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Public Key Infrastructure (PKI) Market Size By Component (Solution, Service [Professional Service, Managed Service]), By Deployment Model (On-premise, Cloud), By Organization Size (Large Enterprises, SMEs), By Application (BFSI, IT & Telecom, Retail, Healthcare, Manufacturing, Education, Government & Defense), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 – 2027

  • Report ID: GMI3727
  • Published Date: Apr 2021
  • Report Format: PDF

Industry Trends

Public Key Infrastructure (PKI) Market size exceeded USD 2 billion in 2020 and is projected to grow at a CAGR of over 15% between 2021 and 2027. Rising market demand for digital certificates to enable enterprises to encrypt data, digitally sign the certificates, and authenticate users using the certificates is likely to drive the industry growth. Rising digitalization across various industries has resulted in the growing need for the digital authentication process to secure enterprise infrastructure. The rising market demand to reduce the authentication process cost across various sectors such as banking, healthcare, and e-commerce is supporting the surging adoption of public-key encryption solutions.

Public Key Infrastructure (PKI) Market Research Report

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The recent COVID-19 outbreak increased the number of remote workforces accessing various resources of the enterprise from their end-point devices. The increasing need to protect enterprise resources from unauthorized access during the pandemic is positively impacting the PKI market expansion.

Public Key Infrastructure (PKI) is an underlying technology used for creating, storing, managing, and distributing digital certificates. It identifies the authorized user, device, and service to enable control access to the enterprise system and resources. It provides a unique identity to the users, devices, and applications to perform secure end-to-end communication.

PKI solution to dominate the Canada market

Canada PKI Market Size, By Component

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In Canada, the solution segment held more than 75% of the public key infrastructure market share in 2020 due to the rising need to ensure continuous compliance of data security across the enterprise. PKI solutions protect organizations from malware attacks by using digital certificates and public-key encryption. Enterprises are widely adopting the Secure Sockets Layer (SSL) certificate that uses public-key encryption solutions for encryption and authentication. This certificate helps authorized entities to access the enterprise’s resources.

Security benefits offered by the cloud deployment model is driving the UK market revenue

In the UK, the cloud deployment model is expected to showcase growth rate of around 15% through 2027 on account of the rising adoption of cloud platforms across enterprises. Enterprises are shifting their workload to cloud platforms. The cloud-based encryption solutions provide an extra layer of security to mitigate vulnerabilities. It also allows enterprises to reduce the overall operation costs of enterprise cybersecurity.

In China, large enterprises are aggressively migrating toward cloud-based PKI solutions

China PKI Market Size, By Organization Size

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The large enterprises in China generated a market revenue of above USD 70 million in 2020 owing to security requirements in large web infrastructures. Large enterprises have massive digital footprints that require frequent maintenance and upgrades. The evolving cyberattack landscape due to the continuously expanding network endpoints of large organizations is set to fuel the market growth. Major large enterprises use cloud-based public key encryption solutions to gain more control over encryption services.

Significant market demand for PKI solutions is expected across the Indian healthcare industry

In India, the healthcare industry is estimated to witness a CAGR of over 25% till 2027 propelled by the growing acceptance of IoT technology in medical processes. A rise in the number of connected healthcare devices has increased the vulnerabilities of cyberattacks to various sensitive healthcare data. The healthcare sector is witnessing significant loss every year due to vulnerabilities of medical devices. Public key encryption solutions are helping the healthcare industry by securing the authentication of users, systems, and devices.

North America will dominate the PKI market throughout the forecast period

U.S. PKI Market Share

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North America held a major market share of more than 35% in 2020 and is likely to dominate the market through 2027. The growing digitalization has enabled enterprises to expand the accessibility of their resources. Enterprises are deploying PKI solutions to secure their enterprise assets from unauthorized access.

The major utility service providers in the region are using public-key encryption technology to secure their transactions. For instance, the North American Energy Standards Board (NAESB) renewed a contract with GlobalSign, a leading PKI solution provider, to use its digital certificates for online transactions. This initiative helped the NAESB to securely perform online transactions using digital certificates based on the PKI technology.

Continuous upgrades of the existing PKI solutions are a key market strategy adopted by leading market players

Major companies operating in the PKI industry are emphasizing on the continuous upgrading of their encryption solutions to gain a competitive advantage in the market. For instance, in January 2020, DigiCert launched new PKI tools such as IoT Device Manager and Enterprise PKI Manager. These new solutions helped the company to modernize its PKI solution using modern software design & engineering and strengthen its market position.

Some of the public key infrastructure (PKI) market players are ACTALIS S.p.A., Ascertia, Assa Abloy Group (HID Global), Comodo, DigiCert, Inc., DocuSign Inc., eMudhra Limited, Enigma Systemy Ochrony Informacji Sp. z o.o., Entrust Corporation, Futurex, Gemalto (Thales Group), GlobalSign Ltd., IBM Corporation, Microsoft Corporation, Nexus Secured Business Solutions AB, Securemetric, SIGNiX, Inc., SSL, Inc., Verisign Inc., and WISEKEY International Group.

This market research report on public key infrastructure (PKI) includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2016 to 2027 for the following segments:

Market, By Component

  • Solution
  • Service
    • Professional Service
    • Managed Service

Market, By Deployment Model

  • On-premise
  • Cloud

Market, By Organization Size

  • Large Enterprise
  • SMEs

Market, By Application

  • BFSI
  • IT & Telecom
  • Retail
  • Healthcare
  • Manufacturing
  • Education
  • Government & Defense
  • Others

The above information has been provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • UK
    • Germany
    • France
    • Spain
    • Russia
    • Netherlands
  • Asia Pacific
    • China
    • Japan
    • India
    • Australia & New Zealand
    • South Korea
    • Southeast Asia
  • Latin America
    • Brazil
    • Mexico
    • Argentina
    • Colombia
  • MEA
    • South Africa
    • UAE
    • Israel
    • Saudi Arabia
Authors: Preeti Wadhwani, Smriti Loomba

Frequently Asked Questions (FAQ) :

The PKI industry size was over USD 2 billon in 2020 and will expand at 15% CAGR up to 2027 owing to the need for digital certificates by enterprises for functions like encrypting data.

The solution component segment accounted for over 75% of Canada PKI industry share during 2020 and will expand due to higher focus on compliance of data security and protection from malware attacks.

The UK PKI market share from cloud deployment segment could witness around 15% CAGR over 2021-2027 owing to the robust security offered by cloud-based encryption solutions.

North America accounted for over 35% of global PKI industry share during 2020 and will grow further with higher digitalization rate and use of the technology by utility providers.

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Premium Report Details

  • Base Year: 2020
  • Companies covered: 19
  • Tables & Figures: 414
  • Countries covered: 22
  • Pages: 250

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