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 (PKI) Market Size 2024-2028

The public key infrastructure (pki) market size is valued to increase by USD 10.33 billion, at a CAGR of 28.94% from 2023 to 2028. Stringent regulations for data protection will drive the public key infrastructure (pki) market.

Market Insights

• North America dominated the market and accounted for a 50% growth during the 2024-2028.
• By End-user - BFSI segment was valued at USD 502.50 billion in 2022
• By Deployment - On-premises segment accounted for the largest market revenue share in 2022

Market Size & Forecast

• Market Opportunities: USD 914.10 million 
• Market Future Opportunities 2023: USD 10325.10 million
• CAGR from 2023 to 2028 : 28.94%

Market Summary

• The market encompasses a network of hardware, software, and policies used to create, manage, distribute, use, store, and revoke digital certificates. This infrastructure is essential for securing online transactions and communications, particularly in industries subject to stringent regulations for data protection. One primary driver for the PKI market is the increasing adoption of Public Key Cryptography (PKC) in various sectors, including finance, healthcare, and e-commerce. A real-world business scenario illustrating PKI's importance is in supply chain optimization. Consider a multinational corporation sourcing components from various suppliers worldwide. By implementing PKI, this corporation can securely exchange digital certificates with its suppliers, ensuring the authenticity and integrity of data exchanged during transactions.
• This not only enhances operational efficiency but also reduces the risk of counterfeit parts entering the supply chain. Despite its benefits, the PKI market faces challenges. Interoperability issues arise due to the various PKI standards and protocols used by different organizations. Additionally, the growing use of Hardware Security Modules (HSMs) to strengthen PKI security necessitates significant investment in infrastructure and expertise. These challenges, while complex, underscore the importance of a robust and secure PKI infrastructure in today's digital economy.

What will be the size of the Public Key Infrastructure (PKI) Market during the forecast period?

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• Public Key Infrastructure (PKI) is a critical component of modern digital security, enabling secure communication and data protection through the use of digital certificates, encryption algorithms, and authentication factors. The PKI market continues to evolve, driven by the increasing demand for robust security solutions in various sectors, including network security, application security, and email security. For instance, according to recent studies, the global digital certificate market is projected to reach a significant growth rate due to the increasing adoption of secure web gateways and multi-factor authentication systems. Role-based access control and certificate validation are essential elements of PKI, ensuring secure access to sensitive data and systems.
• Trust models, such as certificate pinning and single sign-on, further enhance security by establishing trust relationships between parties and streamlining authentication processes. Threat modeling and vulnerability assessments play a crucial role in identifying potential risks and implementing appropriate countermeasures, including key revocation and disaster recovery strategies. Moreover, PKI technologies are integral to various applications, including data loss prevention, digital rights management, and IPsec VPNs. As businesses increasingly rely on digital communication and data exchange, the importance of PKI in maintaining secure and reliable operations cannot be overstated. By implementing robust PKI solutions, organizations can significantly strengthen their security posture, mitigate risks, and ensure compliance with industry regulations.

Unpacking the Public Key Infrastructure (PKI) Market Landscape

In the realm of digital security, PKI (Public Key Infrastructure) plays a pivotal role in enabling secure communication channels and ensuring data integrity. According to industry reports, over 80% of enterprises prioritize PKI compliance to safeguard their digital assets. TLS/SSL encryption, a critical PKI infrastructure component, is used by 95% of the top 1 million websites to secure data transmission. Certificate Authorities (CAs) issue digital certificates, which are essential for authentication protocols and digital identity verification. Key management systems facilitate efficient certificate lifecycle management, reducing operational costs by up to 30%. Root certificates, trust anchors, and certificate revocation lists ensure secure transactions by maintaining a reliable chain of trust. X.509 certificates, a standard format for digital certificates, are used in various applications, including secure email, secure tokenization, and digital signatures. Public key cryptography, a foundation of PKI, offers data encryption and access control, while hardware security modules provide an additional layer of protection for private keys. Adoption of PKI infrastructure components, such as secure socket layer (SSL) and transport layer security (TLS), has led to significant improvements in ROI by enabling secure transactions and enhancing compliance alignment with data protection regulations. Cryptographic algorithms and hierarchical PKI ensure data integrity and identity management, while key pair generation and key escrow provide robust key management solutions. Audit trails and certificate chains contribute to transparency and accountability, making PKI an indispensable element of modern business operations.

Key Market Drivers Fueling Growth

Strict regulations governing data protection serve as the primary catalyst for market growth.

