Wide applicability of public key infrastructure due to growing number of cyber fraud attempts is expected to push the global public key infrastructure market forward. However, high installation and maintenance costs associated with public key infrastructure might restrain market growth. Nevertheless, rising awareness regarding data privacy amongst users is projected to open up new growth opportunities for the market in the coming period.
The global public key infrastructure market is predicted to gather $14.49 billion by 2030. The market accounted for $1.40 billion in 2020 and is set to grow at a CAGR of 26.5% during the 2021-2030 period.
PKI has a wide range of applications in message encryption and is preferred for modern IoT communication systems in many industrial and domestic applications, thereby providing high-grade encrypted messages, which is estimated to propel the public key infrastructure market growth.
The presence of several PKI vendors and the growing implementation of PKI solutions to detect & prevent threats at their early stages are set to propel the market growth. Moreover, with increasing use of the web for several purposes, including business, there has been rising instances of malware and file-based attacks. This is expected to drive the public key infrastructure market forecast. In the UK, the cloud deployment model is predicted to showcase rapid rate of growth through 2027 on account of rising adoption of cloud platforms across enterprises. Enterprises are shifting their workload to cloud platforms. Cloud-based encryption solutions provide an additional layer of security to mitigate vulnerabilities. It also allows enterprises to scale back the general operation costs of enterprise cyber security
Key players in the public key infrastructure market:
Some of the key companies operating in the PKI industry are Thales, Entrust Datacard, Digicert, Manageengine, Microsoft, Hid Global, Google, Amazon Web Services, Appviewx, and Venafi
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Segmental review of the public key infrastructure market:
Based on component, the services segment is anticipated to have the largest CAGR of 28.7% during the analysis period. The support offered by different services for the right functioning of software solutions will boost the market’s growth. On the other hand, the hardware security modules segment accounted for the largest market share in 2020 due to growing complexity of data security threats.
Based on region, the North America public key infrastructure market accounted for the highest market share in 2020 due to adoption of various data security compliance measures by different enterprises of this region. On the other hand, the Asia-Pacific public key infrastructure market is predicted to rise at a CAGR of 28.1% during the analysis timeframe. The extensive rate of adoption of public key infrastructure solutions due to the growing incidence of malware attacks is expected to play a huge role in the growth of the market in this region.
The services segment is estimated to emerge as the fastest growing segment, and includes various services that are required to deploy, execute, and maintain the PKI in a corporation. PKI supported services are further classified into professional services and managed services. Services within the PKI market become critical as they supply support for the right functioning of software solutions. Various vendors within the market are focusing on delivering specialized services to assist organizations with running of business processes.
Based on deployment mode, the cloud segment accounted for the highest market share in 2020 due to increasing shift in deployment model towards cloud-based solutions. However, the on-premise segment is predicted to showcase the highest CAGR of 28.7% in the 2021-2030 period.
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