USD 3.90 billion
Public Key Infrastructure (PKI) Market Size, Share, Growth Analysis, By Offering(Hardware Security Modules (HSM), Solutions, and Services), By Services(Professional Services, and Managed Services), By Deployment Mode(Cloud, and On-Premises), By Organization Size(Large Enterprises, and SMEs), By Application(Web browsing security, Email security, Secure communication, and Authentication), By Vertical(BFSI, Government and Defense, IT and Telecom, Retail), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45B2048 |
Region:
Global |
Published Date: March, 2024
Pages:
197
|Tables:
59
|Figures:
75
Public Key Infrastructure (PKI) Market Insights
Global Public Key Infrastructure (PKI) Market size was valued at USD 3.90 billion in 2022 and is poised to grow from USD 4.70 billion in 2023 to USD 20.89 billion by 2031, growing at a CAGR of 20.50% during the forecast period (2024-2031).
The global Public Key Infrastructure (PKI) market is witnessing significant growth and is expected to continue expanding in the coming years. One of the key drivers of the PKI market is the increasing need for data security and privacy in the digital era. With the proliferation of digital transactions, online communication, and cloud-based services, organizations across sectors are adopting PKI solutions to protect sensitive information from unauthorized access and tampering. Furthermore, stringent regulatory requirements and compliance standards imposed by governments and industry bodies are also fueling the demand for PKI. Organizations need to demonstrate compliance with regulations such as the General Data Protection Regulation (GDPR) and the Payment Card Industry Data Security Standard (PCI DSS), which necessitate the use of PKI for secure data handling. The growing adoption of Internet of Things (IoT) devices and the need for secure device authentication and communication is another factor driving the PKI market. PKI infrastructure provides a secure foundation for IoT ecosystems by enabling secure device enrollment, authentication, and data encryption. Key players in the global market are offering advanced solutions with features like scalable certificate management, automated key lifecycle management, and integration with cloud services. Additionally, emerging technologies such as blockchain-based PKI solutions are also gaining traction.
The global PKI market plays crucial role for secure digital communications and transactions, between parties, through information exchange in encrypted form on networks. PKI is a way of managing digital certificates, authentication, and encryption keys, which achieves the secure file integrity, privacy, and authentication in remarkably different applications of e-business, online banking, healthcare, and government services. One of the main tasks of the market is the creation of a reliable and protected atmosphere for online actions with the protection of sensitive information from being stolen and tempered.
The main driver for the growth of the PKI market is the adoption of digital transformation initiatives in different industries, which in turn are motivating widespread implementation of cybersecurity measures in the face of evolving threats. Moreover, regulatory compliance which needs PKI for ensuring data security and privacy also propel market development. Yet, the PKI market is still fraught with the suppressing problems and difficulties. However the most serious problems are the difficulties that come with setting up and administering PKI infrastructure, such as management and renewal of certificates, distribution of keys, interoperability issues in multi-vendor environments, etc. In addition to this, scalability and performance issues in PKI solutions have posed a problem to organizations running their transactions in dynamical and extensive environments.
Despite these challenges, the market for PKI holds the potential for the creation and expansion of many innovative products. The advent of technologies like blockchain and quantum cryptography opens intriguing opportunities for improving the security and resilience of PKI infrastructure to the advanced cyberattacks that it is being constantly assailed with. As well, the implementation of cloud based PKI solutions and managed security services offers opportunities to organisations to outsource PKI management and reduce operations while strengthening security position.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
On-premises
Fastest Growth
On-premises
Growth Rate
20.50% CAGR
Global Public Key Infrastructure (PKI) Market ($ Bn)
Country Share for North America Region (%)
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Public Key Infrastructure (PKI) Market Segmental Analysis
Global Public Key Infrastructure (PKI) Market is segmented by Offering, Service, Deployment Mode, Organization Size, Application, Vertical, and region. Based on Offering, the market can be segmented into Hardware Security Modules (HSM), Solutions, and Services. Based on Service, the market is segmented into Professional Services, and Managed Services. Based on Deployment Mode, the market is segmented into Cloud, and On-Premises. Based on Organization Size, the market is segmented into Large Enterprises, and SMEs. Based on Application, the market is segmented into Web browsing security, Email security, Secure communication, and Authentication. Based on Vertical, the market is segmented into BFSI, Government and Defense, IT and Telecom, Retail, Healthcare, Manufacturing, and other verticals. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Public Key Infrastructure (PKI) Market Analysis by Deployment
By Deployment, the market can be segmented on-premises and cloud-based. On-premises deployment refers to the installation and management of PKI solutions within the organization's own infrastructure. This segment has traditionally been dominant due to the need for organizations to have complete control over their security infrastructure.
Cloud-based deployment involves hosting and delivering PKI solutions from the cloud infrastructure. Cloud-based segment is experiencing rapid growth due to scalability and flexibility, allowing organizations to easily expand their infrastructure as needed, without the need for additional hardware investments or maintenance. This is particularly beneficial for small and medium-sized enterprises (SMEs) and organizations with fluctuating demands.
Public Key Infrastructure (PKI) Market Analysis by Application
By application, the market can be segmented secure communications, and identity and access management. Identity and Access Management (IAM) segment holds a dominant position in the market. IAM refers to the processes and technologies used to manage digital identities, user access, and authentication within an organization.
The Secure Communications application segment is experiencing rapid growth in the PKI market. This application focuses on securing various communication channels, including email, virtual private networks (VPNs), instant messaging, and more.
