The global public key infrastructure (PKI) market size is expected to reach USD 19.34 billion by 2030 according to a new study by Polaris Market Research. The report “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” gives a detailed insight into current market dynamics and provides analysis on future market growth.
Significant growth factors of the market consist of growing adoption of data management and security solutions, increasing business data volume, and rise in adoption of IoT technology and cloud computing are the few factors projected to drive the industry growth during the forecast period. Moreover, the rising concerns over securing enterprise Intellectual Property (IP) assets, coupled with the growing trend of Bring Your Own Devices (BYOD) among enterprises. Thus, the rise in implementation of infrastructure across enterprises coupled with the government initiatives to enhance the digital initiatives is the few factors amplifying the scope of the industry.
Based on the end-user segment, the BFSI segment is witnessing a dominant share in the global industry. This is due to the BFSI sector is the most legalized as it has to conform with various security requirements. However, the government & defense segment is projected to grow at the fastest CAGR during the forecast period, owing to growing data theft incidences in public companies.
North America is anticipated to lead the market in terms of revenue share around the globe, owing to the rising government support to promote digitalization to expand the accessibility of resources, along with the wide presence of business enterprises and industry vendors in the region. At the same time, Asia-Pacific is projected to register the highest growth rate/CAGR during the forecast period. The increasing case data thefts and growing focus on data security along with growing technological infrastructure in emerging nations such as China and India are some integral factors that may contribute towards the higher industry demand in the Asia-Pacific region.
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Major participants such as Thales, Verisign, Comodo Group, Entrust Datacard, DigiCert, Lexmark international, Docusign, Airbus S.A.S., IBM, Microsoft, HID Global, Amazon Web Service, Google, Enigma, Signix, Ascertia, and Nexus Groupare some of the key players operating in the global industry.
The major players are likely to emphasize developing their product line and undertake expansion by acquiring business and technologies to mark their global footprint in the unreached industry. For instance, in September 2021, AppViewX introduced its next-generation machine identification platform as a service, which consolidates security information and simplifies PKI solutions. Similarly, in May 2021, DigiCert was selected by the Telecom Infra Project (TIP) to deliver PKI-based security services across the world for TIP's OpenWiFi platform. Such initiatives will drastically contribute towards the higher growth of the global industry.
Polaris Market Research has segmented the public key infrastructure (PKI) market report on the basis of component, deployment type, end-use, and region:
Public Key Infrastructure (PKI), Component Outlook (Revenue - USD Billion, 2018 – 2030)
Public Key Infrastructure (PKI), Deployment Type Outlook (Revenue - USD Billion, 2018 – 2030)
Public Key Infrastructure (PKI), End-Use Outlook (Revenue - USD Billion, 2018 – 2030)
Public Key Infrastructure (PKI), Regional Outlook (Revenue - USD Billion, 2018 – 2030)