The [FURL=https://www.industryarc.com/Research/Key-Management-As-A-Service-Market-Research-500740?utm_source=briefingwire&utm_medium=pressrelease&utm_campaign=paidpressrelease]global Key Management as a Service market[/FURL] size is forecast to reach $1,820.3 million by 2026, growing at a CAGR of 23.7% from 2021 to 2026. Stringent government regulations towards protection of organizational data, rising adopted of encrypted services, and so on attribute towards the market growth. Key management generally refers to managing cryptographic keys for a cryptosystem, involving operations like generation, creation, protection, storage, as well as exchange replacement.Key Takeaways
BFSI sector is analyzed to grow with the highest CAGR during 2021-2026, owing to rise in financial cyber-attacks or cyber security crimes, growing shift towards digital banking services and others.
North America Key Management as a Service (KMaaS) market held the largest share in 2020, owing to growth of IT industry, high adoption of cloud based infrastructures and so on.
Increasing number of cybersecurity breach incidents along with growing adoption of cloud application across enterprise will significantly drive the Key Management as a Service market during the forecast period 2021-2026.
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Key Management as a Service Market Segment Analysis- By Geography
North America region accounted for the largest share of around 37% in the global key management as a service market in 2020, and is also anticipated to have a significant growth during the forecast period. Growing shift towards cloud-based infrastructures, rise of IT industries and surge in cyber-attack or cyber security breach incidents have attributed towards the market growth. High investments from some of the major market players in R&D activities, partnerships and related strategies including Oracle Corporation, IBM Corporation, Fortinet Inc. and others along with growth in online or digital banking services can also drive the market demand for key management as a service across the region. In September 2020, Fortanix Inc. announced about its partnership with VMware for integration of its self-defending key management service with VMware’s cloud director.
Key Management as a Service Market Drivers
Growing adoption of cloud applications across enterprises to positively impact the market demand for Key Management as a Service
Increasing number of cybersecurity breach incidents drives the market forward
Key Management as a Service Market Landscape
The Key Management as a Service top 10 companies include IBM Corporation, Oracle Corporation, Google LLC, Fortinet Inc., Amazon Web Services (US), Unbound Security, Box Inc., Sepior ApS, Egnyte, Equinix Inc.
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