Public Key Infrastructure (PKI) Market to Touch USD 20.38 Billion in 2030 on Account of Rising Cybersecurity Threats and Increasing Cloud Adoption | Research by SNS Insider

Based on SNS Insider’s research, the public key infrastructure (PKI) market is witnessing significant growth due to the increasing need for secure digital communication, data protection, and compliance with evolving regulations.

Pune, Oct. 02, 2023 (GLOBE NEWSWIRE) -- “The SNS Insider report predicts that the Public Key Infrastructure (PKI) Market will experience a robust compound annual growth rate (CAGR) of 20.1% between 2023 and 2030, projecting a growth in market value from USD 4.71 billion in 2022 to USD 20.38 billion in 2030.”

Market Overview

Public Key Infrastructure (PKI) is a comprehensive framework used to establish and manage secure electronic communication and transactions in the digital world. It plays a pivotal role in ensuring the confidentiality, integrity, and authenticity of data exchanged over computer networks, such as the internet. PKI ensures the confidentiality of data through encryption, making it extremely difficult for unauthorized parties to intercept and decipher messages. PKI enables strong authentication, ensuring that parties involved in a transaction are who they claim to be. Digital certificates provide this trust.

Market Analysis

The Public Key Infrastructure (PKI) market is poised for significant growth in the coming years due to several key drivers that are shaping the cybersecurity landscape and the increasing need for secure digital communication and data protection. The proliferation of cyber threats, including data breaches, ransomware attacks, and identity theft, has raised awareness about the importance of robust security measures. PKI provides a secure framework for authentication and data encryption, making it a crucial component in defending against cyberattacks. Governments and industry regulators worldwide are introducing stringent data protection and privacy regulations, such as GDPR in Europe and CCPA in California. Compliance with these regulations often requires the use of PKI to secure sensitive data and ensure the privacy of individuals.

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Key Players Listed in this Report are:

The Major players are Google LLC, Thales Group, Digicert, Inc., Microsoft Corporation, Wisekey Incrypt, HID Global, International Business Machines Corporation, Softlock,, Enigma Systemy Ochrony Informacji Sp. Z O.O., Amazon Web Services, Inc., Hid Global Corporation, Blue Ridge Networks, LAWtrust, and others players

Public Key Infrastructure (PKI) Market Report Scope:

Report AttributesDetails
Market Size in 2022US$ 4.71 Bn
Market Size by 2030US$ 20.38 Bn
CAGRCAGR of 20.1% From 2023 to 2030
Base Year2022
Forecast Period2023-2030
Historical Data2019-2021
Key Regional CoverageNorth America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America)

Key Takeaway from Public Key Infrastructure (PKI) Market Study

  • In the ever-evolving landscape of cybersecurity, the Cloud segment is poised to emerge as a dominant force in the market. As businesses increasingly shift their operations to cloud-based environments, the need for robust security measures has become paramount. PKI, with its ability to secure data transmission and authenticate users, is a key enabler in this regard.
  • Within the PKI market, the BFSI segment is set to exert significant influence. Banking, financial services, and insurance companies are among the most critical custodians of sensitive customer information and financial transactions. PKI technology offers an advanced level of encryption and authentication, making it indispensable for securing online banking transactions, customer records, and communications.

Recent Developments

  • PQShield, a pioneering company at the forefront of quantum cryptography, has recently secured an impressive $20 million in funding to advance its groundbreaking work in securing our digital future against the looming threat of quantum computers. This substantial injection of capital underscores the growing recognition of the critical role quantum-safe cryptography will play in safeguarding our digital infrastructure.
  • PKI Solutions, a renowned leader in the field of Public Key Infrastructure (PKI), has just unveiled the latest version of their flagship product, PKI Spotlight. This cutting-edge release promises to further revolutionize the way organizations manage and secure their digital identities and cryptographic keys.

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Market Dynamics Analysis

The public key infrastructure (PKI) market is undergoing dynamic changes driven by a confluence of factors. On the driver's side, the ever-increasing concerns about data security and privacy are propelling the demand for robust PKI solutions. The surge in online transactions, remote workforces, and IoT adoption necessitates a secure framework for authenticating and encrypting data, bolstering the growth of the PKI market. Moreover, stringent regulatory requirements and compliance standards, such as GDPR and HIPAA, are compelling organizations to invest in PKI to ensure data integrity and secure communication channels. However, alongside these drivers, several restraints and challenges loom large. The complexity of implementing PKI solutions, along with the associated costs and resource requirements, can be daunting for smaller businesses. Additionally, interoperability issues between different PKI systems can create hurdles for seamless integration, hampering market growth. Threats to the PKI market include the potential for security breaches and vulnerabilities in the underlying infrastructure, which can erode trust in the system. Furthermore, the misuse of digital certificates, whether through malicious intent or negligence, can undermine the credibility of PKI as a whole.

Public Key Infrastructure (PKI) Market Segmentation:

By Component

  • Hardware Security Modules (HSM)
  • Solutions
  • Services

By Deployment mode

  • Cloud
  • On-Premises

By services

  • Professional
  • Managed

By Organization Size

  • Large Enterprises
  • SMEs

By Vertical

  • BFSI
  • Government and Defense
  • IT and Telecom
  • Retail
  • Healthcare
  • Manufacturing
  • Others

Key Regional Developments

North America remains a significant player in the public key infrastructure (PKI) market, driven by the United States' strong presence in cybersecurity and technology innovation. The region has a well-established PKI ecosystem, with numerous certificate authorities and PKI solution providers. The adoption of PKI in North America is fueled by stringent data protection regulations, such as the Health Insurance Portability and Accountability Act (HIPAA) and the Payment Card Industry Data Security Standard (PCI DSS). Europe is another key market for PKI solutions, characterized by a mix of regulations and standards across different countries. The General Data Protection Regulation (GDPR) has had a significant impact on data security practices, making PKI an essential component of compliance efforts. The Asia-Pacific region is witnessing rapid growth in the PKI market due to expanding digital economies and increased awareness of cybersecurity threats. Countries like China, India, Japan, and South Korea are investing heavily in PKI infrastructure to secure their digital ecosystems.

Impact of Recession on Public Key Infrastructure (PKI) Market Growth

The impact of an ongoing recession on the public key infrastructure (PKI) market is complex and multifaceted. While budget constraints and cost-cutting measures may temporarily slow down PKI adoption, the increasing importance of cybersecurity and regulatory compliance, as well as evolving work trends like remote work and cloud adoption, can drive sustained demand for PKI solutions. It's crucial for PKI vendors to adapt to the changing economic landscape and provide value-added, cost-effective solutions to meet the diverse needs of organizations during these challenging times.

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Table of Contents

1. Introduction

2. Research Methodology

3. Market Dynamics

4. Impact Analysis

5. Value Chain Analysis

6. Porter’s 5 forces model

7. PEST Analysis

8. Public Key Infrastructure (PKI) Market Segmentation, By Component

9. Public Key Infrastructure (PKI) Market Segmentation, By Deployment Mode

10. Public Key Infrastructure (PKI) Market Segmentation, By services

11. Public Key Infrastructure (PKI) Market Segmentation, By Organization Size

12. Public Key Infrastructure (PKI) Market Segmentation, By Vertical

13. Regional Analysis

14. Company Profile

15. Competitive Landscape

16. USE Cases and Best Practices

17. Conclusion

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