The sudden challenges created by the ongoing COVID-19 are captured effectively to exhibit the long term growth projections in the MRFR report on Key Management as a Service Market. The growth sectors of the Key Management as a Service Market are identified with precision for a better growth perspective.
The global key management as a service market was valued at USD 363.54 million in 2018; it and is estimated to reach USD 2.29 billion by 2025 growing at a CAGR of 31.22% during the forecast period 2019–2025. Market Research Future (MRFR) has segmented the key management as a service market on the basis of component, application, organization size, vertical, and region.
By component, the key management as a service market has been segmented into solution and services. Among these, currently, the key management solutions segment areis dominating the market due to the increasing adoption of key management solutions by enterprises to enhance their IT security and efficiency. Government initiatives supporting digitalization and increasing adoption of cloud services are the factors contributing to the growth of key management solution. Whereas, the service segment comprising professional and managed services, are is projected to witness a high growth rate in the coming years. Lack of technical expertise and awareness among the enterprises regarding the key management solutions has propelled the market of in favor of key management as a service providers.
By application, the key management as a service market has been segmented into disk encryption, file encryption, database encryption, communication encryption, and cloud encryption. Among these, currently, the disk encryption application is expected to dominate the market due to the increasing demand among enterprises to reduce the possibilitiesrisk of unauthorized access to sensitive information. Whereas, the cloud encryption segment is expected to witness the fastest CAGR during the forecast period. Rising adoption of cloud platform has propelled the market of cloud encryption.
By organization size, the market has been segmented into small- and medium-sized enterprises and large enterprises. Among these, the large enterprisess segment is currently dominating the market due to the increasing need to safeguard the huge volumes of sensitive information present on-premise as well as on cloud platforms. Also, the large enterprises have a sufficient amount of budget for the IT spends to enhance their security and efficiency, which further fuels market the market for this segmentgrowth. Whereas, the SMEs is projected to grow with the fastest CAGR owing to rising adoption of cloud-based platforms elevating accelerating the demand for KMaaS.
By vertical, the market has been segmented into BFSI, healthcare, IT and telecommunication, government, retail, manufacturing, and aerospace, and defense among others. Among these, BFSI is currently dominating the market due to the high demand for information security. Increasing adoption of digital and cloud technology across BFSI sectors are some of the prime factors driving the adoption of key management as a service among banking and financial institutions. Whereas, healthcare vertical is projected to grow with at the fastest CAGR during the forecast period.
The key management as a service market is expected to be a growing market in the coming years owing to the presence of numerous large players active in the regional market. IBM Corporation (US), Amazon Web Services (US), Thales eSecurity (France), Oracle Corporation (US), Equinix, Inc. (US), Alibaba (China), Egnyte (US), Ciphercloud (US), Google (US), Keynexus (US), Sepior ApS (Denmark), Unbound Tech (Israel), and Box (US) are the companies leading the key management as a service market globally.
Key management as a service Market is projected to growing at a 31.22% CAGR during the period…
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