Public Key Infrastructure (PKI) Market Analysis

Public Key Infrastructure Market Analysis

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.

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.

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.

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.

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.

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.