Public Key Infrastructure (PKI) Market

[300 Pages Report] The global public key infrastructure market is estimated to be worth USD 5.5 billion in 2023 and is projected to reach USD 13.8 billion by 2028, at a CAGR of 20.2% during the forecast period. Organizations across industries increasingly recognize the importance of safeguarding sensitive data, securing digital identities, and ensuring the integrity of digital transactions. PKI offers a proven solution, providing encryption, authentication, and digital signature capabilities to counteract evolving threats. Stringent data privacy regulations and compliance requirements, such as GDPR and HIPAA, necessitate using PKI to protect data and uphold regulatory adherence. The ever-expanding digital landscape, including the growth of remote work and the Internet of Things, further amplifies the demand for PKI to underpin secure interactions and trusted digital ecosystems. PKI's role in fortifying cybersecurity and instilling trust in the digital realm strengthens its position as a pivotal driver in the cybersecurity market.

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Public Key Infrastructure Market Trends

Driver: The PKI market is propelled by the critical demand for strong digital security amid increasing cyber threats and evolving data privacy regulations

The PKI market is escalating with the need for robust digital security in an increasingly interconnected world. The relentless surge in cyberattacks, data breaches, and digital fraud underscores the urgency of securing sensitive information and digital identities. PKI, with its encryption, authentication, and digital signature capabilities, offers a trusted framework to counter these evolving threats. Stringent data privacy regulations and mandates regarding secure data handling and encryption compelling organizations to adopt PKI solutions. As businesses embark on digital transformation journeys, the demand for PKI to secure digital assets, facilitate secure access, and ensure the integrity of digital transactions continues to soar. PKI's role as a bedrock of cybersecurity and digital trust firmly positions it as the linchpin driving the market's growth.

Restraint: Complexity in implementation, integration challenges, and scalability concerns pose significant restraints for the PKI market, potentially limiting its adoption across industries

A significant restraint for the PKI market is the complexity associated with its implementation and management. PKI involves intricate cryptographic processes, digital certificate issuance, and key management, which can be challenging for organizations to navigate, especially those with limited expertise or resources. Integrating PKI seamlessly into existing systems and applications can be cumbersome, potentially causing disruptions. Scalability is another concern, as some organizations may find it difficult to expand PKI infrastructure to accommodate growing needs. These complexities and potential integration hurdles can deter some businesses from adopting PKI, limiting its widespread adoption across industries.

Opportunity: Securing the rapidly growing Internet of Things (IoT) ecosystem to drive adoption across industries.

An immense opportunity for the PKI market lies in its potential to address the growing need for securing the Internet of Things ecosystem. As IoT devices proliferate across industries, robust authentication, encryption, and secure communication become paramount. PKI's ability to provide trust and security in IoT networks positions it as a key enabler for IoT adoption, offering a reliable framework for ensuring the integrity of data transmitted between devices, safeguarding critical infrastructure, and protecting against emerging cyber threats. As organizations seek to harness the full potential of IoT while mitigating security risks, PKI emerges as a pivotal solution with the potential to drive its adoption in the expanding IoT landscape.

Challenge: Managing a large volume of digital certificates while upholding security standards presents a notable operational challenge for the PKI market as adoption expands across industries and IoT ecosystems.

A notable challenge for the PKI market is the management of digital certificates at scale. As PKI adoption expands across industries and IoT ecosystems, the sheer volume of certificates to issue, renew, and revoke can become overwhelming. This challenge is exacerbated by the need for stringent security protocols and adherence to regulatory standards, necessitating meticulous certificate management practices. Organizations must grapple with certificate lifecycle management, which includes ensuring timely renewals, addressing potential vulnerabilities, managing certificate revocation lists, or utilizing online certificate status protocol services. The complexity of maintaining a vast number of certificates while maintaining robust security standards can pose a significant operational challenge for PKI adopters.

Public Key Infrastructure Market Ecosystem

The major players in the public key infrastructure market are Thales, Entrust Datacard, DigiCert, ManageEngine, Microsoft, and so on. The public key infrastructure market is driven by prominent companies that have established themselves as leaders in the industry. These companies are well-established, financially stable, and have a proven track record of providing innovative solutions and services in public key infrastructure. Their diverse product portfolio spans infrastructure, solutions, applications, and services, enabling them to cater to the market’s evolving needs. With state-of-the-art technologies and extensive capabilities, these companies are at the forefront of advancing public key infrastructure technology.

