DUBLIN--(BUSINESS WIRE)--The "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" report has been added to ResearchAndMarkets.com's offering.
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 increasing migration toward the cloud and the stringent regulations in the Key Management as a Service (KMaaS) market are expected to be driving the growth of the KMaaS market.
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.
Cloud encryption application is expected to have the fastest growth rate during the forecast period. The cloud encryption application in the KMaaS market is expected to grow at the fastest rate during the forecast period. The major reason for the high growth rate of the cloud encryption application can be attributed to the ongoing expansive adoption of cloud among companies across the world.
There are numerous advantages associated with the adoption of cloud, such as improved flexibility and scalability, faster deployments, and enhanced mobility, which encourage the adoption of the cloud. However, the risks associated with content protection and data compliance remain to be the prime impediments for embracing cloud across businesses. This encourages the adoption of cloud encryption solutions to safeguard the sensitive information from being breached.
Banking, Financial Services, and Insurance (BFSI) vertical is expected to have the largest market size during the forecast period. Companies in the BFSI vertical are expanding their offerings to maintain a competitive edge, save costs, and improve the customer experience with value-added services. The increasing use of mobile technology is expected to have enhanced the adoption of KMaaS solution and services in financial organizations.
Key Topics Covered:
2. Research Methodology
3. Executive Summary
4. Premium Insights
5. Market Overview
6. Key Management As A Service Market, By Component
7. Key Management As A Service Market, By Application
8. Key Management As A Service Market, By Organization Size
9. Key Management As A Service Market, By Vertical
10. Key Management As A Service Market, By Region
11. Competitive Landscape
12. Company Profiles
- Thales E-Security
- Unbound Tech
For more information about this report visit https://www.researchandmarkets.com/research/tm2x4c/key_management_as?w=4