According to the report, the global public key infrastructure market is predicted to gather $14.49 billion by 2030. The market accounted for $1.40 billion in 2020 and is set to grow at a CAGR of 26.5% during the 2021-2030 period.
Public Key Infrastructure (PKI) is a set of policies, processes, roles, and technologies that provide a framework for managing digital certificates and encryption keys. In essence, PKI is a system used to create, manage, distribute, use, store, and revoke digital certificates, which are electronic documents that verify the identities of parties involved in online transactions and facilitate secure communication over a network, typically the internet.
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PKI relies on asymmetric encryption, where each participant has a pair of keys: a public key and a private key. The public key is freely distributed and is used to encrypt data or verify signatures, while the private key is kept secret and is used to decrypt data or create signatures. Digital certificates, issued by trusted entities known as Certificate Authorities (CAs), bind public keys to specific entities, verifying their identity.
Wide applicability of public key infrastructure due to growing number of cyber fraud attempts is expected to push the global public key infrastructure market forward. However, high installation and maintenance costs associated with public key infrastructure might restrain market growth. Nevertheless, rising awareness regarding data privacy amongst users is projected to open up new growth opportunities for the market in the coming period.
The presence of several PKI vendors and the growing implementation of PKI solutions to detect & prevent threats at their early stages are set to propel the market growth. Moreover, with increasing use of the web for several purposes, including business, there has been rising instances of malware and file-based attacks. This is expected to drive the public key infrastructure market forecast.
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In the UK, the cloud deployment model is predicted to showcase rapid rate of growth through 2027 on account of rising adoption of cloud platforms across enterprises. Enterprises are shifting their workload to cloud platforms. Cloud-based encryption solutions provide an additional layer of security to mitigate vulnerabilities. It also allows enterprises to scale back the general operation costs of enterprise cyber security.
Based on component, the services segment is anticipated to have the largest CAGR of 28.7% during the analysis period. The support offered by different services for the right functioning of software solutions will boost the market’s growth. On the other hand, the hardware security modules segment accounted for the largest market share in 2020 due to growing complexity of data security threats.
Based on deployment mode, the cloud segment accounted for the highest market share in 2020 due to increasing shift in deployment model towards cloud-based solutions. However, the on-premise segment is predicted to showcase the highest CAGR of 28.7% in the 2021-2030 period.
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The COVID-19 outbreak had a positive impact on the public key infrastructure (PKI) industry, owing to a significant shift toward the use of online and cloud platforms as well as rising work-from-home policy in the corporate environment, resulting in high-value corporate and customer data flowing through relatively less secure endpoints, causing a subsequent rise in cyber-attacks during the COVID-19 pandemic. This resulted in faster adoption of various data privacy and security solutions by various businesses, including public key infrastructure market analysis. These trends helped the public key infrastructure market to grow during the pandemic.
Top Companies in the Industry:
• Thales
• Manageengine
• Google
• Digicert
• Hid global
• Appviewx
• Entrust datacard
• Amazon web services
• Venafi
• Microsoft
The report focuses on the growth prospects, restraints, and public key infrastructure market analysis. The study provides Porter’s five forces analysis of the public key infrastructure industry to understand impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers on the network security market trends.
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