Public Key Infrastructure Market Size, Share & Trends Analysis Report By Component, By Deployment, By Enterprise Size, By Application, By Industry Vertical, By Region, And Segment Forecasts, 2023 - 2030

Public Key Infrastructure Market Size, Share & Trends Analysis Report By Component, By Deployment, By Enterprise Size, By Application, By Industry Vertical, By Region, And Segment Forecasts, 2023 - 2030

Public Key Infrastructure Market Growth & Trends

The global public key infrastructure market size is expected to reach USD 19.20 billion by 2030, and is anticipated to expand at a CAGR of 19.9% from 2023 to 2030, according to a new report by Grand View Research, Inc.The public key infrastructure (PKI) market is driven by the increasing adoption of enterprise key management among IT and security professionals, growing adoption of smart technologies and distributed applications, and the advent of 5G. While cyber security envisages a more comprehensive approach to securing the overall digital ecosystem, data security is more focused on securing the data the digital ecosystem generates and stores by rolling out various primary protection layers. Putting a strong emphasis on encryption, access controls, data categorization, and data masking; data security ensures that the data remains secure continuously.

Technologies such as Artificial Intelligence (AI) and Machine Learning (ML) are empowering data-centric security solutions to predict threat identification and response. These technologies examine vast data volumes to uncover patterns and variations, helping detect zero-day threats and complex attacks. Further, the adoption of Zero Trust Architecture (ZTA) is altering data security strategies. ZTA implies no inherent confidence within or beyond the network boundary, necessitating stringent authentication and permission for all users and devices. This method adheres to the data-centric idea of limiting data exposure to only authorized entities. These factors would further drive the public key infrastructure (PKI) market during the forecast period.

A huge amount of data collected and processed necessitates a scalable security solution. Data security is centered on data protection, providing an adaptive strategy that corresponds with the growing volumes of data and personal information being processed by organizations. Big data and private data have enormous value for businesses in terms of insights, analytics, and consumer knowledge. Businesses can confidently leverage the opportunity of big data and personal information by implementing data-centric security solutions, without exposing themselves to the dangers associated with data breaches, unauthorized access, and privacy violations. The use of this strategy aims to promote innovation and develop a culture of trust among consumers, partners, and stakeholders. These factors would further drive the public key infrastructure (PKI) market during the forecast period.

Public Key Infrastructure Market Report Highlights

• The solutions segment dominated the global market revenue, with a market share of over 50% in 2022. The segment growth can be attributed to the increasing concerns about data protection and the widespread technological transition which significantly boosts demand for security solutions.
• The on-premises segment dominated the global market revenue, with a market share of more than 54% in 2022. Several large organizations, especially those with stringent governance standards, those operating in highly regulated industries, and those storing and processing critical data, prefer having complete control over their solutions, data assets, and upgrades to ensure an optimum level of data security.
• Large enterprises segment dominated the global market revenue, with a market share of around 60% in 2022. With large organizations adopting hybrid working models, the growing use of personal devices and anonymous networks to access corporate data is posing a high-security risk to large organizations, which is expected to drive the adoption of data security solutions among large enterprises over the forecast period.
• The authentication segment is anticipated to grow at a CAGR of over 25% during the forecast period. The segment growth can be attributed to the aggressive investments in enterprise mobility, cloud technologies and growing adoption of Bring Your Own Device (BYOD) across enterprises.
• The BFSI segment dominated the global market revenue, with a market share of over 26% in 2022. The segment growth can be attributed to the growing concerns related to the unauthorized access and data theft faced by financial institutions and the growing penetration of the internet in emerging economies that enable secure financial transactions.
• The key players operating in the public key infrastructure market include GlobalSign, Entrust Corporation, Microsoft, eMudhra, HID Global Corporation, AppViewX, and Google, among others to broaden their product offering, companies utilize a variety of inorganic growth tactics, such as regular mergers acquisitions, and partnerships.

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