Public Key Infrastructure (PKI) Market Analysis North America, Europe, APAC, South America, Middle East and Africa - US, China, UK, Germany, Japan - Size and Forecast 2024-2028

Public Key Infrastructure Market Size 2024-2028

The public key infrastructure (PKI) market size is forecast to increase by USD 10.33 billion, at a CAGR of 28.94% between 2023 and 2028. Market growth is contingent upon various factors, notably stringent regulations governing data protection, necessitated by increasing concerns over privacy and security breaches. Additionally, the proliferation of the Internet of Things (IoT) fuels market expansion, as these interconnected devices generate vast amounts of sensitive data requiring strong protection measures. Moreover, the rising adoption of IoT and digital signatures by enterprises enhances market growth by streamlining document authentication processes and ensuring data integrity. This convergence of regulatory compliance, technological advancements, and enterprise digitization initiatives underscores the critical role of cybersecurity solutions in safeguarding digital assets and mitigating cyber threats. As organizations prioritize data security and compliance, the market for cybersecurity solutions continues to experience vital growth, driven by the imperative to protect against evolving cyber risks. It also includes an in-depth analysis of market trends and analysis, market growth analysis and challenges. Furthermore, the report includes historic market data from 2018 - 2022.

What will be the Size of the Market During the Forecast Period?

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Market Dynamics and Customer Landscape

In the rapidly evolving digital landscape, ensuring Digital Security has become a top priority for businesses in various sectors, including the Financial Services and Insurance industry. One of the essential components of maintaining security is the implementation of Public Key Infrastructure. Public key infrastructure is a system that enables the creation, management, distribution, use, storage, and revocation of digital certificates. The PKI market is witnessing significant growth due to the increasing number of Cyber Threats and the need for Technical Innovations such as Virtualization, Workplace Mobility, and Cloud Storage. The adoption of cloud services continues to rise, driven by the need for scalable solutions to support digital transformation initiatives. With this growth comes the imperative of adhering to regulatory compliance standards, particularly concerning e-commerce transactions and data privacy regulations. Identity and Access Management (IAM) systems play a crucial role in safeguarding sensitive data and digital identities, mitigating the risks posed by fraudulent activities and cyber threats. Public Key Infrastructure (PKI) emerges as a cornerstone for ensuring secure digital transactions, employing encryption, authentication, and digital signatures to protect sensitive data. However, the landscape faces challenges, including quantum computing threats and evolving cyber threats. As technical innovations like virtualization and workplace mobility reshape the digital landscape, organizations must prioritize data security and leverage PKI to fortify cloud storage and enterprise data against potential vulnerabilities.

Key Market Driver

Stringent regulations for data protection are notably driving the market growth. The market is experiencing significant growth due to increasing regulations aimed at securing electronic transactions and protecting sensitive data. PKI solutions employ crypto-mechanisms, including public and private keys, for encryption and decryption processes. These technologies are essential for digital authentication processes, digital signature services, and message encryption in various business processes and digital workplaces. Strict compliance standards, such as the eIDAS Regulation, are enforcing the use of PKI in the European Union for electronic identification and trust services. Brick-and-mortar store-based businesses and the financial services industry are transitioning to digital platforms, necessitating strong data security and privacy measures.

Further, cloud computing and cloud storage have become integral to modern enterprise infrastructure, making PKI solutions crucial for securing data in these environments. Cyber threats, including cyber criminals and hackers, pose significant risks to digital transactions, necessitating advanced encryption key management and event management solutions. The insurance industry, IoT communication systems, and application administration also benefit from PKI solutions for identity management systems, digital signatures, and compliance with various data protection regulations. Entrust Datacard and other managed services providers offer PKI solutions to help businesses mitigate cyber fraud and ensure secure network environments. These factors are expected to drive the growth of the market during the forecast period. Cloud service adoption tides, driven by web and online engagement and the ubiquity of mobile devices. However, this growth invites challenges, notably in combating fraudulent and criminal activities online. Hence, such factors are driving the market during the forecast period.

Significant Market Trend

The growing use of HSMs to strengthen PKI security is a key trend in the market. The Public Key Infrastructure market encompasses solutions that utilize hardware security modules (HSMs) to enhance encryption key management and ensure data protection. HSMs, a crucial component of PKI, offer functionalities such as random number generation, asymmetric and symmetric key generation, and private key protection. These features are essential for strong authentication and digital signature services in various sectors, particularly in the BFSI industry due to the wave in digital payments. PKI solutions, integrated with HSMs, provide an additional security layer against cyber threats, including cyber criminals and hackers, in enterprise infrastructure, network environments, cloud computing, and cloud storage. Compliance standards, such as those in the financial services and insurance industries, mandate hardy encryption and key management.

In addition, HSMs offer protection for digital signatures, message encryption, identification cards, and event management solutions. In the context of digitalization, PKI solutions play a vital role in securing digital transactions, digital authentication processes, and digital workplaces. HSMs are integral to the implementation of crypto-mechanisms and identity management systems, ensuring data security and privacy in brick-and-mortar store-based businesses and IoT communication systems. Entrust Datacard and managed services providers offer HSM solutions to help businesses meet their encryption key management needs and mitigate risks associated with cyber fraud. These factors will support the growth of the market during the forecast period. 

