Public Key Infrastructure Market size is anticipated to reach USD 20 billion by 2032, according to a new research report by Global Market Insights Inc.
The proliferation of IoT devices across various industry verticals and the upsurge in cyberattacks as the chief drivers of the PKI business trends. Additionally, supportive regulations pertaining to cybersecurity and data privacy compliances, such as PCI DSS, Sarbanes Oxley Act, and HIPAA, are boosting industry growth. Cybercrimes, including phishing, hacking, online identity theft, and ransomware attack, are drastically increasing, which is set to fuel the need for effective cybersecurity solutions, thereby supplementing industry expansion.
Surging use of cloud computing to enhance PKI services demand
The service segment held approximately 30.5% of the public key infrastructure market revenue share by 2032. The soaring popularity of cloud computing is stimulating the demand for public key infrastructures, which is impelling the utilization of managed services. Furthermore, the emergence of Software-as-a-Service and Platform-as-a-Service is also speculated to contribute to segment growth.
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Strict guidelines by organizations to favor professional service segment
The professional service segment is slated to progress around 24% growth rate between 2023 and 2032. Service providers help customers solve problems associated with the deployment, installation, maintenance, and consulting of PKI services. In light of the booming requirement for professional PKI services, firms also make customers follow rules and guidelines to maintain the standards for efficient operations, which is forecast to support segment outlook.
Browse key industry insights spread across 200 pages with 386 market data tables and 42 figures & charts from the report “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”, in detail along with the table of contents:
Cost-effective implementation to augment cloud deployment of PKI
The cloud segment accounted for more than 25% of the market revenue share in 2022 on account of the high adoption rate of cloud-based PKI owing to its cost benefits by eliminating additional component integrations. The cloud computing architecture is integrated within the PKI solution and includes installation and configuration steps that are required before user provisioning occurs.
Growing frequency of data transfers to accelerate product uptake in large enterprises
The large enterprises segment exceeded USD 1.5 billion in 2022 and is poised to grow significantly due to extensive customer reach and geographical presence. Thus, large enterprises invest heavily in their IT infrastructure facilities to stimulate business operations. Moreover, the increasing adoption of Bring Your Own Devices (BYOD) across large-scale companies is propelling the public key infrastructure market growth.
Rising concerns regarding data safety to foster PKI implementation in manufacturing applications
The deployment of PKI for the management of data transfer in the manufacturing sector is primed to remain high through the coming years. The manufacturing segment surpassed USD 255 million in 2022. The segment growth is attributable to strong cybersecurity concerns among OEMs about safeguarding their databases and connected devices in production processes. The inclusion of PKI solutions enables manufacturers to embed high-assurance secure identity across the IoT device lifecycle.
Swelling popularity of modern technology to favor Middle East & Africa industry
The Middle East & Africa public key infrastructure market is projected to expand at over 23% CAGR from 2023 to 2032. The region may emerge as a major hub for this industry led by the mounting adoption of modern technologies, such as AI and machine learning. This makes devices connected to smart technologies susceptible to new security risks, which is pushing regional industry expansion. A positive approach towards PKI to secure communication among devices and encrypt data integrity in the smart city ecosystem is also bolstering the regional statistics.
Lucrative acquisitions and mergers to remain a key growth strategy
Ascertia, IBM Corporation, Microsoft Corporation, Verisign Inc., ACTAVIS S.p.A., SSL, Inc., and DocuSign are some major companies operating in the public key infrastructure business. These participants are expected to witness a series of strategic approaches, such as acquisitions, product takeover, and collaborations.