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(I-SoftwareNews.Com, March 22, 2018 ) The 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%. The market is expected to be driven by factors, such as the increasing migration toward the cloud, the stringent regulations in the KMaaS market, and the organizations need to maximize their operational efficiency. However, the major hindrance that is expected to be faced by the enterprises while adopting the cloud-based key management solution are believed to be the lack of budget and lack of awareness about KMaaS, and the performance concerns among enterprises.
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Leading service providers in the global key management service market includes International Business Machine (IBM) Corporation, Amazon Web Services, Inc., Hewlett Packard Enterprise Development LP, FORNETIX, Oracle Corporation, Microsoft Corporation, Thales Group, Vormetric, Inc., RSA Security LLC., Cryptomathic A/S and SSH Communications Security, Inc.
Key management service market is segmented on the basis of key type, sector and geography. On the basis of key type, key management service market is segmented into symmetric key and asymmetric key. Symmetric key refers to identical keys which are used for both encryption and decryption whereas asymmetric key refers to two mathematically related different keys for encryption and decryption. On the basis of sector, the key management service market is segmented into BFSI, retail, IT & telecommunication and others. Moreover, on the basis of geographies, the global key management service market is segmented into Asia Pacific, North America, Europe, Middle East and Africa and South America. North America has the highest adoption of the key management service due to presence of highly digitalized banking sector in the region. Asia Pacific region is expected to have a high demand for key management service attributed to rapid growth of cashless payment system in the region.
The compliances such as Payment Card Industry Data Security Standard (PCI-DSS), Sarbanes–Oxley (SOX) and Health Insurance Portability and Accountability Act (HIPAA) have created challenges for the organizations that use encryption for protecting the information. Due to wide adoption of data encryption by the organizations, the number of keys are increasing exponentially. This has led to rise in demand of key management services which enhances security of the encrypted information and also increases availability of the encryption keys for the organization.
The key management service provider offers a centralized key management and certificate management, which has further supported the growth of key management service market. According to Cost of Data Breach Study 2015 by Ponemon Institute, the average cost for a data breach is US$ 3.5 Mn per incident. The security breach incidents result in loss of customer trust and revenue, thus lead to rise in demand of keys required for encryption. This supports the growth of key management service market.
The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.
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Source: EmailWire.Com 
Source: EmailWire.com
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