Geographically, North America accounted for the largest share in the key management as a service market during the historical period (2014–2019). This was due to the increasing adoption of state-of-the-art technologies to counter cyberattacks, escalating shift toward multi-cloud, and surging use of data center services and analytical tools in the region.

Additionally, the mounting focus of the U.S. and Canada on the digitalization of the economy, accelerating download frequency of several mobile applications, and increasing the integration of digital medical records will also contribute to the market growth in the region. Whereas, the APAC key management as a service market is projected to showcase the fastest growth during the forecast period, owing to the stepping up of digitization efforts, soaring public awareness about cybercrimes and methods to counter them, escalating need for cloud solutions, and improving key management lifecycle processes.

For instance, in February 2020, Fujitsu Limited, a Japanese multinational IT company, opted for Cloud HSM service and key management platform of Thales SA, to secure the lifecycle management of cryptographic keys of customers. The application segment of the key management as a service market is classified into disk encryption, database encryption, communication encryption, cloud encryption, and file/folder encryption.

Among these, the file/folder encryption category is expected to generate the highest revenue throughout the forecast period, as individual files and folders are transferred between multiple devices in an enterprise, which creates a significant need for encrypting them. By encrypting each file, businesses can guard personal files on shared devices and obtain the additional benefit of avoiding business disruption. 

Therefore, the growing number of data breach cases and booming demand for instant messaging applications will augment the demand for KMaaS solutions in the foreseeable future.