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public key infrastructure pki market

Public Key Infrastructure (PKI) Market Share, Size, Trends, Industry Analysis Report, By Component (Public Key, Private Key, Certificate Authority, Certificate Store, Certificate Revocation List, and Hardware Security Module), By Deployment Type, By End-Use; By Region; Segment Forecast, 2022–2030

  • Published Date: Jan 2022
  • Pages: 110
  • Format: PDF
  • Report ID: PM2156
  • Base Year: 2021
  • Historical Data: 2018 - 2020

Report Summary

The global public key infrastructure (PKI) market was valued at USD 3.96 billion in 2021 and is expected to grow at a CAGR of 20.4 % during the forecast period. The growing innovation in the business and corporate sector, the increasing number of malware and file-based attacks, and the surge in the adoption of IoT and cloud trends are positively influencing the public key infrastructure (PKI) market. In addition, the rising concerns relating to the loss of critical data, the rise in growth of business data volume, along government regulation and compliance associated with data security are also augmenting the growth outlook for the industry.

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The COVID-19 pandemic has had a positive impact on the public key infrastructure (PKI) market. This is due to the imposition of lockdowns due to COVID-19 and orders to shift industries and enterprises to work remotely, resulting in the rise in cases of cybercrimes and data theft. As a result, it has created a significant demand for public key infrastructure (PKI) on the market. For instance, in July 2020, Microsoft found that millions of global phishing mails with around 60,000 were directly associated with COVID-19. The pandemic was also being used to deceive users into releasing malicious emails. Therefore, to prevent the loss of reliable information communicated, PKI has become a safe choice for industries to choose. This, in turn, is projected to lead to public key infrastructure (PKI) market growth in recent years.

Industry Dynamics

Growth Drivers
Organizations extensively adopt varied technological advancements such as enterprise mobility, virtualization, and cloud storage to raise business productivity. These technological breakthroughs have supported organizations function competently and in real-time as the business data can easily access on mobile devices from the cloud and virtual storage. This crucial access relates itself to the business information on concerned devices, which augments the heavy data loss and security risk, which eventually led to the higher implementation of public infrastructure.

Moreover, in recent times, several organizations have utilized physical storage devices such as DVDs and USBs, coupled with emails, to exchange information. This complements the data security concern, which may lead to unauthorized access. Such issues have led to the rising implementation of PKI across different industry verticals and enterprises, which eventually accelerates the public infrastructure industry growth worldwide.

Public Key Infrastructure (PKI) Market 2030

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Report Segmentation

The market is primarily segmented on the basis of component, deployment type, end-use, and region.

By Component

By Deployment Type

By End-Use

By Region

  • Public Key
  • Private Key
  • Certificate Authority
  • Certificate Store
  • Certificate Revocation List
  • Hardware Security Module
  • Cloud
  • On-Premises
  • BFSI
  • IT & Telecommunication
  • Government & Defence
  • Retail & E-commerce
  • Healthcare
  • Manufacturing
  • Others
  • North America (U.S., Canada)
  • Europe (France, Germany, UK, Italy, Spain, Netherlands, Austria)
  • Asia Pacific (Japan, China, India, Malaysia, Indonesia. Australia, South Korea)
  • Latin America (Brazil, Mexico, Argentina)
  • Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)

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Insight by Deployment Type

On the basis of the deployment type, the cloud segment is expected to lead the public infrastructure market globally in 2020. This is due to the increased adoption of cloud-based public key infrastructure (PKI), as it secures digital identities that allow ways to keep secure data and identify when sharing the information. Further, the cloud-based approach methodology to lower the burden on particular organizations – financially, resource-wise, and timewise, by mitigating organizational requirements to set up any infrastructure in-house. Thus, cloud-based PKI solutions are majorly implemented among large enterprises and SMEs, which is expected to contribute towards high segmental growth.

Cloud-based public key infrastructure (PKI) is also expected to register the highest CAGR over the foreseen period. This is because it helps the service provider to handle ongoing maintenance of PKI while making certain scalability and significant availability, providing a hassle-free, efficient service. As a result, the growing focus on better scalability among enterprises is expected to promote a segmental growth rate during the forecast period. However, the on-premises segment accounts for a significant share in the overall public infrastructure market. This can be acknowledged to factors, including better security and reduced cost of ownership compared to the cloud system, which may drive the market growth worldwide.

Insight by End-Use

The BFSI segment is projected to gain a larger share in the global industry due to the rise in the implementation of public key infrastructure in banking processes because of the rise in the volume of sensitive and private financial data. In addition, public key infrastructure (PKI) is also gaining wide popularity in banking since it easily incorporates with the existing banking system and helps firms in streamlining complex business processes. It usually simplifies through providing improved security and enhanced turnaround time for onboarding a customer. Therefore, these factors are anticipated to promote market growth across the BFSI vertical.

On the contrary, the government & defense segment is projected to register a significant growth rate in the overall market. Factors such as the growing data volume in the government sector, along with the growing focus of government organizations to securely manage customers’ data, are likely to act as a key factor for driving market growth worldwide.

Geographic Overview

Geographically, North America dominated the global market in 2020 and is estimated for the major revenue share on account of the early adoption of public key infrastructure (PKI)across businesses and industry verticals for managing tasks effectively.

Moreover, businesses in this region are increasingly deploying PKI solutions to enable data security, avoid commercial espionage and cyber-attacks, and ensure security and confidentiality of data to facilitate business continuity. In addition, the region has a large pool of market vendors with large operations and customer bases, therefore, creating better availability of such solutions in the region.

For instance, in October 2020, Venafi unveiled a cloud-based “Venafi Zero Touch PKI”. This can eliminate or minimize the security risks of the currently available PKI solutions, enabling sufficient security and integrity. Such initiative is further responsible for the high adoption of public key infrastructure (PKI) in the region.

Moreover, Asia-Pacific is projected to witness a considerable growth rate during the forecast period. Nowadays, many Asian countries have undertaken transformation initiatives across government and enterprises. The growth of industries, particularly the retail and banking sector, gaining massive momentum of transformation strategies that further creates lucrative demand for meta management tools. For instance, as per the National Bureau of Statistics of China, the online retail sales in China estimated around US$ 1.33 trillion (over 9.0 trillion yuan) in 2018, signifying an increase of more than 23.9% compared with 2017. This, in turn, is creating a huge prospect for market growth in emerging nations, including China, India, and Japan.

Competitive Insight

Some of the major players operating in the global market include Airbus S.A.S., Amazon Web Service, Ascertia, Comodo Group, DigiCert, Docusign, Enigma, Entrust Datacard, Google, HID Global, IBM, Lexmark international, Microsoft, Nexus Group, Signix, Thales, Verisign.

Public Key Infrastructure (PKI) Market Report Scope

Report Attributes

Details

Market size value in 2021

USD 3.96 billion

Revenue forecast in 2030

USD 19.34 billion

CAGR

20.4% from 2022 - 2030

Base year

2021

Historical data

2018 - 2020

Forecast period

2022 - 2030

Quantitative units

Revenue in USD billion and CAGR from 2022 to 2030

Segments covered

By Component, By Deployment Type, By End-Use, and By Region

Regional scope

North America, Europe, Asia Pacific, Latin America; Middle East & Africa

Key Companies

Airbus S.A.S., Amazon Web Service, Ascertia, Comodo Group, DigiCert, Docusign, Enigma, Entrust Datacard, Google, HID Global, IBM, Lexmark international, Microsoft, Nexus Group, Signix, Thales, Verisign.

Key Take-Away
Polaris Market Research
Global Public Key Infrastructure (PKI) Market Size Report, 2022 - 2030