Public Key Infrastructure Market Expected to Reach $14.49 Billion by 2030

According to a recent report published by Allied Market Research, titled, “Global Public Key Infrastructure Market by Component, Deployment Mode, Organization Size, and Vertical: Global Opportunity Analysis and Industry Forecast, 2021-2030,”

The global public key infrastructure market size was valued at $1.4 billion in 2020, and is projected to reach $14.49 billion by 2030, registering a CAGR of 26.5% from 2021 to 2030.

The past few decades have witnessed an upward trend for data privacy and security solutions. From the past few years, security equipment began to become mainstream for commercial and government applications. During this time, enterprise level firewalls, intruder detection systems, identity management systems, event management solutions, and other solution began to emerge. Defense Information Systems Agency (DISA) implemented PKI infrastructure for its Common Access Cards program, providing identification cards for active-duty U.S. Defense personnel. This Common Access Cards program is one of the largest PKI-based applications.

PKI has a wide range of applications in message encryption and is preferred for modern IoT communication systems in many industrial and domestic applications, thereby providing high-grade encrypted messages, which is estimated to propel the public key infrastructure market growth.

In 2019, the global public key infrastructure market share was dominated by the solution segment, and is expected to maintain its dominance in the upcoming years. Rising digitalization across various industries has resulted in the growing need for the digital authentication process to secure enterprise infrastructure. The rising demand to scale back the authentication process cost across various sectors, such as banking, healthcare, and e-commerce, is supporting the surging adoption of public-key encryption solutions.

The services segment is estimated to emerge as the fastest growing segment, and includes various services that are required to deploy, execute, and maintain the PKI in a corporation. PKI supported services are further classified into professional services and managed services. Services within the PKI market become critical as they supply support for the right functioning of software solutions. Various vendors within the market are focusing on delivering specialized services to assist organizations with running of business processes.

Post COVID-19, The global PKI market size was valued at $1.4 billion in 2020, and is projected to reach $14.49 billion by 2030.

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.

Key Findings Of The Study

• By component, in 2020, the solution segment is estimated to be the major shareholder. However, the services segment is expected to witness highest growth rate during the forecast period.
• On the basis of deployment, the on-premise segment accounted for the highest revenue in 2020; however, the cloud segment is expected to witness highest growth rate during the forecast period.
• On the basis of organization size, the large enterprise segment accounted for the highest revenue in 2020; however, the SME segment is expected to witness highest growth rate during the forecast period
• On the basis of vertical, the IT and telecom segment accounted for the highest revenue in 2020; however, the healthcare segment is expected to witness highest growth rate during the forecast period.
• Region-wise, the public key infrastructure market was dominated by North America in 2020. However, Asia-Pacific is expected to witness significant growth in the coming years.

Some of the key companies operating in the PKI industry are Thales, Entrust Datacard, Digicert, Manageengine, Microsoft, Hid Global, Google, Amazon Web Services, Appviewx, and Venafi