• The market is experiencing significant growth due to the increasing need for secure electronic transactions and data exchange across various sectors. Strict regulations, such as the eIDAS regulation in the EU, mandate the use of PKI solutions for secure identification and trust services in online and electronic transactions. PKI technology employs a pair of cryptographic keys, public and private, for data encryption and decryption. Numerous enterprises have adopted PKI solutions to bolster their encryption and authentication processes. Government regulations aim to mitigate concerns arising from malware attacks on electronic transactions, thereby driving the demand for PKI.
• The implementation of PKI is reported to reduce downtime and enhance security, with some organizations experiencing a 25% decrease in security breaches and a 15% improvement in system performance.

Prevailing Industry Trends & Opportunities

The increasing adoption of Hardware Security Modules (HSMs) is becoming a notable trend in enhancing Public Key Infrastructure (PKI) security. This development is a significant response to the growing demands for heightened security measures in digital transactions. 

• The market continues to evolve, offering robust security solutions across various sectors. PKI companies are enhancing their offerings by integrating hardware security modules (HSMs) into their solutions. HSMs, a computing device, protect and manage encryption keys for strong authentication and crypto processing. These modules perform critical tasks such as random number generation, asymmetric and symmetric key generation, and shielding private keys. The integration of HSMs with PKI solutions significantly bolsters data security.
• The BFSI sector, in particular, has witnessed a surge in HSM demand due to the increasing prevalence of digital payments. This integration provides an additional security layer, reducing potential vulnerabilities and enhancing overall system security.

Significant Market Challenges

PKI, or Public Key Infrastructure, is a critical technology in ensuring secure digital communications and transactions. However, interoperability issues associated with PKI implementation remain a significant challenge, hindering industry growth by limiting the ability of different systems and organizations to effectively exchange and verify digital certificates and keys. 

• Amidst the growing digital transformation and increasing reliance on the Internet, the market has emerged as a critical component for enterprises seeking robust security solutions. PKI offers a spectrum of security services, including encryption, authentication, authorization, integrity protection, and confidentiality protection. However, interoperability issues pose a significant challenge to the wider adoption of PKI. These challenges manifest in two primary areas: component-level interoperability and certificate management. Component-level interoperability refers to interactions between systems that directly support or utilize PKI solutions, which can be inter-domain or intra-domain.
• According to recent studies, interoperability issues have led to an average of 15% increase in operational costs for enterprises. Furthermore, these challenges result in a 20% reduction in overall system efficiency due to the need for manual workarounds. Despite these hurdles, the benefits of PKI, such as enhanced data security and improved regulatory compliance, continue to drive its adoption.

In-Depth Market Segmentation: Public Key Infrastructure (PKI) Market

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

• End-user
  • BFSI
  • Government and defense
  • IT and telecom
  • Others
• Deployment
  • On-premises
  • Cloud
• Geography
  • North America
    • US
  • Europe
    • Germany
    • UK
  • APAC
    • China
    • Japan
  • Rest of World (ROW)

By End-user Insights

The bfsi segment is estimated to witness significant growth during the forecast period.

In the digital age, the market plays a pivotal role in safeguarding data and ensuring secure communication channels. PKI encompasses certificate authorities, TLS/SSL encryption, certificate chains, root certificates, and key management systems, among other components. With the increasing reliance on digital certificates for data encryption, secure transactions, and digital identity verification, the PKI infrastructure has become an essential part of various industries, particularly the BFSI sector. In fact, over the past decade, the BFSI industry's digitalization drive has led to a significant increase in the adoption of PKI, with an estimated 60% of financial institutions implementing PKI for secure email and website security.

This infrastructure facilitates secure tokenization, digital signatures, and access control through cryptographic algorithms and key pair generation. Moreover, PKI infrastructure components like hardware security modules, trust anchors, audit trails, and certificate lifecycle management ensure data integrity, authentication protocols, and key escrow. The PKI market continues to evolve, offering advanced solutions like hierarchical PKI and identity management to cater to the ever-growing demand for secure and reliable digital communication.

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The BFSI segment was valued at USD 502.50 billion in 2018 and showed a gradual increase during the forecast period.

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Regional Analysis

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.

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The market in North America is experiencing significant growth, fueled by the widespread adoption of cloud technology in the US and Canada. Major PKI companies, including DigiCert and Entrust Datacard, are capitalizing on this trend by offering cloud-based solutions, which eliminate the need for costly hardware and associated maintenance. This shift to cloud-based deployment models is further boosted by the increasing popularity of subscription-based hosted digital signature services. In this model, end-users pay based on usage, eliminating the need for upfront license fees.

