Public Key Infrastructure (PKI) Market Size By Component (Solution, Service [Professional Service, Managed Service]), By Deployment Model (On-premise, Cloud), By Organization Size (Large Enterprises, SMEs), By Application (BFSI, IT & Telecom, Retail, Heal

Public Key Infrastructure (PKI) Market Size By Component (Solution, Service [Professional Service, Managed Service]), By Deployment Model (On-premise, Cloud), By Organization Size (Large Enterprises, SMEs), By Application (BFSI, IT & Telecom, Retail, Healthcare, Manufacturing, Education, Government & Defense), COVID-19 Impact Analysis, Growth Potential, Regional Outlook, Competitive Market Share & Forecast, 2023 - 2032

Global Public Key Infrastructure (PKI) Market share is expected to grow substantially through 2032 due to the increasing concerns related to safeguarding intellectual property assets.

To protect their Intellectual Property (IP) assets, such as design data and product development information, companies are putting more and more emphasis on using PKI. Unencrypted data can result in data leaks and thefts, putting financial pressure on businesses trying to resolve patent disputes.

Prominent industry players are effortlessly working on introducing innovations in the market to gain a competitive edge over others. For instance, in May 2021, WISeKey collaborated with Ocean Protocol (Ocean), a decentralized exchange protocol that unlocks AI data, to develop TrustedNFT.io. The alliance enables WISeKey to increase its visibility in the NFT sector.

The public key infrastructure industry is segmented in terms of type, service, deployment model, organization size, application, and region.

Based on service, the managed service segment is anticipated to propel at more than 27.5% CAGR from 2023 to 2032. Managed services minimize the need to deploy new software components and aid in the reduction of operational costs, thus driving the industry growth.

With respect to organization size, the large enterprises segment is speculated to expand positively over the review years credited to the growing trend of Bring Your Own Devices (BYOD) among businesses. This increase in BYOD trends has supported the growing adoption of PKI solutions across large corporations.

In terms of application, the BFSI segment is poised to garner sizeable growth through 2032 fueled by the rise in data breaches and disclosures across the BFSI industry. Moreover, attacks on web application authentication systems by banking Trojan botnets would further stimulate the product demand.

Meanwhile, the government & defense segment recorded more than 7% revenue share in 2022. The rise in cyberattacks is likely to drive the segmental growth, promoting national security organizations to use cutting-edge and secure technologies to safeguard their data.

From the regional perspective, the North America PKI industry is projected to expand at approximately 20% CAGR from 2023 to 2032. Growing digitization has enabled businesses in the region to improve the accessibility of their resources. Major utility service providers are utilizing IoT-based public-key encryption technologies to secure their transactions, thereby propelling the industry landscape.

On the other hand, the Latin America public key infrastructure market is estimated to proliferate robustly by the end of the research period ascribed to the increasing use of the cloud for data storage. Organizations in LATAM economies are using modern data security solutions to prevent data breaches which will further boost the regional expansion.