Key Trends in Public Key Infrastructure (PKI) Market: A Comprehensive Analysis By 2030
The huge applicability of public key infrastructure due to threats of cyber frauds is anticipated to drive the global public key infrastructure market.
PORTLAND, PORTLAND, OR, UNITED STATES, February 21, 2024 /EINPresswire.com/ — According to the report, the global public key infrastructure market is predicted to gather $14.49 billion by 2030. The market accounted for $1.40 billion in 2020 and is set to grow at a CAGR of 26.5% during the 2021-2030 period.
Wide applicability of public key infrastructure due to growing number of cyber fraud attempts is expected to push the global public key infrastructure market forward. However, high installation and maintenance costs associated with public key infrastructure might restrain market growth. Nevertheless, rising awareness regarding data privacy amongst users is projected to open up new growth opportunities for the market in the coming period.
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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.
The presence of several PKI vendors and the growing implementation of PKI solutions to detect & prevent threats at their early stages are set to propel the market growth. Moreover, with the increasing use of the web for several purposes, including business, there has been rising instances of malware and file-based attacks. This is expected to drive the public key infrastructure market forecast. In the UK, the cloud deployment model is predicted to showcase rapid rate of growth through 2027 on account of rising adoption of cloud platforms across enterprises. Enterprises are shifting their workload to cloud platforms. Cloud-based encryption solutions provide an additional layer of security to mitigate vulnerabilities. It also allows enterprises to scale back the general operation costs of enterprise cyber security.
The past few decades have witnessed an upward trend for data privacy and security solutions. Over 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 solutions 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.
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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 the running of business processes.
Based on components, the services segment is anticipated to have the largest CAGR of 28.7% during the analysis period. The support offered by different services for the right functioning of software solutions will boost the market’s growth. On the other hand, the hardware security modules segment accounted for the largest market share in 2020 due to the growing complexity of data security threats.
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Based on deployment mode, the cloud segment accounted for the highest market share in 2020 due to an increasing shift in deployment model towards cloud-based solutions. However, the on-premise segment is predicted to showcase the highest CAGR of 28.7% in the 2021-2030 period.
Based on region, the North American public key infrastructure market accounted for the highest market share in 2020 due to the adoption of various data security compliance measures by different enterprises of this region. On the other hand, the Asia-Pacific public key infrastructure market is predicted to rise at a CAGR of 28.1% during the analysis timeframe. The extensive rate of adoption of public key infrastructure solutions due to the growing incidence of malware attacks is expected to play a huge role in the growth of the market in this region.
Top Companies in the Industry:
• Thales
• ManageEngine
• Google
• DigiCert
• Hid Global
• Appviewx
• Entrust Datacard
• Amazon web services
• Venafi
• Microsoft
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The public key infrastructure market is highly competitive, with numerous regional and global vendors vying for market share based on factors such as the cost-effectiveness of their solutions and services, the reliability and efficiency of their products, and the quality of their support services. Currently, major players hold 45-50% of the market share, indicating a concentrated market landscape. This level of concentration is anticipated to persist throughout the forecast period. In April 2021, Entrust unveiled its latest offering, Public Key Infrastructure (PKI) as-a-Service, representing the next evolution of its high-assurance PKI. Known as Entrust PKIaaS, this service is designed to be secure, swiftly deployable, scalable on-demand, and operates in the cloud. Such a solution aims to streamline complexity and bolster the security of an organization’s cloud-based applications.
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