According to a newly released Future Market Insights study, the Public Key Infrastructure (PKI) Market’s revenues were expected to be US$ 3.9 billion in 2021 and are projected to increase at a CAGR of 18.3 percent from 2022 to 2032. The market is predicted to be worth $25.1 billion by the end of 2032.
| Attributes | Details |
| Global Public Key Infrastructure Market CAGR (2022-2032) | 18.3% |
| Global Public Key Infrastructure (PKI) Market Size (2022) | US$ 4.7 Bn |
| Global Public Key Infrastructure (PKI) Market Size (2032) | US$ 25.1 Bn |
| North America Public Key Infrastructure (PKI) Market Size (2022) | US$ 1.9 Bn |
| U.S. Public Key Infrastructure (PKI) Market CAGR (2022-2032) | 18% |
| Key Companies Covered |
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It is impossible to exaggerate the value of PKI deployment for protecting enterprises in banking and financial services. Between the latter three months of 2020 and the first three months of 2021, banking fraud attempts soared by nearly 160 percent as hackers tried to pass off their attack as legitimate internet activity. There is hence a larger need for protection provided by strengthened PKI. However, PKI must be correctly installed in order to reduce data leaks, outages, and compliance violations. Identity verification is essential in the insurance and financial services sectors. Building customer confidence and making sure that transactions are secure depend on the verification of digital identities.
On the other side, the quick development of new technology, user behaviours, and digitalization is drastically altering how banks interact with their clients and employees. This will always encourage modifications to identity management responsibilities. As a result, the role of financial institutions like banks in the identity supply chain is continually being reviewed.
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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
- 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 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 has 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 customised corporate PKI and certificate management system, that interfaces with Microsoft Intune as a part of Microsoft Endpoint Manager.
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More Insights Available
Future Market Insights, in its new offering, presents an unbiased analysis of the Public Key Infrastructure (PKI) Market, presenting historical market data (2015-2021) and forecast statistics for the period of 2022-2032.
The study reveals extensive growth in Public Key Infrastructure (PKI) Market in terms of Component (Hardware Security Modules (HSM), Solutions, Services), By Deployment Mode (Cloud Based, On Premises), By Organization Size (Small and Medium Enterprises, Large Enterprises), By Vertical (BFSI, Government and Defence, IT and Telecom, Retail, Healthcare, Manufacturing, Others) across five regions (North America, Latin America, Europe, Asia Pacific and Middle East & Africa).
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About FMI
Future Market Insights (ESOMAR certified 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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