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Public Key Infrastructure (PKI) Market worth $13.8 billion by 2028 - Exclusive Report by MarketsandMarkets(TM)
Saturday, October 7, 2023
PKI will continue to be used by organisations for secure digital communications, identity management, and data protection in an increasingly linked and digitised world because to its flexibility to adapt to new technologies and security issues
CHICAGO, Sept. 29, 2023 /PRNewswire/ -- The global Public Key Infrastructure Market is estimated to be worth USD 5.5 billion in 2023 and is projected to reach USD 13.8 billion by 2028, at a CAGR of 20.2% during the forecast period, according to a new report by MarketsandMarkets(TM).
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Browse in-depth TOC on "Public Key Infrastructure (PKI) Market"
358 - Tables
56 - Figures
300 - Pages
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Scope of the Report
Report Metrics
Details
Market size available
for years
2017-2028
Base year considered 2022
Forecast period
2023-2028
Forecast units
Value (USD) Million/Billion
Segments Covered
By offering, deployment mode, organization size, application, and vertical
Region covered
North America, Europe, Asia Pacific, Middle East and Africa, and Latin America
Companies covered Thales (France), Entrust Datacard (US), DigiCert (US), ManageEngine (US), Microsoft (US), HID Global (US), Google (US), AWS
(US), AppViewX (US), Venafi (US), Nexus (Sweden), Sectigo (US), Futurex (US), GlobalSign (US), WISeKey (Switzerland),
Cygnacom Solutions (US), Keyfactor (US), SECARDEO GmbH (Germany), Blue Ridge Networks (US), Softlock (Egypt), SSL.com (US),
LAWtrust (South Africa), SecureMetric (Malaysia), Stormshield (France), and Enigma Information Security Systems (US)
The PKI market is being propelled by a convergence of factors in today's digitally connected world. The escalating volume and complexity of cyberattacks have made robust security a paramount concern for organizations, prompting increased demand for PKI's encryption, authentication, and digital signature capabilities. Secondly, regulatory compliance requirements, such as GDPR and HIPAA, mandate secure data handling and encryption, compelling organizations to adopt PKI solutions. The rise of digital transformation initiatives, remote work, and the Internet of Things further fuel the need for PKI to safeguard digital interactions, protect sensitive data, and establish trust in online transactions. As the digital landscape continues to expand and evolve, PKI remains the linchpin for ensuring cybersecurity, making it a pivotal driver in the cybersecurity market.
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By offering, the services segment to register the highest growth rate during the forecast period
The services segment of the PKI market is poised to register the highest growth rate during the forecast period, underlining the critical role of expert services in enabling organizations to harness the full potential of PKI solutions. Implementing and managing PKI can be complex, involving intricate cryptographic processes and security considerations. As cybersecurity threats evolve, organizations recognize the need for specialized expertise in securing digital identities and data. PKI service providers offer invaluable support, consultation, and implementation services to ensure a seamless and secure PKI deployment. Their role extends to customizing PKI solutions to align with the unique infrastructure of each organization, integrating PKI seamlessly into existing systems, and providing managed PKI services to streamline certificate management. Furthermore, PKI service providers play a vital role in ensuring compliance with stringent regulatory standards and industry best practices. Their training and support services empower organizations to maximize the benefits of PKI while maintaining the highest levels of security.
Based on vertical, the healthcare segment is to grow at the highest CAGR during the forecast period
The healthcare sector is poised to experience the highest compound annual growth rate within the PKI market during the forecast period, signaling a significant shift towards robust security and digital trust solutions. Several key factors contribute to this remarkable growth trajectory. The healthcare sector deals with highly sensitive patient data, making data security and patient privacy paramount concerns. PKI's encryption and authentication capabilities provide a robust framework for safeguarding electronic health records, ensuring the integrity of medical data, and enabling secure sharing of patient information among healthcare providers. The COVID-19 pandemic has accelerated the adoption of telemedicine and remote healthcare services. The need for secure and trusted digital identities and communications has surged as the healthcare industry increasingly relies on digital platforms for remote consultations, diagnosis, and patient monitoring. PKI plays a pivotal role in enabling secure telehealth services, ensuring that patient data remains confidential and unaltered during remote interactions.
North America to hold the largest market share during the forecast period.
North America holds the largest market share during the forecast period in the PKI market, underscoring the region's strong emphasis on cybersecurity, digital innovation, and regulatory compliance. North America is home to many enterprises, financial institutions, healthcare organizations, and government agencies, all of which rely heavily on robust cybersecurity solutions like PKI to protect sensitive data and ensure secure online transactions. The region's recognition of PKI as a fundamental element of cybersecurity strategy drives its substantial market share. The United States, in particular, has a highly developed cybersecurity ecosystem, with numerous cybersecurity companies, research institutions, and government initiatives focused on enhancing digital security. This environment fosters innovation and adoption of advanced PKI solutions to address emerging threats.
