The key management refers to cryptographic keys in a cryptosystem, which comprises of key generation, protection, storage, key exchange, and replacement. The increase in the focus of enterprises on rising their operational efficiency and migration of many companies toward cloud-based services are the significant factors that are driving the growth of the key management services market.
MARKET SCOPE
The "Global Key Management Service Market Analysis to 2028" is a specialized and in-depth study with a special focus on the global market trend analysis. The report aims to provide an overview of the key management service market with detailed market segmentation by component, organization size, application, industry vertical, and geography. The report provides key statistics on the market status of the leading key management service market players and offers key trends and opportunities in the market.
MARKET SEGMENTATION
- Based on component, the global key management service market is segmented into solution and services.
- On the basis of organization size, the market is segmented into large enterprises, small and medium-sized enterprises.
- Based on application, the market is segmented into disk encryption, file/folder encryption, database encryption, communication encryption, and cloud encryption.
- Based on industry vertical, the market is segmented into BFSI, telecommunications and IT, healthcare, government, aerospace and defense, retail and consumer goods, energy and utilities, manufacturing, and others.
MARKET DYNAMICS
Drivers:
- The stringent government regulations and the need to protect critical organizational data are some of the major factors driving the growth of the key management service market.
- With the rising trend of Bring Your Own Key (BYOK), the increase in the use of encryption solutions across different verticals and the adoption rate of key management service among enterprises is anticipated to gain major traction during the forecast period.
Restraints:
- Lack of budget, skilled professionals, and awareness among enterprises is the major factor that may restrain the key management service market growth.
REGIONAL FRAMEWORK
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2019 to 2028 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America. The key management service market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social and technological factors affecting the key management service market in these regions.
IMPACT OF COVID-19 ON KEY MANAGEMENT SERVICE MARKET
COVID-19 first began in Wuhan (China) during December 2019 and since then it has spread at a fast pace across the globe. The US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are some of the worst affected countries in terms confirmed cases and reported deaths. The COVID-19 has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. Shutdown of various plants and factories has affected the global supply chains and negatively impacted the manufacturing, delivery schedules, and sales of products in global market. Few companies have already announced possible delays in product deliveries and slump in future sales of their products. In addition to this, the global travel bans imposed by countries in Europe, Asia-Pacific, and North America are affecting the business collaborations and partnerships opportunities.
MARKET PLAYERS
The report covers key developments in the key management service market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market players from key management service market are anticipated to lucrative growth opportunities in the future with the rising demand in the global market.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the key management service market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.
- Amazon Web Services, Inc.
- Cryptomathic
- Fornetix, LLC
- IBM
- StorMagic
- Oracle
- SEPIOR
- Thales Group
- Townsend Security
- Unbound