Major Market Challenge

Interoperability issues associated with PKI may impede market growth. PKI systems have various implementation complexities. In today's digital business landscape, Public Key Infrastructure has emerged as a critical component for securing enterprise data and digital transactions. PKI solutions provide essential security services, including encryption, authentication, authorization, integrity protection, and confidentiality protection. However, interoperability issues continue to hinder the wider adoption of PKI, particularly at the component level, which involves interactions between directly supporting and utilizing systems. Two primary areas of interoperability issues are worth noting. Firstly, component-level interoperability challenges arise in the context of applications and systems that employ PKI solutions. These issues can impact various sectors, such as financial services, insurance, and the retail industry, which includes brick-and-mortar store-based businesses and digital workplaces. Interoperability challenges can manifest in various ways, including difficulties with Active Directories, application administration, and event management solutions.

Moreover, the increasing adoption of cloud computing, cloud storage, and IoT communication systems adds complexity to the PKI landscape. To address these challenges, enterprises require advanced encryption key management, digital signature services, and digital authentication processes. Compliance with various standards, such as HIPAA, PCI-DSS, and GDPR, is also crucial. Cybercriminals and hackers pose a constant threat to data security and privacy, making it essential for enterprises to implement rugged PKI solutions. This includes the use of crypto-mechanisms, identification cards, and hardware security modules. Managed services and intruder detection systems can also help mitigate risks and ensure the secure operation of enterprise infrastructure. In conclusion, PKI plays a vital role in securing enterprise data and digital transactions. However, interoperability issues can hinder its adoption and require careful consideration and management to ensure seamless integration with various business processes and digital platforms. Such factors are expected to support the growth of the market during the forecast period.

Customer Landscape

The market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and forecasting strategies.

Market Customer Landscape

Key Companies & Market Insights

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

Ascertia - The company specializes in providing solutions for Public Key Infrastructure markets, including ADSS Server and ADSS Web RA.

The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:

• Ascertia
• CETIS dd
• DigiCert Inc.
• eMudhra Ltd.
• Encryption Consulting LLC
• Enigma Bridge
• Entrust Corp.
• Futurex
• GlobalSign Ltd.
• Hewlett Packard Enterprise Co
• Keyfactor
• PKI Solutions Inc.
• Realia Technologies SL
• Sectigo Ltd.
• Securemetric Berhad
• Securosys SA
• SSL.com
• Technology Nexus Secured Business Solutions AB
• Thales Group
• Unisys Corp.
• Wisekey International Holding AG

Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

Market Segmentation

By End-user

The market share growth by the BFSI segment will be significant during the forecast period. The BFSI industry is customer-centric and has undergone digitalization over the last decade. Technological advances and the increasing number of tech-savvy customers have encouraged banks to offer a seamless customer experience and incorporate effective security solutions.

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The BFSI segment showed a gradual increase in the market share of USD 502.50 million in 2018. Public key infrastructure refers to the digital certificates, encryption keys, and identity management systems that are used to secure online communications. Data has become a vital part of the financial services industry.  Hence, the rising number of data storage and generation operations has proliferated the demand for public key infrastructure. These factors will drive the growth of the segment during the forecast period.

By Regions

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North America is estimated to contribute 50% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The high adoption of cloud technology in the US and Canada is driving the growth of the market in the region. In addition, North America is home to some of the major companies, such as DigiCert and Entrust Datacard. These solutions eliminate the need for physical equipment and materials, such as paper and printers, including industrial printing, thus reducing the cost associated with hardware requirements and maintenance. North America also has several large enterprises, such as Microsoft, Apple, IBM, and Google, which require security systems to achieve secure communication and avoid cyberattacks. These organizations are installing and automating SSL certification that uses a PKI system for data encryption and authentication. These factors will fuel the growth of the market in the region during the forecast period.

Segment Overview

The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.

• End-user Outlook
  • Government and defense
  • IT and telecom
  • Others
  • BFSI
• Deployment Outlook 
  • On-premises
  • Cloud
• Region Outlook
  • North America
    • The US
    • Canada
  • Europe
    • The UK
    • Germany
    • France
    • Rest of Europe
  • APAC
    • China
    • India
  • Middle East and Africa
    • Saudi Arabia
    • South Africa
    • Rest of the Middle East and Africa
  • South America
    • Argentina
    • Brazil
    • Chile

Market Analyst Overview 

The market experiences significant growth driven by the increasing demand for digital identities and the adoption of data privacy regulations. Integration challenges persist amidst the rise of remote work and digital transformation initiatives. Security standards, regulatory compliance, and identity management are critical focal points. ManageEngine, Symantec, and CloudSOC play pivotal roles in providing solutions. Challenges like quantum computing threats and scalability issues highlight the need for vital PKI systems. Small and medium-sized businesses prioritize cost savings and operational efficiencies, fueling cloud adoption. PKI services address safety concerns, offering data security solutions for both on-premises and cloud environments. As the market evolves to meet technological changes, expertise in managing data security regulations becomes paramount in ensuring effective PKI implementation.

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What are the Key Data Covered in this Market Research and Growth Report?

• CAGR of the market report during the forecast period
• Detailed information on market analysis and report on factors that will drive the growth of the market between 2024 and 2028
• Precise estimation of the size of the market and its contribution in focus to the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the market across North America, Europe, APAC, South America, and Middle East and Africa
• A thorough analysis of the market's competitive landscape and detailed information about companies
• Comprehensive analysis of factors that will challenge the growth of market companies

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