Public Key Infrastructure (PKI) Market by Component (HSM, Solutions, and Services), Deployment Mode (On-premises and Cloud), Organization Size, Vertical (BFSI, Healthcare, IT and Telecom), Application Region - Global Forecast to 2028

Public Key Infrastructure (PKI) Market by Component (HSM, Solutions, and Services), Deployment Mode (On-premises and Cloud), Organization Size, Vertical (BFSI, Healthcare, IT and Telecom), Application Region - Global Forecast to 2028

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. 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. 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.

“By offering, the services segment to register the highest growth rate during the forecast period”

As organizations increasingly prioritize robust security and trust solutions, they encounter the intricate complexities associated with PKI implementation and management. These complexities include cryptographic key management, digital certificate issuance, secure communication, and staying ahead of evolving cybersecurity threats. PKI service providers offer indispensable expertise and support, making the deployment of PKI smoother and more secure. Their role extends to customizing PKI solutions to align with the unique infrastructure of each organization, seamlessly integrating PKI into existing systems, and providing managed PKI services that streamline the management of digital certificates and keys. Moreover, these service providers help organizations navigate the ever-evolving threat landscape and maintain compliance with stringent regulatory standards. In an era where cybersecurity is paramount, the services segment serves as a trusted partner for organizations seeking to bolster their security posture and maximize the benefits of PKI while ensuring operational efficiency.

“By deployment mode, the cloud segment to register the highest growth rate during the forecast period”

The anticipated highest growth rate in the cloud deployment segment of the PKI market during the forecast period reflects a notable shift towards cloud-based solutions in the realm of cybersecurity and digital trust. This trend aligns with the broader industry movement toward cloud adoption, driven by several key factors. Cloud-based PKI solutions offer organizations increased scalability, flexibility, and accessibility, allowing them to adapt quickly to evolving digital landscapes. The cloud deployment mode empowers organizations to harness PKI's encryption, authentication, and digital signature capabilities without the need for extensive on-premises infrastructure, making it particularly attractive for businesses seeking cost-effective and agile security solutions. The growing reliance on remote work models and the need for secure, remote access to digital resources further underscore the value of cloud-based PKI. As organizations navigate the dynamic digital environment, cloud-based PKI emerges as a dynamic driver of trust and security, underpinning its remarkable growth within the market.

“Asia Pacific to register the highest growth rate during the forecast period”

During the forecast period, the Asia Pacific region's projected highest growth rate in the PKI market reflects a compelling shift towards bolstering digital security and trust across diverse industries. Several influential factors fuel this trend. The region is experiencing a rapid surge in digitalization, with businesses, governments, and individuals embracing digital technologies at an unprecedented pace. As digital footprints expand, the demand for robust cybersecurity solutions like PKI intensifies to secure online transactions, safeguard critical data, and ensure trustworthy digital interactions. The Asia Pacific region's burgeoning population of internet users and the thriving e-commerce ecosystem are pivotal drivers. The increasing reliance on online platforms for commerce, communication, and financial transactions underscores the need for PKI's security measures, which are fundamental to protecting sensitive information, facilitating secure payments, and establishing trust in digital identities.

Breakdown of primaries

The study contains insights from various industry experts, from solution vendors to Tier 1 companies. The breakdown of the primaries is as follows:

By Company Type: Tier 1 – 20%, Tier 2 – 57%, and Tier 3 – 33%

By Designation: C-level – 40%, Managers and Others – 60%

By Region: North America – 35%, Europe – 20%, Asia Pacific – 45%.

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).

The study includes an in-depth competitive analysis of these key players in the public key infrastructure market, with their company profiles, recent developments, and key market strategies.

Research Coverage

The market study covers the PKI market size across segments. It aims at estimating the market size and the growth potential of this market across different segments by offering, by deployment mode, by organization size, by application, by vertical, and by region. The study also includes an in-depth competitive analysis of the key market players, their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.

Reasons to buy this report

The report will help the market leaders/new entrants with information on the closest approximations of the revenue numbers for the overall public key infrastructure market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the market pulse and provides information on key market drivers, restraints, challenges, and opportunities.

The report provides insights on the following pointers:

As businesses recognize the pivotal role of public key infrastructure, there is a mounting demand for comprehensive public key infrastructure solutions. These encompass a range of tools enabling organizations to achieve authentic and secure connectivity. While challenges like the need for alignment and technology integration are acknowledged, the report underscores the dynamic landscape of public key infrastructure-centric technologies and evolving market trends, the report also offers valuable insights into the future trajectory of the public key infrastructure market.

Product Development/Innovation: Detailed insights on coming technologies, R&D activities, and product & solution launches in the public key infrastructure market

Market Development: Comprehensive information about lucrative markets – the report analyses the public key infrastructure market across varied regions.

Market Diversification: Exhaustive information about new products & solutions being developed, untapped geographies, recent developments, and investments in the public key infrastructure market

Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players like 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).