Public Key Infrastructure Market size worth over $7bn by 2027
Published Date: April 14, 2021 Authors: Preeti Wadhwani, Smriti Loomba
Public Key Infrastructure (PKI) Market size is set to surpass USD 7 billion by 2027, according to a new research report by Global Market Insights, Inc.
The market growth is attributed to a growing emphasis on cybersecurity and encryption for communication between client and server. The need to manage Wi-Fi authentications, web application authorizations, VPN authentication, and e-mail security is driving the demand for PKI solutions & services. The advanced encryption capabilities of PKI solutions are fuelling adoption across enterprises, supporting the market expansion.
The increasing emphasis on digital documents and electronic transactions across the globe will propel the growth of the market
The public key infrastructure market is expected to showcase 15% growth rate till 2027 due to expansive digitization and the need to secure digital information. PKI solutions & services are adopted by enterprises to manage the complex ecosystem of devices and applications. With the growing popularity across industries, enterprises across the market are focused on new product developments.
Need for flexibility in administrating enterprise infrastructure authorization across enterprises is poised to drive the market demand for PKI services
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The service segment will account for 25% of the public key infrastructure market share by 2027 owing to the flexibility and additional encryption capabilities. PKI services help companies with the flexibility to manage certificate authorities and digital certificates for both internal & external users. It also assists enterprises in administrating infrastructure certificates as per organization policies. An expansive number of entities including servers, browsers, etc., and the need for sophisticated access certificates will further boost the demand for PKI services.
Extended scalability and consistent performance capabilities of on-premise PKI solutions are predicted to influence the market value
The on-premise deployment segment in the public key infrastructure market is witnessing steady growth during the forecast timeline. Enterprises with trained & dedicated workforce proactively manage PKI solutions & services across the on-premise infrastructure. Companies processing sensitive information are required to ensure robust procedures and policies across secure facilities. The demand for failover technology and consistent operations across infrastructure is contributing to the market from on-premise deployment.
Browse key industry insights spread across 250 pages with 384 market data tables and 30 figures & charts from the report, “Public Key Infrastructure 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” in detail along with the table of contents:
Favorable government initiatives and growing digitization to impel the market revenue across SMEs
The SMEs segment is estimated to attain a CAGR of 15% through 2027. Government authorities across geographies are making sufficient efforts to support economic growth across SMEs. For instance, in February 2020, the Government of China unveiled supportive policies to support the economic growth of SMEs with operational processes. The launched policies include subsidies, social security, and finance. In addition, SMEs are also transitioning to digital infrastructure and are anticipated to contribute to the overall industry growth.
The IT & telecom segment is set to grow significantly in the public key infrastructure market
IT & telecom application will observe substantial growth led by the growing demand to secure sensitive enterprise information and reduce cyber risks. Several enterprises operating in the market are also emphasizing on delivering secure solutions to IT enterprises. For instance, in March 2021, Thales Group launched Luna hardware security modules integrated with double key encryption for Microsoft 365. This integration allows employees to manage encryption keys and protect cloud-based data. The launch helped the company to differentiate itself in the market by offering innovative encryption solutions.
Growing popularity of PKI solutions and the rising demand to secure enterprise sensitive data in the APAC region are enabling the market growth opportunities
Asia Pacific public key infrastructure market will reach over USD 1.5 billion by 2027 on account of extensive penetration of smartphones and rising remote office conditions. Enterprises operating in the region are serving end-users across industries with advanced PKI solutions. For instance, in February 2020, Thales Group provided its Cloud Hardware Security Modules (HSM) and Key Management solutions to Fujitsu Limited. This helped Fujitsu to provide a highly secure & convenient end-to-end service for enterprise PKI.
Focus on portfolio innovation and expansion by key players to augment the market share
Some of the key players operating in the market 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. These companies are focusing on portfolio innovations with the delivery of additional functional capabilities.