The global public key infrastructure (PKI) market is poised for substantial growth, with projections indicating it will reach a staggering value of US$ 25.1 billion by the year 2032. This remarkable trajectory is underpinned by a CAGR of 18.3%
The significance of PKI adoption in banking and financial services for corporate security cannot be emphasized. Banking fraud attempts nearly quadrupled between the latter three months of 2020 and the first three months of 2021, as hackers attempted to disguise their attacks as legitimate internet activity. As a result, there is a higher need for stronger PKI protection. However, PKI must be correctly installed 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, 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 Public Key Infrastructure (PKI) Market Report:
- The Global Public Key Infrastructure (PKI) Market is expected to reach a market size of US$ 4.7 Billion 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 Billion 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 on obtaining 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 the 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 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.
Leading Key Players:
- Thales
- Entrust, Inc.
- Digicert
- Manageengine
- Microsoft
- VeriSign, Inc.
- RSA Security
- PrimeKey Solutions AB
- Google LLC
- Amazon Web Services
- Appviewx, Inc.
- Venafi, Inc.
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Public Key Infrastructure (PKI) Market Segmentation:
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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