Latest News- Public Key Infrastructure (PKI) Market: BFSI is expected to lead the End-user segment during 2024-2028

The Public Key Infrastructure (PKI) Market is being driven by Stringent regulations for data protection

The Public Key Infrastructure (PKI) Market is expected to grow at a CAGR of 28.94% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 10325.1 million. In the realm of Public Key Infrastructure (PKI) market solutions, vendors are increasingly integrating hardware security modules (HSMs) to bolster their offerings. HSMs serve as specialized computing devices, dedicated to securing and managing encryption keys for robust authentication processes. Key functions of HSMs include random number generation, as well as the generation of both asymmetric and symmetric keys. Furthermore, HSMs offer critical protection for private keys, ensuring the confidentiality of those used for digital signing and decryption, as well as those utilized in PKI for storing Root keys. The integration of HSMs with PKI solutions significantly enhances data security, particularly within the Banking, Financial Services, and Insurance (BFSI) sector, where the surge in digital payments necessitates stringent security measures. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• End-user
  • BFSI
  • Government and defense
  • IT and telecom
  • Others
• Deployment
  • On-premises
  • Cloud
• Geography
  • North America
    • US
  • Europe
    • Germany
    • UK
  • APAC
    • China
    • Japan
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Stringent regulations for data protection
• Growth of IoT device ecosystem
• Increasing adoption of digital signatures by enterprises

However, the market also witnesses some limitations, which are as follows:

• Interoperability issues associated with PKI
• Security concerns associated with PKI
• Implementation and management challenges associated with PKI

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Market Scope in Public Key Infrastructure (PKI) Market Research Report

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Research Analysis Overview

Public Key Infrastructure (PKI) is a critical technology that enables secure data transmission and digital transactions in today's interconnected world. With the increasing adoption of IAM systems, mobile devices, cloud storage, workplace mobility, virtualization, and digital transformation initiatives, the need for robust data security and privacy solutions has become more important than ever. PKI plays a pivotal role in addressing these challenges by providing digital certificates for authentication, encryption, and digital signatures. Technical innovations such as quantum computing threats necessitate the continuous evolution of PKI to stay ahead of cyber threats. E-commerce transactions, regulatory compliance standards, and data privacy regulations demand secure and reliable digital identities for individuals and organizations. Cloud service adoption adds another layer of complexity to data security, making PKI an essential component for securing sensitive data in the cloud. PKI ensures secure communication between mobile devices, cloud services, and enterprise systems, providing an additional layer of security for digital transactions. In conclusion, the PKI market is poised for growth as organizations seek to protect their data and digital identities in the face of increasing cyber threats and regulatory requirements. PKI solutions offer encryption, digital signatures, and authentication capabilities to secure e-commerce transactions, enterprise data, and cloud storage, making it an indispensable technology for businesses undergoing digital transformation.

Market Research Overview

The Public Key Infrastructure (PKI) market is a segment of the larger Global Systems Software market, which falls under the IT Software industry. According to Technavio, this market encompasses organizations specializing in the development and production of application and systems software, including security software, networking software, IT management software, and data center hosting software. The Global Systems Software market's size is determined by the consolidated revenue generated by companies providing various types of systems software, including cloud-based solutions. This super sector excludes businesses involved in the development and production of home entertainment software. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
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