Top Key Companies in Public Key Infrastructure (PKI) Market:
The major players in the Public Key Infrastructure Market are Thales (France), Entrust Datacard (US), DigiCert (US), ManageEngine (US), Microsoft (US), HID Global (US), Google (US), AWS (US), AppViewX (US), Venafi (US), Nexus (Sweden), Sectigo (US), Futurex (US), GlobalSign (US), WISeKey (Switzerland), Cygnacom Solutions (US), Keyfactor (US), SECARDEO GmbH (Germany), Blue Ridge Networks (US), Softlock (Egypt), SSL.com (US), LAWtrust (South Africa), SecureMetric (Malaysia), Stormshield (France), and Enigma Information Security Systems (US).
Recent Developments
-- April 2023 - Thales adds new phishing-resistant hybrid authenticators to
its Passwordless Authentication for Microsoft Azure Active Directory
Customers offering.
-- April 2023 - Entrust Introduces Zero Trust Ready Solutions for
Multi-Cloud Key Compliance, Next-Generation HSM, and Passwordless
Authentication
-- January 2023 - A comprehensive digital trust system that combines public
key infrastructure (PKI), certificate management, and certificate
authority (CA) services was introduced by DigiCert. A significant
product launch is Trust Lifecycle Manager, which is currently accessible
as a component of the DigiCert ONE platform.
-- February 2022 - To increase public trust in the cloud, Thales announced
the continuation of its cooperation with Google Cloud. Organizations can
confidently use the Google Cloud Platform (GCP) if the connection is
stronger. The technique known as ubiquitous data encryption, which
combines Thales' Cypher Trust Cloud Key Manager and Google Cloud's
Confidential Computing, is activated. Customers can create and manage
the encryption keys for data sent to Google Confidential Cloud Computing
using the Thales Cypher Trust Data Security Gateway.
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Public Key Infrastructure (PKI) Market Advantages:
-- Using cryptographic techniques to shield data from unauthorised access
and manipulation, PKI offers a solid framework for protecting digital
communications and transactions.
-- Sensitive data is kept private and secure during transmission and
storage because to PKI's data encryption capabilities.
-- Organisations are able to confirm the identity of users and devices
before authorising access to sensitive resources thanks to PKI, which
enables secure user and device authentication.
-- Digital signatures can be created and verified with PKI, protecting the
integrity and legitimacy of electronic documents and transactions.
-- PKI offers non-repudiation, which makes it impossible for participants
to claim they were not involved in a transaction because digital
signatures serve as evidence of validity.
-- Through techniques like S/MIME (encrypt/Multipurpose Internet Mail
Extensions), PKI can encrypt email connections and protect the
confidentiality and integrity of email information.
-- Organisations can authorise access to systems and data based on
certificate validation using PKI-based access controls, which provides
an additional layer of protection.
-- By issuing and managing digital certificates, PKI facilitates identity
management by streamlining user access and account management.
-- PKI offers a secure framework for data protection and identity
verification, assisting organisations in adhering to legal and
compliance standards.
Report Objectives:
-- To define, describe, and forecast the Public Key Infrastructure Market
based on segments based on offering, deployment mode, organization size,
application, and vertical with regions covered.
-- To forecast the size of the market segments with respect to five
regions: North America, Europe, Asia Pacific (APAC), Middle East and
Africa (MEA), and Latin America.
-- To provide detailed information on the major factors (drivers,
opportunities, threats, and challenges) influencing the growth of the
Public Key Infrastructure Market.
-- To analyze each submarket with respect to individual growth trends,
prospects, and contributions to the global Public Key Infrastructure
Market.
-- To analyze opportunities in the market for stakeholders by identifying
high-growth segments of the global Public Key Infrastructure Market.
-- To profile the key market players, such as top and emerging vendors;
provide a comparative analysis based on their business overviews,
product offerings, and business strategies; and illustrate the market's
competitive landscape.
-- To track and analyze competitive developments in the market, such as new
product launches, product enhancements, partnerships, acquisitions, and
agreements and collaborations.
Browse Adjacent Market: Information Security Market Research Reports & Consulting
Browse Other Reports:
Zero-Trust Security Market - Global Forecast to 2028
AML Market - Global Forecast to 2028
Cloud Security Market - Global Forecast to 2028
Managed Security Services Market - Global Forecast to 2027
Emotion Detection and Recognition Market - Global Forecast to 2027
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