Key Management as a Service Market To Witness 25.9% CAGR during 2020

Key Management as a Service Market To Witness 25.9% CAGR during 2020–2030

The major drivers for the key management as a service (KMaaS) market are the rising incidence of data breaches and increasing regulatory compliance requirements. As a result, the revenue generated by industry players will increase from $511.9 million in 2019 at a 25.9% CAGR during 2020–2030 (forecast period). Such solutions are helpful in the management of the entire lifecycle of keys, which are the values used to encrypt or decrypt files, applications, and communication channels.

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Based on application, the categories of the market are disk encryption, file/folder encryption, communication encryption, database encryption, and cloud encryption. Among these, the file/folder encryption category dominated the key management as a service market during 2014–2019 (historical period). This was because companies transfer thousands of individual sensitive files and folders within themselves and across servers, which need to be protected from unauthorized access.

The cloud encryption category will likely witness the fastest growth till 2030 due to the rising usage of cloud-based networks for data storage and management. The industry segment is divided into healthcare, banking, financial services, and insurance (BFSI), retail and e-commerce, IT and telecom, aerospace and defense, government, and others.

In 2019, the largest share in the market was held by the BFSI category, as the rapidly digitizing industry is becoming a preferred target for cybercriminals because it deals with money and financial bonds. During the forecast period, the highest CAGR is expected to be seen in the healthcare category, as the usage of electronic health records (EHR) and cloud platforms is putting confidential medical information at risk.

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