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Key Management Service Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024

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Key management refers to management of cryptographic keys in a cryptosystem, which includes key generation, key exchange, storage and replacement of keys. A cryptosystem consists of three algorithms which are key generation, encryption and decryption. Key generation refers to process of generating keys through various algorithms such as symmetric key generation algorithms (data encryption standard (DES) and advanced encryption standard (AES)) and asymmetric key generation algorithms (RSA algorithm). The National Institute of Standards and Technology (NIST) has defined a key management system security policy which establishes and specifies rules used to protect keys and metadata supported by key management system. The policy helps in protecting the confidentiality, integrity, availability and source authenticity, thus covering the complete key life cycle from its inception to its elimination.

The compliances such as Payment Card Industry Data Security Standard (PCI-DSS), Sarbanes–Oxley (SOX) and Health Insurance Portability and Accountability Act (HIPAA) have created challenges for the organizations that use encryption for protecting the information. Due to wide adoption of data encryption by the organizations, the number of keys are increasing exponentially. This has led to rise in demand of key management services which enhances security of the encrypted information and also increases availability of the encryption keys for the organization. The key management service provider offers a centralized key management and certificate management, which has further supported the growth of key management service market. According to Cost of Data Breach Study 2015 by Ponemon Institute, the average cost for a data breach is US$ 3.5 Mn per incident. The security breach incidents result in loss of customer trust and revenue, thus lead to rise in demand of keys required for encryption. This supports the growth of key management service market. Growth in cybercrimes and rise in number of cashless transactions is likely to create immense opportunities for key management service market. Limited availability of keys and scalability issues pertaining to multiple databases, standards and applications is expected to create challenges in the growth of the key management service market.

Key management service market is segmented on the basis of key type, sector and geography. On the basis of key type, key management service market is segmented into symmetric key and asymmetric key. Symmetric key refers to identical keys which are used for both encryption and decryption whereas asymmetric key refers to two mathematically related different keys for encryption and decryption. On the basis of sector, the key management service market is segmented into BFSI, retail, IT & telecommunication and others. Moreover, on the basis of geographies, the global key management service market is segmented into Asia Pacific, North America, Europe, Middle East and Africa and South America. North America has the highest adoption of the key management service due to presence of highly digitalized banking sector in the region. Asia Pacific region is expected to have a high demand for key management service attributed to rapid growth of cashless payment system in the region.

Leading service providers in the global key management service market includes International Business Machine (IBM) Corporation, Amazon Web Services, Inc., Hewlett Packard Enterprise Development LP, FORNETIX, Oracle Corporation, Microsoft Corporation, Thales Group, Vormetric, Inc., RSA Security LLC., Cryptomathic A/S and SSH Communications Security, Inc.

The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.

The study is a source of reliable data on:

  • Market segments and sub-segments
  • Market trends and dynamics
  • Supply and demand
  • Market size
  • Current trends/opportunities/challenges
  • Competitive landscape
  • Technological breakthroughs
  • Value chain and stakeholder analysis

The regional analysis covers:

  • North America (U.S. and Canada)
  • Latin America (Mexico, Brazil, Peru, Chile, and others)
  • Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)
  • Eastern Europe (Poland and Russia)
  • Asia Pacific (China, India, Japan, ASEAN, Australia, and New Zealand)
  • Middle East and Africa (GCC, Southern Africa, and North Africa)

The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.

A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.

Highlights of the report:

  • A complete backdrop analysis, which includes an assessment of the parent market
  • Important changes in market dynamics
  • Market segmentation up to the second or third level
  • Historical, current, and projected size of the market from the standpoint of both value and volume
  • Reporting and evaluation of recent industry developments
  • Market shares and strategies of key players
  • Emerging niche segments and regional markets
  • An objective assessment of the trajectory of the market
  • Recommendations to companies for strengthening their foothold in the market  
     

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.


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