This research report categorizes the public key infrastructure market to forecast revenues, analyze trends, offering, deployment mode, organization size, application, and vertical.

Northbrook, IL 60062 -- (SBWire) -- 10/05/2023 --The global Public Key Infrastructure Market size 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 research report by MarketsandMarkets™.

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.

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358 - Tables
56 - Figures
300 – Pages

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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.

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.

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Market Players

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).

Key Dynamic Factors For Public Key Infrastructure (PKI) Market:

rising data breaches and cybersecurity threats: Strong PKI solutions to safeguard data and digital identities are in high demand because to the rising frequency and sophistication of cyberattacks, as well as the expanding volume of sensitive data being stored and communicated online.

Strict regulatory compliance standards: PKI is essential in assisting organisations in observing a number of data protection and security laws, including GDPR and HIPAA.

Digital transformation that is accelerated: There are more chances than ever for PKI solutions to provide secure digital communication and data security thanks to the quick uptake of digital technologies like cloud computing, e-commerce, and the Internet of Things (IoT).

Demand for remote work and collaboration is rising as a result of the COVID-19 epidemic. As a result, there is a greater demand for PKI solutions that provide secure remote access and collaboration.

Cloud computing is becoming more widely used, which is opening up new potential for PKI solutions to provide secure cloud-based services and applications.

Emergence of new PKI technologies: To address the changing cybersecurity environment, new PKI technologies, such as post-quantum cryptography and quantum key distribution, are emerging.

The primary dynamic forces propelling the PKI market's expansion are significantly changing the competitive landscape. For instance, organisations are investing in more advanced PKI solutions in response to the growing cybersecurity threats and data breaches. Demand for PKI solutions is also being fueled by the strict regulatory compliance standards as businesses look to fulfil their commitments around data protection and security.

PKI solutions are finding new markets as a result of the accelerating digital transformation in a number of sectors, including healthcare, banking, and retail. PKI solutions, for instance, are used to safeguard client data, secure cloud-based applications, and enable secure online transactions.

Competitive and Segmentation Analysis:

Due to the high level of sensitivity of the data that banks and financial institutions manage, the BFSI industry dominates the PKI market. The necessity to secure vital infrastructure and data has made the IT and telecom market another significant one. Healthcare, retail, and government are a few additional important sectors.

In the upcoming years, there will likely be a major increase in demand for secure digital communication and data security, which will fuel the growth of the PKI industry. With the introduction of fresh vendors and technology, the competitive environment is also anticipated to change.

A number of categories, such as deployment model, solution type, application, and organisation size, can be used to segment the PKI market.

The conventional deployment strategy for PKI solutions is the on-premises deployment strategy. However, because they provide more flexibility and scalability, cloud and hybrid deployment approaches are becoming more and more common.

PKI solutions that use digital certificates are the most popular. Digital certificates are used to safeguard digital communication and transactions, as well as to authenticate individuals and devices.

Due to the high level of sensitivity of the data that banks and financial institutions manage, the BFSI industry dominates the PKI market. The necessity to secure vital infrastructure and data has made the IT and telecom market another significant one. Healthcare, retail, and government are a few additional important sectors.

Large corporations and SMEs have various requirements for PKI solutions. SMEs frequently seek out PKI solutions that are simple to setup and maintain. Large businesses frequently have more complicated PKI demands and may need to implement numerous PKI solutions to satisfy those needs.

PKI suppliers can better understand the needs of various consumer segments and create focused solutions with the aid of segmentation analysis.

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