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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), COVID-19 Impact Analysis, Growth Potential, Regional Outlook, Competitive Market Share & Forecast, 2023 – 2032

  • Report ID: GMI3727
  • Published Date: Nov 2022
  • Report Format: PDF

Industry Analysis           

Public Key Infrastructure Market size surpassed USD 3 billion in 2022 and is anticipated to grow at around 20% CAGR from 2023 to 2032.
 

Surging data storage and transmission operations have proliferated the demand for public key infrastructure. Many small and medium-sized enterprises are increasingly transitioning from on-premises infrastructure to cloud platforms to cut down on operational costs and elevate return on investments. Thus, the risk of data theft and unauthorized access to data has impelled the demand for encryption of digital information stored on cloud platforms, which is foreseen to drive the PKI market expansion.
 

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Moreover, in recent years, Bring Your Own Devices (BYOD) has become a prominent policy in enterprises to increase firm agility. PKI solutions secure data on employee devices and provide security over passwords and biometric authentication. Leading enterprises, including Google, Facebook, Twitter, and more, are extensively using advanced encryption solutions to secure employee devices, thereby augmenting the market scenario.
 

Increased need for substantial data security to push PKI solutions adoption

The solution segment is anticipated to witness about 21% growth rate through 2032. PKI solutions offer multiple features, along with a trusted connection between cloud services, networked devices, and smart infrastructure. Furthermore, the growing requirement for ensuring smooth compliance with data security in enterprises is also estimated to impact segment share.
 

Lack of awareness regarding PKI may restrain PKI industry progression

Limited knowledge regarding PKI solutions is a major factor bolstering public key infrastructure market statistics. Lack of access to public key infrastructure technology and partial awareness are restricting enterprises from implementing encryption to enhance data protection and safety, thereby increasing the complexity of encryption key management. Many organizations are hesitant to deploy encryption key management solutions due to the fear of losing encryption keys, leading to insecure key storage.
 

Cost-effectiveness to accelerate demand for PKI in SMEs

The small and medium-sized enterprises segment accounted for over 40.5% of revenue share in 2022. Several advantages offered by PKI solutions, including cost-effectiveness, scalability, and reduced integration complexity, are helping SMEs provide services & solutions to leading organizations.
 

Solution customization to help on-premise segment traction

The public key infrastructure market revenue from the on-premise segment was worth more than USD 2 billion in 2022. In an on-premises environment, the PKI resources are utilized in-house and within an enterprise’s network infrastructure. The PKI controls and manages in-house resources and provides solution customization as per enterprise infrastructure and business requirements, which is likely to support segment expansion.
 

Prominent R&D programs to define the healthcare segment landscape

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The healthcare segment is slated to hold nearly 20.5% of the market share by the end of 2032 on account of the multiple technological challenges, such as cybersecurity, changes in medical service demands, and the increasing number of healthcare devices in the industry. Additionally, the rising adoption of connected healthcare devices is boosting product demand in the healthcare sector.
 

Frequent cyberattacks to stimulate product uptake in Asia Pacific

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The Asia Pacific public key infrastructure market is poised to depict above 25% growth up to 2032. The region observes increased frequency & sophistication of cyberattacks owing to weak cyber-mitigation efforts propelled by various government initiatives to expedite digital transformation. Developing countries, including China, India, and Singapore, are also introducing several cybersecurity policies and reforms to ensure data protection, which is predicted to fuel the regional market.
 

Rigorous innovations in the field to strengthen the PKI market outlook

IBM Corporation, Securemetric, Ascertia, Comodo, DigiCert, Inc., Microsoft Corporation, Assa Abloy Group (HID Global), Verisign Inc., ACTALIS S.p.A., SSL, Inc., DocuSign Inc., Enigma Systemy Ochrony Informacji Sp. z o.o., eMudhra Limited, Futurex, Nexus Secured Business Solutions AB, Gemalto (Thales Group), Entrust Corporation, GlobalSign Ltd., SIGNiX, Inc., and WISEKEY International Group, among others, are some of the key players operating in the public key infrastructure market. These companies majorly focus on innovating new solutions, expanding their customer base, and strategic mergers & acquisitions to improve their market presence.
 

Impact of COVID-19 on the market trends

The emergence of COVID-19 posed a threat to the working environment due to disruptions in the supply chain and higher input costs. However, a lack of skills, resources, and access to on-premise solutions hampered online safety. These factors played an important role in the PKI market growth during the pandemic, increasing the deployment of PKI to support the remote working infrastructure. Meanwhile, rapid digital transformation encouraged cyberattacks, prompting enterprises to adopt such solutions, augmenting business development.
 

This public key infrastructure (PKI) market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2018 to 2032, 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 market size of public key infrastructure crossed USD 3 billion in 2022 and is set to progress at over 20% CAGR between 2023 and 2032 on account of the rising number of cyberattacks and significant initiatives to strengthen cybersecurity across the globe.
The healthcare segment is slated to hold around 20.5% of the PKI market share by 2032 owing to several technological challenges such as cybersecurity and changes in medical service demands.
The on-premise segment surpassed USD 2 billion in 2022 attributed to its ability to control and manage in-house resources and provide customized solutions as per enterprise infrastructure requirements.
The Asia Pacific public key infrastructure market is foreseen to expand at more than 25% growth rate through 2032 because of the increased frequency & sophistication of cyberattacks due to weak cyber-mitigation efforts in the region.

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Premium Report Details

  • Base Year: 2022
  • Companies covered: 20
  • Tables & Figures: 428
  • Countries covered: 22
  • Pages: 200
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