Public Key Infrastructure (PKI) Market Size to grow by USD 6208.75 million between 2023-2027
According to a research report “ Public Key Infrastructure (PKI) Market” by End-user (BFSI, Government and defense, IT and telecom, Others) Deployment (On-premises, Cloud) Geography (North America, Europe, APAC, South America, Middle East and Africa)- Global Forecast to 2027 published by Technavio, the market size is estimated to grow by USD 6208.75 million, at a CAGR of 23.28% during the forecast period. In today's digital business landscape, stringent regulations aimed at securing electronic transactions are fueling the demand for Public Key Infrastructure (PKI) solutions among enterprises worldwide. Governments have enacted various regulations to safeguard electronic information and sensitive data exchanged over the Internet. PKI employs a pair of cryptographic keys, public and private, to encrypt and decipher data, making it an essential tool for encryption and authentication processes. Notable regulations include the eIDAS Regulation, which oversees electronic identification and trust services for online and electronic transactions and data exchange within the European Union's internal market. As cybersecurity threats continue to evolve, the importance of robust data protection measures, as mandated by these regulations, cannot be overstated.
Browse market data tables, figures, and in-depth TOC on “Public Key Infrastructure (PKI) Market” by End-user (BFSI, Government and defense, IT and telecom, Others) Deployment (On-premises, Cloud) Geography (North America, Europe, APAC, South America, Middle East and Africa) Global Forecast to 2027. Download Free Sample
By End-user, the BFSI segment is projected to dominate the market size in 2024
The on-premise segment of the Public Key Infrastructure (PKI) market is projected to yield significant revenue during the forecast period, despite a decreasing market share compared to cloud-based PKI solutions. On-premise PKI solutions offer several advantages over managed and hosted alternatives. These advantages include complete control over PKI systems, hardware, software, and protocols. Additionally, on-premise solutions enable more precise control over the certificate issuance process, allowing for customization to meet specific business requirements. Centralization of IT control is another advantage, as companies can manage multiple keys and certificates using a single Certifying Authority (CA).
By Deployment, On-premises segment is expected to hold the largest market size for the year 2024
In the customer-centric BFSI sector, digitalization is revolutionizing business operations and setting new standards for service delivery. With an increasing number of tech-savvy clients and the importance of data in financial services, banks must prioritize secure online communications. Public Key Infrastructure (PKI) plays a crucial role in this regard, providing digital certificates, encryption keys, and identity management systems to safeguard sensitive data. PKI technology is essential for managing transactional information, delivering real-time account and trading data, automating risk management, and implementing forecasting and fraud detection processes. By embracing PKI, banks can meet the evolving digital expectations of their customers and maintain the security and integrity of their data assets.
North America is forecasted to hold the largest market size by region in 2024
The North American Public Key Infrastructure (PKI) market is experiencing significant growth due to the increasing adoption of cloud technology in businesses in the US and Canada. Major PKI vendors, including DigiCert and Entrust Datacard, have established a strong presence in the region, providing cloud-based PKI solutions that eliminate the need for costly hardware and associated maintenance. The popularity of cloud-based deployment models, such as subscription-based hosted digital signature services, is driving market growth. In this model, end-users pay based on usage, eliminating the need for upfront license fees.
The Public Key Infrastructure (PKI) Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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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
Public Key Infrastructure (PKI) is a critical component of data security solutions in today's cloud-based environment. With the increasing adoption of cloud services and digital transformation initiatives, regulatory regulations and compliance standards have become more stringent. PKI services, including digital certificate issuance, management, and revocation, play a crucial role in ensuring data security control and regulatory compliance. Cloud adoption has brought operational efficiiciencies and cost savings, but it also presents challenges such as scalability issues, key management difficulties, and integration challenges. PKI services can help address these challenges by providing secure access control rules, user verification, and user management processes. In the cloud environment, PKI services can be delivered through cloud-based solutions or on-premises segments. Leading providers such as ManageEngine, DigiCert, and Entrust Datacard offer a range of PKI services, including digital signature services, certificate management, and certificate authorities. Cloud Security as a Service (CloudSOC) solutions, such as those offered by Symantec, can also provide PKI services as part of their comprehensive cybersecurity offerings. These solutions offer prerogatives for application administration, user management, signup, sign-in, and identity modifications. With the increasing use of mobile devices, enterprise data, cloud storage, and virtualization, PKI services are essential for managing digital identities, securing sensitive critical data, and ensuring data privacy regulations such as HIPAA and GDPR are met. Technological changes, including the Internet of Things and remote work, also require robust PKI services to ensure secure connectivity and authentication. Despite the benefits, implementing PKI services can present upfront expenditures and implementation process challenges. However, the risks of not implementing PKI services, including cyber threats and quantum computing threats, far outweigh the costs. Standardization and technical innovations are key to overcoming these challenges and ensuring trust in digital transactions and digital security.
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