$500+ Million Key Management as a Service Markets, 2030 - Growing Requirement for Next-Generation Key Management Solutions
DUBLIN, Oct. 9, 2020 /PRNewswire/ -- The "Key Management as a Service Market Research Report: By Component, Enterprise, Application, Industry - Global Industry Analysis and Growth Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
In the wake of the rising cyber attacks, adoption of cloud technologies, and focus on digital transformation, the need to meet the associated regulatory compliance is increasing around the world. Health Insurance Portability and Accountability Act (HIPAA), Payment Card Industry Data Security Standard (PCI DSS), General Data Protection Regulation (GDPR), and Federal Information Security Management Act (FISMA) are the various acts and standards which govern cyber security.
As a result of key management being an important aspect covered in these regulations, the global key management as a service market is projected to grow at a CAGR of 25.9% between 2020 and 2030 (forecast period), after having generated $511.9 million, in revenue, in 2019. In order to ensure compliance, companies in numerous industries, especially healthcare and banking, financial services, and Insurance (BFSI), are already adopting KMaaS solutions.
Solutions to Dominate Market during Forecast Period
Till 2030, higher revenue to the key management as a service market would be contributed by the solution bifurcation, as a result of the rising demand for encrypting the data, transition to multi-cloud environments, and increasing requirement for complying with regulations.
Large enterprises are expected to dominate the key management as a service market throughout the forecast period. This is attributed to their complex network systems, strong focus on digital transformation, rapid adoption of cloud computing, and high compliance requirements, all of which together lead to a high integration of key management solutions in such organizations.
During 2020-2030, the fastest key management as a service market growth, at a CAGR of 31.8%, would be witnessed by the cloud encryption classification. This is credited to the rapid transition of companies to the cloud computing platform, which makes the storage, management, and sharing of complex data less cumbersome and cost-effective.
In 2019, the BFSI sector held the largest share in the key management as a service market, as a result of the increasing number of cyber attacks on financial corporations, which create a high need for data security, growing preference for availing of digital banking services, surging demand to safeguard communication channels, and need to comply with Federal Information Processing Standard (FIPS) and PCI DSS regulations.
North America was the most productive region in the market during the historical period (2014-2019), as companies here are deploying advanced technologies to combat cybercriminals. Additionally, the adoption of cloud computing, analytical tools, and data center services is surging, organizations are transitioning to a multi-cloud environment, and the focus on digitization is rising in the region.
In the years to come, Asia-Pacific (APAC) would witness the fastest key management as a service market growth, due to the increasing digitization initiatives, booming demand for cloud solutions, rising awareness about the need to counter cybercrime, and bettering lifecycle process of key management.
Key Topics Covered:
Chapter 1. Research Background
1.1 Research Objectives
1.2 Market Definition
1.3 Research Scope
1.4 Key Stakeholders
Chapter 2. Research Methodology
2.1 Secondary Research
2.2 Primary Research
2.3 Market Size Estimation
2.4 Data Triangulation
2.5 Assumptions for the Study
Chapter 3. Executive Summary
Chapter 4. Introduction
4.1 Voice of Industry Experts/KOLs
4.2 Definition of Market Segments
4.2.1 By Component
4.2.1.1 Solution
4.2.1.2 Service
4.2.1.2.1 Professional
4.2.1.2.2 Managed
4.2.2 By Enterprise
4.2.2.1 Large enterprises
4.2.2.2 SMEs
4.2.3 By Application
4.2.3.1 Disk encryption
4.2.3.2 Cloud encryption
4.2.3.3 File/folder encryption
4.2.3.4 Database encryption
4.2.3.4.1 Database-level encryption
4.2.3.4.2 Application-level encryption
4.2.3.5 Communication encryption
4.2.3.5.1 Voice encryption
4.2.3.5.2 Email encryption
4.2.3.5.3 Instant messaging encryption
4.2.4 By Industry
4.2.4.1 BFSI
4.2.4.2 Retail and e-commerce
4.2.4.3 IT and telecom
4.2.4.4 Government
4.2.4.5 Healthcare
4.2.4.6 Aerospace and defense
4.2.4.7 Others
4.3 Value Chain Analysis
4.4 Market Dynamics
4.4.1 Trends
4.4.1.1 Increasing preference for cloud encryption
4.4.2 Drivers
4.4.2.1 Increasing number of data breaches
4.4.2.2 Rising need for meeting regulatory compliance standards
4.4.2.3 Impact analysis of drivers on market forecast
4.4.3 Restraints
4.4.3.1 Complex cryptographic operations in a key management system
4.4.3.2 Impact analysis of restraints on market forecast
4.4.4 Opportunities
4.4.4.1 Growing requirement for next-generation key management solutions
4.4.4.2 Surging interaction through enterprise messaging applications
4.5 Porter's Five Forces Analysis
Chapter 5. Global Market Size and Forecast
5.1 By Component
5.1.1 Service, by Type
5.2 By Enterprise
5.3 By Application
5.3.1 Database Encryption, by Type
5.3.2 Communication Encryption, by Type
5.4 By Industry
5.5 By Region
Chapter 6. North America Market Size and Forecast
Chapter 7. Europe Market Size and Forecast
Chapter 8. APAC Market Size and Forecast
Chapter 9. MEA Market Size and Forecast
Chapter 10. LATAM Market Size and Forecast
Chapter 11. Major Countries
11.1 U.S. Market Revenue, By Application
11.2 U.K. Market Revenue, By Application
11.3 Germany Market Revenue, By Application
11.4 China Market Revenue, By Application
11.5 Japan Market Revenue, By Application
11.6 India Market Revenue, By Application
Chapter 12. Competitive Landscape
12.1 List of Players and Their Offerings
12.2 Market Share Analysis of Key Players
12.3 Strategic Developments in the Market
12.3.1 Mergers and Acquisitions
12.3.2 Product Launches
12.3.3 Partnerships
12.3.4 Client Wins
12.3.5 Other Developments
Chapter 13. Company Profiles
- CipherCloud Inc.
- Box Inc.
- Thales SA
- Egnyte Inc.
- Unbound Tech Ltd.
- StorMagic Ltd.
- Sepior ApS
- Microsoft Corporation
- IBM Corporation
- Oracle Corporation
For more information about this report visit https://www.researchandmarkets.com/r/b8frix
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