Global Public Key Infrastructure (PKI) Market By Deployment
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Public Key Infrastructure (PKI) Market Regional Insights
North America dominated the global PKI market, primarily driven by the presence of technologically advanced countries such as the United States and Canada. These countries have well-established digital infrastructure and a high degree of adoption of PKI solutions across various sectors, including finance, healthcare, government, and defense. The region is home to several major PKI solution providers and has a mature market ecosystem.
The APAC region is experiencing significant growth in the PKI market, driven by factors such as rapid digitalization, increasing internet penetration, and the expanding e-commerce sector. Countries such as China, Japan, India, and South Korea are witnessing substantial demand for PKI solutions.
Global Public Key Infrastructure (PKI) Market By Region
- Largest
- Fastest
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Public Key Infrastructure (PKI) Market Dynamics
Public Key Infrastructure (PKI) Market Drivers
Increasing need for data security and privacy in the digital era
- One significant driver for the growth of the Public Key Infrastructure (PKI) market is the increasing need for data security and privacy in the digital era. With the rising number of digital transactions, online communication, and cloud-based services, organizations across sectors are adopting PKI solutions to protect sensitive information from unauthorized access and tampering, ensuring secure communication and data integrity. This driver is fueled by the growing awareness of the potential risks associated with cyber threats and data breaches.
Public Key Infrastructure (PKI) Market Restraints
Complexity and implementation challenges
- One key restraint for the Public Key Infrastructure (PKI) market is the complexity and implementation challenges associated with deploying PKI solutions. The integration of PKI into existing IT infrastructure and applications can be a complex and time-consuming process, requiring specialized knowledge and expertise. Additionally, managing and maintaining PKI systems can be resource-intensive, including tasks such as certificate lifecycle management and key distribution. These complexities and implementation challenges can act as barriers to adoption, particularly for smaller organizations with limited resources and technical capabilities.
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Public Key Infrastructure (PKI) Market Competitive Landscape
The Public Key Infrastructure (PKI) market is characterized by the presence of several key players vying for market share. Established companies such as Entrust Datacard, DigiCert, and Gemalto (Thales Group) dominate the market with their comprehensive PKI solutions and strong customer base. Additionally, there are emerging players like GlobalSign, Nexus Group, and Securemetric offering innovative PKI solutions. These companies focus on strategic partnerships, product enhancements, and mergers/acquisitions to gain a competitive edge and expand their market presence in the highly competitive PKI industry.
Public Key Infrastructure (PKI) Market Top Player’s Company Profiles
- Thales Group
- Entrust Datacard
- DigiCert, Inc.
- ManageEngine (a division of Zoho Corporation)
- Microsoft Corporation
- HID Global Corporation
- Google LLC
- Amazon Web Services, Inc.
- AppViewX, Inc.
- Venafi, Inc.
- Nexus Group
- Sectigo Limited
- Futurex
- GlobalSign
- WISeKey International Holding Ltd
- Cygnacom Solutions, Inc.
- Softlock
- SSL.com
- Stormshield
- LawTrust
Public Key Infrastructure (PKI) Market Recent Developments
- In May 2023, Sectigo acquired Keyfactor, merging two leading PKI providers to create a comprehensive digital identity platform that combines certificate lifecycle management and secure IoT solutions.
- In March 2023, GlobalSign partnered with Mastercard to develop secure digital identity solutions for online transactions, leveraging PKI technology to enhance identity verification and security.
- In January 2023, Keyfactor announced a $125 million Series D funding round led by Blackstone Growth (BXG) and Insight Partners to support its global expansion and further develop its PKI platform.
- In September 2022, Venafi, a cybersecurity company specializing in machine identity management, announced a strategic partnership with nCipher Security, a provider of cryptographic solutions, to enhance PKI security for machine identities.
- In July 2022, Nexus Group, a provider of PKI and digital identity solutions, partnered with Identos, a secure digital identity and mobile authentication company, to offer secure mobile identity solutions for enterprises.
Public Key Infrastructure (PKI) Key Market Trends
- One key trend in the Public Key Infrastructure (PKI) market is the growing adoption of cloud-based PKI solutions. Organizations are increasingly leveraging cloud technology to streamline their PKI infrastructure and simplify certificate management processes. Cloud-based PKI offers benefits such as scalability, cost-efficiency, and enhanced accessibility. It enables organizations to deploy PKI services quickly, without the need for extensive on-premises infrastructure. This trend is driven by the rising demand for flexible and agile PKI solutions that can support dynamic business environments and remote workforce scenarios.
Public Key Infrastructure (PKI) Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our Global Public Key Infrastructure (PKI) market analysis, the market is experiencing significant growth globally, driven by the increasing need for data security and privacy in the digital era. Organizations across sectors are adopting PKI solutions to protect sensitive information, ensuring secure communication and data integrity. North America has been a dominant region in the global market, with the United States playing a key role due to its robust cybersecurity landscape. However, the Asia-Pacific (APAC) region is witnessing rapid growth, fueled by digitalization and government initiatives. Cloud-based PKI solutions are emerging as a key trend, offering scalability, cost-efficiency, and simplified certificate management. While there are implementation challenges, the competitive landscape is populated by established players like Entrust Datacard, DigiCert, and Gemalto, as well as emerging companies such as GlobalSign and Nexus Group.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 3.90 billion |
| Market size value in 2031 | USD 20.89 billion |
| Growth Rate | 20.50% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
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| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Public Key Infrastructure (PKI) Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Public Key Infrastructure (PKI) Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Public Key Infrastructure (PKI) Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Public Key Infrastructure (PKI) Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Public Key Infrastructure (PKI) Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Public Key Infrastructure (PKI) Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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