As per FMI’s analysis, the global public key infrastructure (PKI) market will amass a revenue of USD 25.1 billion by 2032, with sales growing at an astounding CAGR of 18.3% from 2022 to 2032. This market was valued at USD 4.7 billion in 2022 and is shaped by the rising threat of malware and file-based attacks, rising concerns regarding loss of data, and an upsurge in the adoption of IoT and cloud trends.
With several organizations adopting technical innovations like cloud storage and virtualization, the threat of data loss and theft is also increasing. This aspect has strengthened the prospects for PKI solutions which utilizes digital certificates and public-key encryption to protect organizations against cyber threats and malware attacks.
The market growth of public key infrastructure (PKI) is driven by the increasing use of the technology and the rise in cyber frauds. However, the market growth is being restrained by the high installation and maintenance costs, as well as the heavy network overhead and bandwidth requirements.
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In spite of these challenges, there are lucrative opportunities for the PKI market due to the increased awareness of data security and privacy, as well as the rise in cyber-attacks in recent years.
Over the past few decades, there has been a significant increase in demand for data privacy and security solutions, with security equipment becoming increasingly popular for both commercial and government applications. PKI has been implemented for various applications and is also widely used in message encryption while being preferred for modern IoT communication systems in many industrial and domestic applications. These applications drive the growth of the PKI market.
As a significant percentage of businesses, both traditional and modern, have had to adopt online platforms, the demand for PKI has also escalated. Additionally, increasing reliance on digital workplaces powered by applications such as Zoom and Microsoft Teams also create opportunities for the market.
Thus, enterprises and individuals have become increasingly dependant on online environments, leading to a higher risk of cyber-attacks, which is expected to create a positive scope for the PKI market. The increasing number of cyber-attacks has contributed to the growth of security solutions, which further favors the growth of the global PKI market. Thus, it is anticipated that the PKI market will experience growth during the forecast period.
Key Takeaways:
- The Global Public Key Infrastructure (PKI) Market is expected to reach a market size of USD 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 USD 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
Leading market players are keen on product development and innovation with focus on green technology and sustainability. These organizations also employ strategic partnerships, mergers, and acquisitions to gain a competitive advantage. In a recent development, in February 2022, Thales partnered with Google Cloud to improve public confidence in the cloud.
Key Companies Profiled
- Thales
- Entrust, Inc.
- Digicert
- Manageengine
- Microsoft
- VeriSign, Inc.
- RSA Security
- PrimeKey Solutions AB
- Google LLC
- Amazon Web Services
- Appviewx, Inc.
- Venafi, Inc.
Market Segments Covered in Public Key Infrastructure (PKI) Market Analysis
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
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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