Market Highlights

Public Key Infrastructure Market Growth can expand at 21.74% CAGR over the forecast period (2020-2030), asserts Market Research Future (MRFR) in its latest report. The Public Key Infrastructure Market Growth value is expected to hit USD 21.25 Billion by the end of 2030.Public key infrastructure (PKI) is a technology for creation, utilization, management, and storage of digital certificates and public key encryption. Concerns over personal information and data privacy concerns have evoked its deployment across digital networks.

Market Scope

Rapid adoption of the internet and a growing consumer base are key drivers of the market. Concerns of cyber threats and protection of digital assets can drive its demand in the coming years. Adoption of cloud, rise in financial transactions, and proliferation of information technology can influence the market.

Technological advances such as 5G, adoption of IoT, and conducive environment for transfer of large volumes of data can beckon the market. Adoption of secure sockets layer (SSL) certificates for encryption and authentication of information for verification of entities can induce the demand for PKI market. PKI verifies the identities of parties involved in data transfer and encrypts information over a secure network.

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Drivers

Growing Demand for Digital Certificates to Boost Market Growth

The growing need for digital certificates to allow enterprises to encrypt data, authenticate users using the certificates, and digitally sign the certificates will boost market growth over the forecast period.

Opportunities

Rise in Security Platform to offer Robust Opportunities

Demand for security protocols for protecting privacy, information assets, value exchanging, and information assets are escalating. Public key infrastructure, put simply, is a technology driven solution that delivers an increased level of confidence for exchanging information over the internet with the use of public cryptographic key pairs. This is a system of technologies, policies, and processes that enable to encrypt data. The public key infrastructure solutions support security mechanisms like authentication, confidentiality, and integrity. This is a crucial component of an overall security strategy which works with other security mechanisms, risk management efforts, and business practices. Thus such benefits of PKI technology is boosting market growth.

Restraints

Lack of Awareness to act as Market Restraint

The lack of awareness regarding PKI solutions across enterprises may act as a market restraint over the forecast period.

Segmentation:

The global Public Key Infrastructure Market Growth is segmented on the basis of solution, deployment, and end-users.

Solutions commonly employed in the Public Key Infrastructure Market Growth include self-registration, enrolment deployment, secure roaming, PIN authentication, inventory of digital identities, and others.

Public key infrastructure is deployed on cloud-based and on-premise. The adoption rate of cloud-based deployments has been observed to be higher than on-premise due to the scalability that this platform offers as well as cost savings. The cloud-based platform is expected to retain its lead in the market while displaying the highest CAGR of 21.91% during the forecast period.

End-users of public key infrastructure include BFSI, healthcare & life sciences, retail, aerospace & defense, human resources, education & research, manufacturing, government, and others. The government segment followed by the aerospace & defense account for the most significant segments in the market due to the high requirement for security to protect sensitive government information. However, the BFSI sector is expected to grow at the highest CAGR of 23.84%, as this sector handles high volumes of sensitive data. The security concerns for transactions conducted with banks by consumers, processing of large volumes of data, and demand for fortified security can drive the demand of public key infrastructure in the sector.

Regional Analysis

North America leads the global market's growth and is closely followed by the Asia Pacific market in terms of market value. It was valued at USD 239.7 Mn in 2017 and is expected to grow with an optimistic CAGR of 20.71% during the forecast period. The presence of several important market participants in the region combined with the high use of PKI solutions is expected to drive the growth of the regional PKI market. The use of automation for re-use of security certificates and swap identities across servers, IoT devices, cloud workloads, and firewalls can influence its adoption.

Asia Pacific is expected to grow at the highest CAGR of 23.38% during the forecast period. China accounts for the largest country-level market with a projected market value of USD 215.15 Mn by the end of 2023. Japan and India are other important country-level markets to watch out for during the assessment period. Implementation of PKI for detection and prevention of threats can drive the global Public Key Infrastructure Market Growth demand in the region.

Competitive Landscape

GoDaddy Inc., VeriSign Inc., Entrust Datacard Corporation, Assa Abloy Group, and Gemalto NV are key players of the Public Key Infrastructure Market Growth.

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Public Key Infrastructure Market Growth By Solution (PIN Authentication, Enrollment Services, Inventory of Digital Identities, Secure Roaming, Self-Recovery, Self-Registration), Deployment (Cloud-Based, On-Premise), End-User (Aerospace and Defense, Health and Life Sciences, Human Resources, Manufacturing, Government, BFSI, Education, Retail, and Others) -Global Forecast to 2030

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