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

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.