Global Public Key Infrastructure (PKI) Market

Public Key Infrastructure (PKI) Market Size, Share, Growth Analysis, By Deployment(On-premise and Cloud-based), By Application(Secure Communications and Identity & Access Management), By Region - Industry Forecast 2024-2031


Report ID: SQMIG45B2048 | Region: Global | Published Date: March, 2024
Pages: 197 | Tables: 59 | Figures: 75

Public Key Infrastructure (PKI) Market Insights

Global Public Key Infrastructure (PKI) Market size was valued at USD 3.90 billion in 2022 and is poised to grow from USD 4.70 billion in 2023 to USD 20.89 billion by 2031, growing at a CAGR of 20.50% during the forecast period (2024-2031).

The global Public Key Infrastructure (PKI) market is witnessing significant growth and is expected to continue expanding in the coming years. One of the key drivers of the PKI market is the increasing need for data security and privacy in the digital era. With the proliferation of digital transactions, online communication, and cloud-based services, organizations across sectors are adopting PKI solutions to protect sensitive information from unauthorized access and tampering. Furthermore, stringent regulatory requirements and compliance standards imposed by governments and industry bodies are also fueling the demand for PKI. Organizations need to demonstrate compliance with regulations such as the General Data Protection Regulation (GDPR) and the Payment Card Industry Data Security Standard (PCI DSS), which necessitate the use of PKI for secure data handling. The growing adoption of Internet of Things (IoT) devices and the need for secure device authentication and communication is another factor driving the PKI market. PKI infrastructure provides a secure foundation for IoT ecosystems by enabling secure device enrollment, authentication, and data encryption. Key players in the global market are offering advanced solutions with features like scalable certificate management, automated key lifecycle management, and integration with cloud services. Additionally, emerging technologies such as blockchain-based PKI solutions are also gaining traction.

The global PKI market plays crucial role for secure digital communications and transactions, between parties, through information exchange in encrypted form on networks. PKI is a way of managing digital certificates, authentication, and encryption keys, which achieves the secure file integrity, privacy, and authentication in remarkably different applications of e-business, online banking, healthcare, and government services. One of the main tasks of the market is the creation of a reliable and protected atmosphere for online actions with the protection of sensitive information from being stolen and tempered.
The main driver for the growth of the PKI market is the adoption of digital transformation initiatives in different industries, which in turn are motivating widespread implementation of cybersecurity measures in the face of evolving threats. Moreover, regulatory compliance which needs PKI for ensuring data security and privacy also propel market development. Yet, the PKI market is still fraught with the suppressing problems and difficulties. However the most serious problems are the difficulties that come with setting up and administering PKI infrastructure, such as management and renewal of certificates, distribution of keys, interoperability issues in multi-vendor environments, etc. In addition to this, scalability and performance issues in PKI solutions have posed a problem to organizations running their transactions in dynamical and extensive environments.
Despite these challenges, the market for PKI holds the potential for the creation and expansion of many innovative products. The advent of technologies like blockchain and quantum cryptography opens intriguing opportunities for improving the security and resilience of PKI infrastructure to the advanced cyberattacks that it is being constantly assailed with. As well, the implementation of cloud based PKI solutions and managed security services offers opportunities to organisations to outsource PKI management and reduce operations while strengthening security position.

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Global Public Key Infrastructure (PKI) Market size was valued at USD 3.90 billion in 2022 and is poised to grow from USD 4.70 billion in 2023 to USD 20.89 billion by 2031, growing at a CAGR of 20.50% during the forecast period (2024-2031).

The Public Key Infrastructure (PKI) market is characterized by the presence of several key players vying for market share. Established companies such as Entrust Datacard, DigiCert, and Gemalto (Thales Group) dominate the market with their comprehensive PKI solutions and strong customer base. Additionally, there are emerging players like GlobalSign, Nexus Group, and Securemetric offering innovative PKI solutions. These companies focus on strategic partnerships, product enhancements, and mergers/acquisitions to gain a competitive edge and expand their market presence in the highly competitive PKI industry. 'Thales Group', 'Entrust Datacard', 'DigiCert, Inc.', 'ManageEngine (a division of Zoho Corporation)', 'Microsoft Corporation', 'HID Global Corporation', 'Google LLC', 'Amazon Web Services, Inc.', 'AppViewX, Inc.', 'Venafi, Inc.', 'Nexus Group', 'Sectigo Limited', 'Futurex', 'GlobalSign', 'WISeKey International Holding Ltd', 'Cygnacom Solutions, Inc.', 'Softlock', 'SSL.com', 'Stormshield', 'LawTrust'

One significant driver for the growth of the Public Key Infrastructure (PKI) market is the increasing need for data security and privacy in the digital era. With the rising number of digital transactions, online communication, and cloud-based services, organizations across sectors are adopting PKI solutions to protect sensitive information from unauthorized access and tampering, ensuring secure communication and data integrity. This driver is fueled by the growing awareness of the potential risks associated with cyber threats and data breaches.

One key trend in the Public Key Infrastructure (PKI) market is the growing adoption of cloud-based PKI solutions. Organizations are increasingly leveraging cloud technology to streamline their PKI infrastructure and simplify certificate management processes. Cloud-based PKI offers benefits such as scalability, cost-efficiency, and enhanced accessibility. It enables organizations to deploy PKI services quickly, without the need for extensive on-premises infrastructure. This trend is driven by the rising demand for flexible and agile PKI solutions that can support dynamic business environments and remote workforce scenarios.

North America dominated the global PKI market, primarily driven by the presence of technologically advanced countries such as the United States and Canada. These countries have well-established digital infrastructure and a high degree of adoption of PKI solutions across various sectors, including finance, healthcare, government, and defense. The region is home to several major PKI solution providers and has a mature market ecosystem.

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Global Public Key Infrastructure (PKI) Market

Report ID: SQMIG45B2048

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