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.
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.
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.
Key Management as a Service Market by Component (Solution and Services), Application (Disk Encryption, File/Folder Encryption, Database Encryption, and Cloud Encryption), Organization Size, Vertical, and Region - Global Forecast to 2023
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