The Communications Security Establishment (CSE), Government of Canada, has established the Canadian Center for Cyber Security to defend the networks of the government, offer simple and effective tips of cybersecurity to the people of the country, and advise and assist government organizations, telecommunication companies, and banks in matters of cybersecurity. Likewise, the National Conference of State Legislatures introduced or considered over 280 bills or resolutions about cybersecurity in at least 38 states of the U.S. in 2020.
Thus, the soaring focus of governments on increasing cybersecurity in public and private sectors is expected to drive the key management as a service (KMaaS) market at a notable CAGR of 25.9% during the forecast period (2020–2030). According to P&S Intelligence, the market generated a revenue of $511.9 million in 2019. Currently, the rising demand for cloud encryption, owing to high data privacy and lower information technology (IT) expenditure associated with it, has become a prominent market trend.
Media and entertainment, education, manufacturing, aerospace and defense, healthcare, government, IT and telecom, retail and e-commerce, and banking, financial services, and insurance (BFSI) sectors use KMaas solution and services, such as managed and professional, to increase cybersecurity. Large enterprises and small and medium enterprises (SMEs) operating in these industries use KMaaS solutions for file/folder encryption, cloud encryption, disk encryption, database encryption, including application-level encryption and database-level encryption, and communication encryption, such as instant messaging encryption, email encryption, and voice encryption.
In recent years, key players of the key management as a service market have engaged in mergers and acquisitions to consolidate their position. For example, in March 2020, NetApp Inc. completed the acquisition of Talon Storage to merge its Cloud Volume products with the Fast software of the latter to provide a centralized solution for cloud data management to end users. Other companies undertaking such strategic measures are Box Inc., CipherCloud Inc., Unbound Tech Ltd., Sookasa Inc., Druva Inc., McAfee LLC, Netskope Inc., Secomba GmbH, and ESET spol. s ro.
Over the last few years, the North American region has emerged as the dominant user of KMaaS solutions and services due to the rapid shift of enterprises toward multi-cloud, swift penetration of advanced technologies to mitigate cyber-attacks, strong presence of cloud service providers, and the large-scale deployment of data center services and analytical tools in the U.S. and Canada. Additionally, the high download rate of umpteen mobile applications, extensive focus on facilitating the digitization of the economy, and a massive focus on the adoption of digital medical records will also encourage the use of MaaS solutions in the region.
However, the Asia-Pacific (APAC) region is expected to register the fastest growth in the key management as a service market throughout the forecast period, on account of the surging need for cloud technology, soaring public awareness about cyber-attacks and counter-attack methods, accelerating digitalization, and improving key management lifecycles processes in the region. For instance, the integration of the Cloud HSM service of Thales SA will secure the lifecycle management of cryptographic keys of customers of Fujitsu Limited, a Japanese multination IT firm.
Thus, the toughening laws on cybersecurity and increasing deployment of cloud encryption will create an enormous requirement for KMaaS solutions in the foreseeable future.
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