Pune, India, April 11, 2019 (GLOBE NEWSWIRE) -- Market Research Future (MRFR)’s analysis indicates that the global public key infrastructure (PKI) market is expected to strike a CAGR of 21.12% over the forecast period of 2018 to 2023. The study further highlights that the global market is anticipated to reach a valuation of USD 1,987.1 Mn by the end of 2023 from USD 639.1 Mn in 2017. PKI facilitates the deployment of robust security structure for securing communication channels. It helps in managing the public & private keys and digital certifications. An upsurge in the adoption of public key infrastructure is projected for assuring the integrity of the networking environment.
PKIs work in alignment with organizational goals to enhance operational efficiency and scalability. Other key advantages offered by the technology include cost avoidance, reliability, and authentication which are poised to propel the expansion of the public key infrastructure market. In addition, the skyrocketing need for securing intellectual properties is likely to expedite the growth pace of the PKI market in the years to come.
PKIs leverage complex algorithms that slow down the encryption time for massive amounts of data. Although this remains an impediment to market growth, the commercialization of 5G networks is anticipated to revolutionize the growth pattern of the market over the next couple of years. Also, the developments in the IoT technology are forecasted to have a positive influence on the future trajectory of the PKI market.
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Market Segmentation:
This MRFR report offers a detailed segmental analysis of the global public key infrastructure market based on solution, deployment, and end-users. By solution, the market has been segmented into enrolment deployment, PIN authentication, secure roaming, inventory of digital identities, self-registration, and others. Rapid developments in the market have unleashed opportunities for the growth of different PKI solutions. This, in turn, is expected to drive the growth of the market and its segments over the next couple of years.
The public key infrastructure market, by deployment, has been segmented into cloud-based and on-premise. The growth curve of the cloud-based segment is projected to exhibit a steeper rise during the forecast period. The segment is likely to retain its dominance and thrive at 21.91% CAGR across the review period.
By end-user, the PKI Market has been segmented into healthcare & life sciences, aerospace & defense, human resources, manufacturing, government, BFSI, retail, education & research, and others. The government segment is anticipated to hold the lion’s share of the market closely trailed by the aerospace & defense segment. The towering demand for securing sensitive government information has been prognosticated to catalyze market growth. Meanwhile, the BFSI segment resonates immense growth potential and is poised to expand at a higher CAGR of 23.84% over the assessment period.
North America Expected to Thrive at 20.71% CAGR over the Assessment Period
The global public key infrastructure (PKI) market, by region, has been segmented into North America, Europe, the Middle East & Africa (MEA), South America and Asia Pacific (APAC). North America is the largest market for public key infrastructure and is anticipated to secure its pole position across the review period. The growth strategies implemented by the major players incorporated in the region is presumed to boost the growth pattern of the market.
Asia Pacific trails North America in terms of market size and is expected to mark a relatively higher CAGR of 23.38% during the assessment period. China is the largest country-level market and is estimated to value at USD 215.15 Mn towards the end of 2023. Other major country-level markets of the region are Japan and India.
Key Players:
The noted players operating in the global public key infrastructure market are Assa Abloy Group, DocuSign Inc, SIGNiX, Comodo Group Inc., VeriSign Inc., Entrust Datacard Corporation, Ascertia, Gemalto NV, GlobalSign, GoDaddy Inc., and Lexmark International Inc.
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Latest Industry News:
- A leading Swiss-based cybersecurity and IoT company, WISeKey International Holding Ltd., participated in Europe’s leading IoT, AI & Robotics event, SIDO, and showcased its technology.
- WISeKey International Holding Ltd, a pioneer in cybersecurity and IoT, has introduced its WISePrint solutions for protecting the 3D printing industry against counterfeiting.
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