DUBLIN--(BUSINESS WIRE)--Jun 8, 2018--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 Key Management as a Service 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 demand for KMaaS is likely to be driven by various factors, such as the increasing number of cyber-attacks and the stringent government regulations and compliances.

The KMaaS market has been segmented on the basis of components (solution and services), applications, organization size, verticals, and regions. The services segment is expected to grow at a higher CAGR during the forecast period and the solution segment is estimated to have the larger market size in 2018 in the market.

Professional services have been widely adopted by organizations, as these services involve expert training, education, and consulting, and support and maintenance for the deployed KMaaS solution. However, the managed services segment is expected to grow at a higher CAGR during the forecast period, as managed security vendors provide extensive reporting capabilities for ensuring that the internal security policies adhere to the standard regulatory compliances.

The disk encryption application is estimated to hold the largest market share in 2018. 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. The cloud encryption application is expected to grow at the fastest rate during the forecast period.

Market Dynamics

Drivers

Increasing Migration Toward the Cloud Stringent Regulations in the KMaaS Market Organizations' Need to Maximize the Operational Efficiency

Restraints

Lack of Budget for Adopting the Best-in-Class KMaaS Solutions Lack of Awareness About KMaaS, and Performance Concerns Among Enterprises

Opportunities

Increasing Demand for Integrated, Cloud-Based Key Management Solutions Among SMEs Large-Scale Adoption of KMaaS Solutions in the BFSI Vertical

Challenges

Lack of Skilled Workforce Among Enterprises

Key Topics Covered

1. Introduction

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

Box Ciphercloud Egnyte Gemalto Google Ibm Keynexus Sepior Thales E-Security Unbound Tech

For more information about this report visit https://www.researchandmarkets.com/research/mzrb7x/global_key?w=4

View source version on businesswire.com:https://www.businesswire.com/news/home/20180608005703/en/

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INDUSTRY KEYWORD: TECHNOLOGY SECURITY

SOURCE: Research and Markets

Copyright Business Wire 2018.

PUB: 06/08/2018 03:03 PM/DISC: 06/08/2018 03:03 PM

http://www.businesswire.com/news/home/20180608005703/en