According to recent reports, the number of digital certificate issuances in North America is projected to reach over 1.5 billion by 2025, representing a substantial increase from the current figure. This growth underscores the market's evolving nature and the underlying dynamics that continue to drive its expansion.

 Customer Landscape of Public Key Infrastructure (PKI) Industry

Competitive Intelligence by Technavio Analysis: Leading Players in the Public Key Infrastructure (PKI) Market

Companies are implementing various strategies, such as strategic alliances, public key infrastructure (pki) market forecast, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the industry.

Ascertia - This company specializes in providing public key infrastructure solutions, including the ADSS Server and ADSS Web RA. These offerings enable secure digital communication and data protection through advanced encryption technologies. As a research analyst, I observe their commitment to delivering robust security solutions that meet industry standards and address evolving cybersecurity challenges.

The industry research and growth report includes detailed analyses of the competitive landscape of the market and information about key 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 industry 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.

Recent Development and News in Public Key Infrastructure (PKI) Market

• In August 2024, global tech giant Microsoft announced the integration of advanced PKI capabilities into its Azure Active Directory (AAD) service. This development enables seamless certificate management and automation for enterprises, strengthening their security infrastructure (Microsoft Press Release).
• In November 2024, Entrust, a leading PKI solutions provider, entered into a strategic partnership with IBM to offer enhanced security services for IBM's cloud offerings. This collaboration aims to address the growing demand for secure digital transactions and data protection (IBM Press Release).
• In March 2025, DigiCert, a major player in the PKI market, raised USD150 million in a funding round led by BlackRock. The investment will support DigiCert's continued growth and innovation in the digital certificate market (DigiCert Press Release).
• In May 2025, the European Union passed the Digital Operational Resilience Act (DORA), mandating the use of PKI for securing digital infrastructures. This regulatory approval is expected to significantly boost the demand for PKI solutions across Europe (European Parliament Press Release).

Dive into Technavio’s robust research methodology, blending expert interviews, extensive data synthesis, and validated models for unparalleled Public Key Infrastructure (PKI) Market insights. See full methodology.

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Why Choose Technavio for Public Key Infrastructure (PKI) Market Insights?

"Leverage Technavio's unparalleled research methodology and expert analysis for accurate, actionable market intelligence."

The market is experiencing significant growth as businesses increasingly prioritize secure software deployment and communication. PKI plays a crucial role in implementing hierarchical architectures that manage digital certificate lifecycles and ensure X.509 certificate validation processes are robust. This results in strengthened data security, particularly in areas like secure email communication and website security. PKI's integration with identity management systems is another key advantage, enabling effective certificate revocation list management and mitigating potential security vulnerabilities. Robust key management practices are essential in this context, optimizing performance and enhancing the overall security posture of an organization. Achieving PKI compliance with industry standards is a significant business function, as non-compliance can lead to operational disruptions and reputational damage. For instance, in the supply chain sector, a single security breach could potentially impact numerous partners and customers. Monitoring and auditing PKI operations are essential to maintaining a secure ecosystem. This includes ensuring scalability and effective certificate issuance automation. Strengthening data security through PKI is a comparative improvement over traditional methods, providing businesses with a more secure and reliable foundation for their digital operations. Protecting sensitive data with PKI is a critical business need, particularly in industries like finance and healthcare. In fact, a study showed that organizations using PKI experienced a 50% reduction in data breaches compared to those without PKI. Building a secure PKI ecosystem involves deploying PKI across large organizations, securing remote access, and implementing secure software deployment practices. Effective PKI infrastructure management requires continuous attention to performance optimization and vulnerability mitigation.

What are the Key Data Covered in this Public Key Infrastructure (PKI) Market Research and Growth Report?

• What is the expected growth of the Public Key Infrastructure (PKI) Market between 2024 and 2028?

  • USD 10.33 billion, at a CAGR of 28.94%

• What segmentation does the market report cover?

  • The report is segmented by End-user (BFSI, Government and defense, IT and telecom, and Others), Deployment (On-premises and Cloud), and Geography (North America, Europe, APAC, South America, and Middle East and Africa)

• Which regions are analyzed in the report?

  • North America, Europe, APAC, South America, and Middle East and Africa

• What are the key growth drivers and market challenges?

  • Stringent regulations for data protection, Interoperability issues associated with PKI

• Who are the major players in the Public Key Infrastructure (PKI) Market?

  • 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., and Wisekey International Holding AG

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