The Key Management as a Service (KMaaS) market size is expected to grow from USD 0.37 Billion in 2018 to USD 1.28 Billion by 2023, at a Compound Annual Growth Rate (CAGR) of 28.4%, owing to the significant increase in cyber threats to mission-critical data and regulatory compliance requirements. Moreover, the cloud-based key management solution offers various benefits, such as convenient key management, flexibility, scalability, and reduced cost of IT infrastructure.
The disk encryption application is expected to hold the largest market share during the forecast period
Disk encryption, also known as hard drive encryption, full disk encryption, or whole disk encryption, refers to the encryption of the entire disk. The importance of encrypting a disk is that, if the encrypted disk is lost or stolen, the encrypted state of the drive remains unchanged, and only an authorized user would be able to access its contents. With the increase in the BYOK trend, enterprises can freely use their own cryptographic keys and exchange critical information across different mobile and cloud environments. Therefore, with the adoption of a strong KMaaS solution, customers can protect their confidential data, even if the device is lost or stolen.
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The healthcare and life sciences vertical is expected to grow at the fastest rate during the forecast period
The healthcare and life sciences vertical is a key target for hackers, as healthcare companies need to manage patients’ personal health information and critical data. The healthcare industry is very conscientious about data privacy, and some of these issues can be addressed with the use of the KMaaS solution. Furthermore, the KMaaS solution helps the clinical and IT staff in protecting patients’ critical data. With the rising use of the KMaaS technology and the awareness of regulatory compliances, it is expected that the adoption trend of the KMaaS solution would grow among the developing countries.
Some of the major players in the KMaaS market include CipherCloud (US), Gemalto (Netherlands), Google (US), IBM (US), Thales e-Security (France), Box (US), Egnyte (US), KeyNexus (Canada), Sepior (Denmark), and Unbound Tech (US).
These players have adopted various growth strategies, such as partnerships, agreements, and collaborations; business expansions; acquisitions; and new product launches. These strategies have helped them achieve a strong foothold in the KMaaS market, along with better profit margins.
Thales e-Security is said to be highly active in its organic growth strategy of new product launches. In October 2017, the company launched CipherTrust Cloud Key Manager for supporting the Microsoft Azure Key Vault and Amazon Web Services (AWS) Key Management Service (KMS) Bring Your Own Key (BYOK) capabilities. Furthermore, the company accelerated its inorganic growth strategy by partnering with various companies. For instance, in February 2017, Thales e-Security partnered with Microsoft to provide key management services for Microsoft Azure and Microsoft Office 365.
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Google is highly focused on organic growth strategies, such as new product developments and product enhancements. In January 2017, Google announced the launch of the beta version of Cloud KMS. The beta version directly integrated with Cloud Identity Access Management and Cloud Audit Logging, offering greater control over customers keys. Google is also focused on the strategies of business expansions and partnerships to strengthen its foothold in the market. Google announced the general availability of Cloud KMS along with different partner options, such as Gemalto, Ionic, KeyNexus, Thales, Virtua, and Ravelin.
The KMaaS market research report analyzes the global adoption trends, future growth potentials, key drivers, vendor portfolio analysis, restraints, opportunities, and the value chain of the market.
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