How is Increasing Adoption of Cloud Solutions Driving Key Management as a Service Market?

P&S Intelligence published a new research report, titled, “Key Management as a Service Market: Global Industry Analysis and Forecast till 2030, Owing to digital transformation, a large number of companies have shifted to cloud-based solutions. While this certainly has had its advantages, cloud-based solutions also make the data more susceptible to breaches. Weak passwords, complex access permissions, improper configuration, and malware attacks are some of the key factors that can help cybercriminals in accessing confidential data.

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As per a 2019 Cost of Data Breach Report by International Business Machines Corporation Security, co-published with Ponemon Institute, on an average, 25,575 documents are accessed during a data breach globally, and every data breach costs approximately $3.92 million on an average. Because of these factors, enterprises across the globe are making use of key management as a service (KMaaS).

Encryption key management refers to the management of tasks that are involved with storing, protecting, organizing, and backing up encryption keys. According to P&S Intelligence report, the global key management as a service market generated a revenue of $511.9 million in 2019, progressing at a 25.9% CAGR during the forecast period (2020–2030). Both services and solutions are offered under KMaaS solutions, between which the demand for solutions was higher in the past.

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This market research report provides a comprehensive overview of the key management as a service market

• Historical and the present size of the key management as a service market
• Future potential of the market through its forecast for the period 2020– 2030
• Major factors driving the market and their impact during the short, medium, and long terms
• Market restraints and their impact during the short, medium, and long terms
• Recent trends and evolving opportunities for the market participants
• Historical and the present size of the market segments and understand their comparative future potential
• Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings