively. On the other hand, the key management as a service offers centralized key management that ensures access to cloud providers with a single browser. By this, the market seeks several opportunities from the increasing demand for cloud-based key management solutions, which allows businesses to protect sensitive information. These factors have made the market more prominent, and now it is expected that it would gain more valuation during the forecast period.
On the flip side, the factor of lack of awareness on key management as a service might limit the adoption of key management solutions and services in the coming years. Besides, the market also faces challenges due to lack of technical expertise across organizations globally.
The worldwide key management, as a service market, as per the study, is segmented by component, application, organization size, and vertical.
In terms of component: Solution and services are the segments. Wherein, the segment of services, is additionally categorized into managed and professional services.
In terms of application: Disk encryption, files encryption, database encryption, communication encryption, and cloud encryption are the segments.
In terms of organization size: The small and medium-sized enterprises and large enterprises are the segments.
In terms of vertical: BFSI, healthcare, IT and telecommunication, government, retail, manufacturing, and aerospace and defense, among other segments.
About Market Research Future: