The Public Key Infrastructure (PKI) Market study report from Future Market Insights, which was just released, projects that the market will generate US$3.9 billion in global sales in 2021. From 2022 to 2032, the market is projected to rise by 18.3%, which is a tad less than the preceding increase. With a CAGR of 18.7% from 2022 to 2032, Hardware Security Modules are anticipated to be the most profitable market category.
It is impossible to overstate the importance of PKI adoption for corporate security in banking and financial services. Between the final three months of 2020 and the first three months of 2021, efforts at banking fraud nearly doubled as hackers tried to pass off their attacks as legitimate internet activity. As a result, there is a higher need for stronger PKI protection. However, PKI must be correctly installed in order to reduce data breaches, outages, and compliance violations. Identity verification is critical in the financial services and insurance industries. Verifying digital identities is essential for increasing consumer trust and maintaining transaction security.
On the other side, the rapid spread of digitalization, new technologies, and user behaviors is rapidly changing the ways banks interact with their clients. This will forever fuel changes in identity management duties. As a result, the position of banks and financial services in the identity supply chain is constantly being re-evaluated.
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Mobile banking apps have taken banking to new heights, removing the need for conventional banking centers. Anyone using a smartphone and an internet connection may now rapidly monitor account balances, transfer cash, and make payments without visiting a branch. In the not-too-distant future, as one can easily envision the Internet of Things (IoT) and voice-enabled functions making banking simple. Real-world uses of this technology have already arrived in our homes, with televisions, autos, and other devices becoming voice-friendly.
Key Takeaways from the Market Study
- The Global Public Key Infrastructure (PKI) Market is expected to reach a market size of US$ 4.7 Bn by 2022.
- The Hardware Security Modules (HSM) segment, is expected to have the highest CAGR rate of 18.7% during the forecast period.
- United States to remain the most dominant market with an absolute dollar growth opportunity of US$ 7.3 Bn during 2022 – 2032.
- The market in China is set to experience the highest CAGR of 18.1% during the 2022-2032 forecast period.
Competitive Landscape
The market is fiercely competitive, where key players are increasingly focused to obtain a competitive advantage. The key companies in the Public Key Infrastructure (PKI) Market are focused on R&D to produce innovative technological solutions.
- In February 2022, Thales extended its partnership with Google Cloud to enhance public confidence in the cloud. A stronger link enables organizations to use very sensitive data in Google Cloud Platform with confidence (GCP). Ubiquitous Data Encryption is enabled, which is a technology that integrates Google Cloud’s Confidential Computing with Thales’ CipherTrust Cloud Key Manager. Using the Thales CipherTrust Data Security Gateway, consumers may produce and control encryption keys for data transferred to Google Confidential Cloud Computing.
- In November 2021, PrimeKey collaborated with the Microsoft Intelligent Security Association to combine their solutions in order to protect against a growing number of cyber threats. Enterprise Java Beans Certificate Authority, a customized corporate PKI and certificate management system, that interfaces with Microsoft Intune as a part of Microsoft Endpoint Manager.
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Segments:
By Component:
- Public Key Infrastructure Hardware Security Modules (HSM)
- Public Key Infrastructure Solutions
- Public Key Infrastructure Services
- Professional Public Key Infrastructure Services
- Managed Services
By Deployment Mode:
- Cloud Based Public Key Infrastructure
- On Premises Public Key Infrastructure
By Organization Size:
- Small and Medium Enterprises
- Large Enterprises
By Vertical:
- BFSI
- Government and Defense
- IT and Telecom
- Retail
- Healthcare
- Manufacturing
- Other
By Region:
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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