Public Key Infrastructure (PKI) Market - By Latest Trends, Technological Advancement, Driving Factor And Forecast until 2032

Market Analysis:

Market Research Future (MRFR) predicts the global Public Key Infrastructure (PKI) Market is projected to grow from USD 4.38 Billion in 2023 to USD 21.14 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 21.74% during the forecast period (2023 - 2032).

The Public Key Infrastructure is a technological advancement used in the field of digitalization to support the purpose of the user and device authentication. It consists of a collection of hardware, software policies, roles, and a process used to create, manage, and distribute digital certificates and certify that a particular cryptographic own by the user. It serves as virtual proof of identification. It is widely used in the IT and telecommunications industries, retail and e-commerce, financial services, and many other fields.

Rising market demand for digital certificates to allow businesses to encrypt data, digitally sign certificates, and authenticate users is expected to drive industry development. Increasing digitalization in various industries has resulted in a greater need for digital authentication to protect enterprise infrastructure. The growing market demand to reduce the cost of authentication processes in various industries such as banking, healthcare, and e-commerce is driving the rapid adoption of public-key encryption solutions.

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Key Players:

Key Companies in the Public Key Infrastructure (PKI) market include,

• Verisign Inc. (u.s.)
• Comodo group inc. (u.s.)
• sign (Belgium)
• Assa Abloy group (Sweden)
• Ascertia (u.s.)
• Lexmark international inc. (u.s.)
• Docusign Inc (u.s.)
• Signix (u.s.)
• Godaddy Inc. (u.s.)
• Entrust Datacard Corporation (u.s.)

COVID-19 Impact on the Global Public Key Infrastructure (PKI) Market

The COVID-19 pandemic has brought forth the glaring gaps in cybersecurity in major companies. The transition to digital transformation, as well as the need for public key infrastructure for management of public keys, can present a lucrative opportunity for solution providers. Investments in security solutions, as well as the acceleration of work-from-home connections, have increased the need for reliable certificates and keys.

Market Segmentation:

The global public key infrastructure (PKI) industry has been segmented into solution, deployment, and end-users. 

By solution, the global public key infrastructure (PKI) market has been segmented into secure roaming, self-registration, enrolment of services, PIN authentication, inventory of digital identities.

By deployment, the global public key infrastructure (PKI) market has been segmented into on-premise, cloud-based.

By end-users, the global public key infrastructure (PKI) market has been segmented into BFSI, retail, manufacturing, education, government, human resources, health and life sciences, aerospace and defense, others.

Regional Analysis:

By region, the global public key infrastructure (PKI) market has been segmented into North America, Europe, Asia Pacific, and the rest of the world. 

Because of the growing use of PKI for safe transactions, the market in North America is projected to account for a significant share of the target market in terms of revenue. Furthermore, early adoption of PKI services and solutions, as well as the presence of major players in the countries in the region, is a primary factor influencing growth in the North American public key infrastructure market. The APAC market is expected to witness a significant growth rate in the global market.

Summary

The global public key infrastructure (PKI) market size is anticipated to expand at 21.12% CAGR from 2018-2023 (forecast period). Public key infrastructure (PKI) enables network users and others to use secure communications by using cybersecurity technology encryption and digital signature services. The public key infrastructure ensures secure email communication, safe money transactions, and the confidentiality of data exchanged between users via websites. Public key infrastructure is built on asymmetric cryptography, consisting of two types of keys: the public and private keys. The public key asymmetric cryptography is accessible to everyone in the group who has the same key, while the private symmetric cryptography key is confidential and can only be obtained by an authorized individual.

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Public Key Infrastructure (PKI) Industry Developments:

January: The European Union (EU) announces plans to introduce a new regulation for electronic identification and trust services (eIDAS). The new regulation is expected to boost the adoption of PKI in the EU.

February: The US government announces a new initiative to promote the use of PKI in government agencies. The initiative is part of the Biden administration's efforts to improve cybersecurity across the federal government.

March: The World Economic Forum (WEF) releases a report on the future of PKI. The report identifies the key trends that are shaping the future of PKI, including the rise of cloud computing, the increasing use of mobile devices, and the growing threat of cybercrime.

April: The International Organization for Standardization (ISO) publishes a new standard for PKI. The standard, ISO/IEC 18013-5, provides guidance on the use of PKI for electronic signatures.

May: The US Department of Defense (DoD) announces plans to implement a new PKI system. The new system is expected to improve the security of DoD communications and data.

June: The Cloud Security Alliance (CSA) releases a report on the use of PKI in the cloud. The report identifies the key security challenges associated with using PKI in the cloud, and provides recommendations for mitigating these risks.

July: The European Telecommunications Standards Institute (ETSI) publishes a new standard for PKI. The standard, ETSI TS 103 189, provides guidance on the use of PKI for machine-to-machine (M2M) communications.

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