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The public key infrastructure (PKI) market is estimated to grow at a CAGR of 23.28% between 2022 and 2027. The size of the market is forecasted to increase by USD 6,208.75 million. The growth of the market depends on several factors, including stringent regulations for data protection, the growth of the IoT device ecosystem, and the increasing adoption of digital signatures by enterprises.
This report extensively covers market segmentation 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). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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Stringent regulations for data protection are notably driving the market growth, although factors such as interoperability issues associated with PKI may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Stringent regulations for data protection are notably driving market growth. Governments of various countries have enforced regulations to secure electronic information and sensitive data exchanged over the Internet. Hence, several companies use PKI solutions for encryption and authentication processes.
PKI enables organizations to develop and secure authentication and encryption processes. These solutions use hardware and software services to manage public and private encryption keys used to create digital certificates. They enable users and networked computers to exchange data safely over internal and external networks. Thus, companies are investing significantly in PKI solutions, as non-compliance laws can lead to significant fines. These factors are expected to drive the growth of the market during the forecast period.
The growing use of HSMs to strengthen PKI security is a key trend in the market. PKI vendors offer hardware security modules (HSMs) along with PKI solutions to strengthen encryption keys. HSMs are used to protect and manage encryption keys for strong authentication and provide crypto processing. HSMs, when combined with PKI solutions, provide an extra security layer to protect data.
The demand for HSMs has been increasing in the BFSI sector owing to the rise of digital payments. Vendors are exploring new ways of incorporating HSMs into PKI solutions. Thus, the demand for HSMs is expected to accelerate, as businesses look for more secure and advanced security solutions that are compatible with their future business requirements. These factors will support the growth of the market during the forecast period.
Interoperability issues associated with PKI may impede market growth. PKI systems have various implementation complexities. For instance, component-level interoperability deals with interactions between systems that directly support or use PKI solutions. Most of the complexity issues are associated with inter-domain interoperability. Application-level interoperability is concerned with the compatibility of PKI solutions among peer-to-peer networks. For example, two S/MIME-based e-mail users must be capable of interoperating with one another even if the application is provided by two different software service providers.
Technical issues related to certificates, algorithms, and protocols can also occur. Vendors should implement common protocols, certificate formats, and message formats between applicable PKI components. Similar algorithms need to be implemented to support authentication, encryption, and data shared between two PKIs. CA certificates that are used for sharing public key-related information must be compatible with all systems. Each domain must follow regulations, policies, and standards set by government bodies such as FPKI, national PKI (NPKI), IPKI, and HKPKIF. Such factors are expected to support the growth of the market during the forecast period.
The 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 growth strategies.
Global Public Key Infrastructure (PKI) Market Customer Landscape
Vendors 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.
Ascerti - The company offers public key infrastructure solutions such as ADSS Server and ADSS Web RA.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors 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 vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
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.
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The BFSI segment showed a gradual increase in the market share of USD 442.68 million in 2017 and continued to grow by 2021. Public key infrastructure (PKI) 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 f the segment during the forecast period.
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APAC is estimated to account for 36% of 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.
North America is another region that exhibits a high growth rate. 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 vendors, such as DigiCert and Entrust Datacard. These solutions eliminate the need for physical equipment and materials, such as paper and printers, 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.
This report forecasts the contribution of all the segments to the growth of the market. In addition, we have included the COVID-19 impact and the recovery strategies for each segment. The outbreak of COVID-19 propelled the growth of the market in North America in 2020. Stringent lockdown restrictions led to the growth of digital and online transactions across various industries, which, in turn, propelled the demand for automation services and solutions such as PKI. Moreover, after the introduction of COVID-19 vaccines across the region, lockdown restrictions were removed and end-user industries resumed their operations. Many companies are focusing more on cloud software. A cloud-based PKI system enhances the security of the system and reduces the requirement for additional in-house infrastructure. Therefore, the market for PKI solutions is expected to grow significantly in the region during the forecast period.
The report forecasts market growth by revenue at global, regional, and country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. The market has been 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).
Public Key Infrastructure (PKI) Market Scope |
|
Report Coverage |
Details |
Page number |
172 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 23.28% |
Market growth 2023-2027 |
USD 6,208.75 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
19.86 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
APAC at 36% |
Key countries |
US, China, Japan, UK, and Germany |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Ascerti, CETIS FLEX Flexible Packaging and Labels Ltd., 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 Bhd, Securosys SA, SSL.com, Technology Nexus Secured Business Solutions AB, Thales Group, Unisys Corp., and Wisekey International Holding AG |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Deployment
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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