The surging incidents of data breaches is creating a huge requirement for key management as a service solutions worldwide. Data breach leads to the loss of confidential information, such as social security numbers (SSNs) and credit card details. Complex access permissions, improper configuration, malware attacks, and weak passwords can aid cybercriminals in accessing confidential data. Loss of such data leads to major financial losses, which can be avoided through the adoption of key management as a service software by public and private organizations.

Moreover, the rising preference for cloud encryption is expected to propel the key management as a service market at a CAGR of 25.9% during 2020–2030. According to PS Intelligence, the market was valued at $511.9 million in 2019. Cloud encryption offers advantages such as regulatory compliance, data privacy, lower information technology (IT) spending, and the capability to store and manage complex data. Additionally, cloud encryption helps businesses in protecting company financial, intellectual property data, and account details stored within the cloud.

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Geographically, North America dominated the key management as a service market in the recent past, due to the extensive use of data center services and analytical tools, high preference of businesses for multi-cloud, rapid adoption of advanced technology to mitigate cyberattacks, and strong presence of cloud service providers in the region. Besides, the surging integration of digital medical records, mounting focus on digitization of the economy, and increasing download rate of several mobile applications in North America will also augment the usage of key management as service solutions in the coming years.

Whereas, Asia-Pacific (APAC) is projected to adopt key management as a service software at the highest rate in the coming years. This can be credited to the soaring need for cloud solutions, mounting awareness regarding cyberattacks and methods to counter them, stepping up digitization efforts, and improving key management lifecycle processes in the region. For instance, in February 2020, Fujitsu Limited, a Japanese multinational IT company, started using Cloud HSM service and key management platform by Thales SA to support public key infrastructure (PKI) security for securing the lifecycle management of cryptographic keys of customers.

Thus, the increasing data breach cases and rising shift toward cloud encryption will fuel the adoption of key management solutions and services in business operations in the foreseeable future.