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2021
Public Key Infrastructure Market

Public Key Infrastructure Market

By Component (Hardware Module, Solution, and Services), Deployment Mode (On-premise and Cloud), Organization Size (Large Enterprise and Small & Medium Enterprise), and Vertical (BFSI, Government and Defense, IT and Telecom, Retail, Healthcare, Manufacturing, and Others): Global Opportunity Analysis and Industry Forecast, 2021-2030
Update Available On-Demand

Report Code: A14231
Pages: 300
Oct 2021 | 1511 Views
Author(s) : Abhijith N
Tables: 196
Charts: 71
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COVID-19

Pandemic disrupted the entire world and affected many industries.

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Public Key Infrastructure Market Statistics: 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. Public key infrastructure (PKI), is a framework that enables the encryption of public keys and includes their affiliated crypto-mechanisms. The underlying purpose of any PKI setup is to manage the keys and certificates associated with it, thereby creating a highly secure network environment for use by applications and hardware.

With increased web and online engagement during the pandemic, public key infrastructure solutions and services vendors were eager to assist pandemic-affected enterprises with their business continuity plans and assist them in securing their online business operations and consumer data. One of the key players of the public key infrastructure market, Thales Group, offered specialized smartcards powered by public-key encryption technology to help facilitate contactless payments during the pandemic.

In 2019, the global public key infrastructure market share was dominated by the solution segment, and is expected to maintain its dominance in the coming years. Rising digitalization across various industries 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. 

Public-Key-Infrastructure-Market

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

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.

Segment review

The public key infrastructure market is segmented on the basis of component, deployment mode, organization size, and vertical. Based on component, the market is divided into hardware module, solution, and services. On the basis of deployment mode, it is bifurcated into on-premise and cloud. Based on organization size, the market is classified into large enterprise and small & medium enterprise. Based on vertical, it is differentiated into BFSI, government and defense, IT and telecom, retail, healthcare, manufacturing, and others. Region-wise, the public key infrastructure market is studied across North America, Europe, Asia-Pacific, and LAMEA.

COVID-19 Impact Analysis

Post COVID-19, the global public key infrastructure market forecast is estimated to be valued ar $1.74 billion in 2021, and is projected to reach $14.49 billion by 2030. 

With increased web and online engagement during the pandemic, public key infrastructure solutions and services vendors were eager to assist pandemic-affected enterprises with their business continuity plans and assist them in securing their online business operations and consumer data. One of the key players of the public key infrastructure market, Thales Group, offered specialized smartcards powered by public-key encryption technology to help facilitate contactless payments during the pandemic.

Similarly, Amazon Web Services employed its AWS Certificate Manager (ACM) and AWS Certificate Manager Private Certificate Authority (ACM PCA) to help business enterprises with faster issuance and management of SSL/TLS Certificates for their websites.

Top impacting factors    

Growing application of PKI infrastructure coupled with rising number of cyber frauds is primarily driving the market growth. However, higher installation & maintenance costs and heavy network overhead & bandwidth requirements are primarily restraining the market growth. Moreover, awareness about data security & privacy and increased cyber-attacks during the pandemic are primarily creating lucrative opportunities for the public key infrastructure market.

Growing applications of the PKI infrastructure:

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 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.

Public Key Infrastructure Market
By Component

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Service segment is projected as one of the most lucrative segments.

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Rising number of cyber fraud attempts: 

COVID-19 has compelled a significant percentage of brick-and-mortar store-based businesses to adopt online platforms. Moreover, as on-site employees and workers became a rare commodity during the period, many businesses had to rely on digital workplaces powered by applications such as Zoom and Microsoft's Teams. As companies and individuals worldwide began to rely more heavily on online environments, the risk of cyber-attacks increased, which is anticipated to create a positive scope for the PKI market. The growing number of cyber-attacks became a topic of prime concern for many organizations during the pandemic. According to a study, by the end of 2021, damages and ransoms collected by hackers and cyber criminals around the globe could account for about $6 trillion. The study also claims that these costs could grow every year and reach up to $10.5 trillion in the next five years, growing at the rate of 15% each year. 

Thus growing number of cyber offences is influencing the growth of security solutions, which further works in the favor of the global public key infrastructure (PKI) market, which is expected to grow during the forecast period.

Public Key Infrastructure Market
By Region

2030
North America 
Europe
Asia-pacific
Lamea

APAC is projected as one of the most significant region.

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Key Benefits For Stakeholders

  • The study provides an in-depth analysis of the public key infrastructure market trends along with current trends and future estimations to elucidate imminent investment pockets.
  • Information about key drivers, restraints, and opportunities and their impact analysis on the PKI industry size is provided in the report.
  • Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the PKI industry.
  • The quantitative analysis of the public key infrastructure market growth for the period 2020–2030 is provided to determine the public key infrastructure market potential.

Public Key Infrastructure Market Report Highlights

Aspects Details
By Component
  • Hardware Module
  • Solution
  • Services
By Deployment Mode
  • Cloud
  • On-Premise
By Organization Size
  • Large Enterprises
  • Small & Medium Enterprise (SME)
By Vertical
  • BFSI
  • Government and Defense
  • IT and Telecom
  • Retail
  • Healthcare
  • Manufacturing
  • Others
By Region
  • North America  (U.S, Canada)
  • Europe  (UK, Germany, France, Rest of Europe)
  • Asia-Pacific  (China, India, Japan, Rest of Asia-Pacific)
  • LAMEA  (Latin America, Middle East, Africa)
Key Market Players AMAZON WEB SERVICES, INC., DIGICERT, INC., ENIGMA SYSTEMY OCHRONY INFORMACJI SP. Z O.O., GOOGLE LLC, HID GLOBAL CORPORATION, INTERNATIONAL BUSINESS MACHINES CORPORATION, MICROSOFT CORPORATION, THALES GROUP, WISEKEY INCRYPT
 

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Public key infrastructure is a technology driven solution, which delivers an increased level of confidence to exchange information over the web through the utilization of public cryptographic key pairs. It is a system of technologies, processes, and policies that permits to encrypt data. Public key infrastructure solutions support security mechanisms such as integrity, confidentiality, and authentication. Furthermore, the demand for a public key infrastructure system is increasing across various sectors such as BFSI and IT & telecom. The rising popularity of cloud-based solutions and changing IT infrastructure are the factors that are driving the expansion of the public key infrastructure market. The application of the product in banking, financial services, and insurance segment is growing at a faster rate due to rising need to deal with sensitive and private financial data. Latin America and Middle East is expected to steer the market due to the presence of many SME banking players. Therefore, this is resulting in growing implementation of public key infrastructure solutions within the region.

The public key infrastructure market is competitive and comprises a number of regional and global vendors competing based on factors such as cost of solutions & services, reliability, efficiency of products, and support services. The market is concentrated with major players consuming 45-50% of the share. The degree of concentration is expected to remain same during the forecast period. In April 2021, Entrust announced Public Key Infrastructure (PKI) as-a-Service. The next generation of its high-assurance PKI, Entrust PKIaaS is secure, quick to deploy, scales on-demand, and runs in the cloud. This service helps reduce complexity and enhance the security of an organization’s cloud applications.

 

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