By offering, the services segment to register the highest growth rate during the forecast period

The projected highest growth rate within the services segment of the PKI market underscores the critical role that expert services play in ensuring the successful deployment and management of PKI solutions. In today’s digital landscape, PKI has become indispensable for securing data transmission, protecting sensitive information, and establishing trust in online interactions. The complexity associated with PKI implementation, management, and optimization can be daunting for many organizations, especially those lacking in-house expertise. This complexity encompasses cryptographic key management, digital certificate issuance, secure communication setup, and the need to stay vigilant against ever-evolving cybersecurity threats. PKI service providers fill this crucial gap by offering a wide range of services tailored to meet the specific needs of organizations. These services encompass consultation, implementation support, managed PKI services, and ongoing support. They bring specialized knowledge and experience, helping organizations navigate the intricacies of PKI effectively. Service providers can customize PKI solutions to align with an organization’s unique infrastructure, ensuring seamless integration with existing systems and applications.

Based on vertical, the Banking, Financial Services, and Insurance industry vertical accounts for the largest market size in the PKI market

The dominance of the Banking, Financial Services, and Insurance industry verticals in the PKI market reflects the sector’s unyielding commitment to fortify digital security and establish trust in a landscape characterized by immense data sensitivity and regulatory scrutiny. Within the BFSI sector, safeguarding highly confidential customer data, securing financial transactions, and preserving the integrity of critical information are not just priorities; they are prerequisites. In this context, PKI’s suite of security solutions, encompassing encryption, authentication, and digital signatures, plays an indispensable role. The BFSI industry is under the constant watch of stringent regulatory bodies, with compliance standards such as the Payment Card Industry Data Security Standard and the Dodd-Frank Wall Street Reform and Consumer Protection Act. These regulations necessitate the highest levels of data protection and privacy. PKI provides a proven framework to meet these requirements, enabling organizations to encrypt sensitive data, verify the identity of users and entities, and ensure the integrity of financial transactions.

Asia Pacific to register the highest growth rate during the forecast period.

The remarkable growth anticipated in the PKI market within the Asia Pacific region during the forecast period underscores a significant shift in the digital security landscape. As businesses, governments, and individuals increasingly embrace digital technologies, the demand for robust security solutions has surged. PKI, with its capabilities encompassing encryption, authentication, and digital signatures, plays a pivotal role in addressing these security needs. One of the driving forces behind this growth is the escalating volume of digital transactions, data sharing, and online activities in the Asia Pacific region. With a vast and growing population of internet users, coupled with a thriving e-commerce ecosystem, the region has become a hub for online interactions. This surge in digital activities amplifies the need for secure online payments, data protection, and establishing trust in digital identities.

Key Market Players:

The major players in the public key infrastructure market are Thales (France), Entrust Datacard (US), DigiCert (US), ManageEngine (US), Microsoft (US), HID Global (US), Google (US), AWS (US), AppViewX (US), Venafi (US), Nexus (Sweden), Sectigo (US), Futurex (US), GlobalSign (US), WISeKey (Switzerland), Cygnacom Solutions (US), Keyfactor (US), SECARDEO GmbH (Germany), Blue Ridge Networks (US), Softlock (Egypt), SSL.com (US), LAWtrust (South Africa), SecureMetric (Malaysia), Stormshield (France), and Enigma Information Security Systems (US).

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Scope of the Report

This research report categorizes the public key infrastructure market to forecast revenues and analyze trends in each of the following submarkets:

Based on offering:

• Hardware Security Modules (HSM)
• Solutions
• Services

Based on services:

• Professional
• Managed

Based on deployment mode:

• Cloud
• On-Premises

Based on organization size:

• Large Enterprises
• SMEs

Based on application:

• Web browsing security
• Email security
• Secure communication
• Authentication

Based on the vertical:

• BFSI
• Government and Defense
• IT and Telecom
• Retail
• Healthcare
• Manufacturing
• Other verticals

Based on the region:

• North America
  • US
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Rest of Asia Pacific
• Middle East and Africa
  • United Arab Emirates
  • South Africa
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America

Recent Developments

• April 2023 - Thales adds new phishing-resistant hybrid authenticators to its Passwordless Authentication for Microsoft Azure Active Directory Customers offering.
• April 2023 - Entrust Introduces Zero Trust Ready Solutions for Multi-Cloud Key Compliance, Next-Generation HSM, and Passwordless Authentication
• January 2023 - A comprehensive digital trust system that combines public key infrastructure (PKI), certificate management, and certificate authority (CA) services was introduced by DigiCert. A significant product launch is Trust Lifecycle Manager, which is currently accessible as a component of the DigiCert ONE platform.
• February 2022 - To increase public trust in the cloud, Thales announced the continuation of its cooperation with Google Cloud. Organizations can confidently use the Google Cloud Platform (GCP) if the connection is stronger. The technique known as ubiquitous data encryption, which combines Thales' Cypher Trust Cloud Key Manager and Google Cloud's Confidential Computing, is activated. Customers can create and manage the encryption keys for data sent to Google Confidential Cloud Computing using the Thales Cypher Trust Data Security Gateway.

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