What is Throttling?
Throttling is a process initiated to limits the number of concurrent calls to the Azure service to prevent overuse of the resources.
Azure Key Vault & Throttling
Azure Key Vault (AKV) is fully designed to handle a high volume of requests if an overwhelming number of requests occurs, throttling the client’s requests helps maintain optimal performance and reliability of the services.
Throttling limits are varied based on the scenarios e.g. if performing a large volume of writes the possibility for throttling is higher than if only read operations are being performed.
Handling Key Vault Limits
To prevent any misuse of the cloud resources can be limits in Key Vault to ensure quality of service for all the Key Vault clients. So when a service threshold is exceeded the Key Vault limits any further requests from that client and returns HTTP status code 429 and the requests fails.
Originally Key Vault is created with the limit specified withing the below limits:

For more details visit the Microsoft Azure services documentation.