Key Management As A Service
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What Is the Expected CAGR for the Key Management As A Service Market Through 2025?
In recent times, the market size for key management as a service has seen significant growth. It’s projected that it will expand from $1.29 billion in 2024 to $1.63 billion in 2025, experiencing a compound annual growth rate (CAGR) of 27.1%. This growth over the historical period is linked to a rise in data breaches and cybersecurity threats, increased adoption of services based on the cloud, escalating complexities in cryptographic operations, the influx of blockchain technology usage, and the broadening of digital transformation strategies across various industries.
What’s the Projected Size of the Global Key Management As A Service Market by 2029?
The market for key management as a service is projected to witness spectacular growth in the upcoming years, with its size anticipated to reach $4.21 billion by 2029, growing at a compound annual growth rate (CAGR) of 26.7%. This surge predicted for the forecast period can be credited to the rapid rise in cloud acceptance, increasing rigidness of data protection legislations, increasing focus on confidentiality and privacy, a shift in favor of DevSecOps practices, and the demand for centralized key management. Noteworthy trends for the forecast period are the acceptance of IoT-based technologies and cloud technologies, focus on data privacy, and the integration of artificial intelligence.
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Top Growth Drivers in the Key Management As A Service Industry: What’s Accelerating the Market?
The surging number of cyber security breach incidents is anticipated to fuel the expansion of the key management as a service market. Cybersecurity breaches involve unauthorized access, disclosure, alteration, or destruction of confidential data or systems within a digital network or environment. The rise in such breaches can be attributed to the rapid proliferation of devices connected to the internet, growing challenges related to remote workforce, and insufficient security investments. For example, the Australian Cyber Security Centre, a cyber security agency based in Australia, reported receiving 76,000 cybercrime complaints in 2022, marking a 13% increase compared to the previous year, as of February 2023. Consequently, the rising number of cyber security breach incidents is propelling the growth of the key management as a service market.
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What Trends Will Shape the Key Management As A Service Market Through 2029 and Beyond?
Leading firms in the key management as a service market are emphasizing innovation and technological advancement to stay competitive, deploying solutions like non-custodial key management platforms. These platforms allow users to control their cryptographic keys without a third-party custodian’s involvement. For example, in April 2023, Cubist Inc., a US-based software firm, unveiled a non-custodial key management tool to help infrastructure teams of engineers to protect and manage their private keys efficiently. The key management platform, led by a team skilled in computer security and fraud operations, addresses the critical need for heightened security in Web3 environments. It reduces the risk of unauthorized access and exposure to raw keys by offering a safe place for users to store keys in hardware modules while granting short-lived revocable capabilities.
What Are the Main Segments in the Key Management As A Service Market?
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
Subsegments:
1) By Solution: Cloud-Based Key Management Solutions, On-Premises Key Management Solutions, Encryption Key Management Solutions, Digital Key Storage Solutions
2) By Services: Key Management Consulting Services, Key Generation and Distribution Services, Key Lifecycle Management Services, Key Auditing and Compliance Services
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Which Top Companies are Driving Growth in the Key Management As A Service Market?
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.
Which Regions Will Dominate the Key Management As A Service Market Through 2029?
North America was the largest region in the key management as a service market in 2024. 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.
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