Public Key Infrastructure (PKI) Market Size, Share, Growth, and Industry Analysis, By Type (PIN Authentication, Enrollment Services, Secure Roaming, Self-Recovery, Self-Registration), By Application (Healthcare and Life Sciences, Human Resources, Manufacturing, Government and Defense, BFSI, Education and Research), and Regional Insights and Forecast to 2032

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Public Key Infrastructure (PKI) Market OVERVIEW

The Public Key Infrastructure (PKI) Market size was valued at USD 3.98 billion in 2023 and is expected to reach USD 17.57 billion by 2032, growing at a CAGR of 17.7% from 2024 to 2032.

The Public Key Infrastructure (PKI) Marketplace is making a very good profit and is experiencing a brilliant boom and there are reasons for it; because many sectors make a use of it because it is very much helpful for a purpose and that purpose is security, and also it comes with many features and gives a good security to the files which are sent or received, it makes sure that the files go to the right person, it allows to make a signature while sending the file online so that others can make sure that the file sent by the person is valid and there is a key to open those files only the person who knows the password can access the files and these are all the features offered by the Public Key Infrastructure (PKI) so that the files sent remain safe.

Many sectors use this like online banking, E-commerce, VPN etc, many websites use it to make the payments because it makes sure that the payment request goes to the right person and it is end to end encrypted so that there is no chance of any fraud and the payment can be done securely and that is the reason the Public Key Infrastructure (PKI) Market is making a boom and is said to make more profit in the coming years.

Public Key Infrastructure (PKI) Market Share Facts and Figures

Regional Breakdown

• North America commands a 40% market share (USD 1.59 billion) in 2023, with a CAGR of 16.8%. This dominance is attributed to strong adoption in sectors like finance, healthcare, and government, where data security is critical.

• Asia-Pacific holds around 25% of the market, valued at USD 1.0 billion in 2023, with a projected CAGR of 18.5%, driven by rapid digitalization and the rising number of cybersecurity initiatives in countries such as China, India, and Japan.

• Europe represents approximately 22% of the market, especially in the United Kingdom, Germany, and France, with a growth rate of 17.1% CAGR, fueled by stringent regulatory standards and high adoption of PKI in data-sensitive industries.

• Rest of the World accounts for around 13% of the global market, estimated at USD 0.52 billion in 2023, and exhibits steady growth as emerging economies in regions such as Latin America and the Middle East adopt PKI solutions to bolster digital security.

Product Segments Breakdown

• Digital Certificatesmake up around 50% of the PKI Market, valued at approximately USD 1.99 billion in 2023, and are expected to grow at an 18.2% CAGR. The demand is driven by the need for encrypted communication across industries.

• Authentication Solutions comprising about 30% of the market, this segment equates to USD 1.19 billion in 2023, with a CAGR of 17.0%, reflecting increased requirements for multi-factor authentication in high-security sectors.

• Token-Based Authentication representing around 20% of the market, worth approximately USD 0.8 billion in 2023, growing at a 16.5% CAGR, as demand for portable and secure authentication solutions grows.

This in-depth analysis of the PKI Market highlights regional dynamics, segment growth, and the factors fueling demand, underscoring the industry’s focus on safeguarding digital environments amid evolving cyber threats and regulatory landscapes.

COVID-19 IMPACT

"Public Key Infrastructure (PKI) Market Had a positive Effect during COVID-19 Pandemic"

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.

The COVID-19 pandemic impacted the market for sure but in a positive way and there are many reasons to it, everyone was working from home because of the lockdown during the covid 19 pandemic and people were taking advantages of online services as well and also people were buying things from E-commerce websites so there was a need for the Public Key Infrastructure (PKI) because they make sure that all the actions and the transactions are done safely without any hacker interrupting. Also the banking was done online which required a tigh security when doing online transactions and money transfer so the Public Key Infrastructure (PKI) made sure that everything goes well and fine and during the covid time the Public Key Infrastructure (PKI) Market experienced a great boom.

LATEST TREND

"Adoption of Zero Trust Security Models "

The latest trend in the Public Key Infrastructure (PKI) Market is the Adoption of Zero Trust Security Models because they are very important when making online transactions and sending or receiving the money online, the model makes sure that everything is done under process and the security is maintained. Verifications are done on every step so that there are no chances of any errors and any fraud. The Adoption of Zero Trust Security Models is becoming very popular because it makes sure that the transactions are done safely and there is no risk of any hackers to interrupt and because of which the Public Key Infrastructure (PKI) Market is making a good profit.

PUBLIC KEY INFRASTRUCTURE (PKI) MARKET SEGMENTATION

By Type

Based on Type, the global market can be categorized into PIN Authentication, Enrollment Services, Secure Roaming, Self-Recovery, Self-Registration

• PIN Authentication: This type involves using a Personal Identification Number (PIN) as a secure method for user authentication. It often complements other authentication methods, ensuring that only authorized users can access sensitive systems or data.

• Enrollment Services: Enrollment services facilitate the registration and issuance of digital certificates to users, devices, or applications. This process includes verifying the identity of the requestor and ensuring compliance with security policies before issuing a certificate.

• Secure Roaming: Secure roaming allows users to access secure networks and resources seamlessly while moving between different locations or networks. This is particularly important for organizations with remote or mobile workforces, ensuring secure access without compromising security.

• Self-Recovery: Self-recovery services empower users to manage their credentials, such as recovering or resetting passwords or certificates without needing IT assistance. This enhances user experience and reduces the workload on IT departments.

• Self-Registration: Self-registration services enable users to request and obtain digital certificates independently. This process streamlines the onboarding experience and ensures that users can quickly access the necessary resources without waiting for manual approval.

By Application

Based on application, the global market can be categorized into Healthcare and Life Sciences, Human Resources, Manufacturing, Government and Defense, BFSI, Education and Research

• Healthcare and Life Sciences: In this sector, PKI is crucial for securing patient data, enabling secure communication between healthcare providers, and ensuring compliance with regulations such as HIPAA. It also supports electronic health records (EHR) and telemedicine applications.

• Human Resources: PKI helps secure sensitive employee information and facilitates secure digital signatures for documents such as contracts and payroll information. It ensures that access to HR systems is restricted to authorized personnel.

• Manufacturing: In the manufacturing sector, PKI secures communications between devices, automates secure processes, and protects intellectual property. It is essential for securing IoT devices and ensuring safe operations in smart factories.

• Government and Defense: PKI is widely used in government and defense applications to secure sensitive information, authenticate users, and ensure secure communications. It supports various initiatives, including e-government services and secure military communications.

• Banking, Financial Services, and Insurance (BFSI): In the BFSI sector, PKI is critical for secure online transactions, protecting customer data, and facilitating digital signatures for contracts and agreements. It helps prevent fraud and ensures compliance with regulatory requirements.

• Education and Research: PKI supports secure access to educational resources, online learning platforms, and research data. It enables secure communications between institutions and protects the privacy of students and researchers.

MARKET DYNAMICS

Market dynamics include driving and restraining factors, opportunities and challenges stating the market conditions.

Driving Factor

"Increased Cybersecurity Threats"

A factor in the Public Key Infrastructure (PKI) Market growth is the threats involved online. These days there is a risk of online phishing and cyberattacks so therefore many organizations are using the Public Key Infrastructure (PKI) in their systems so that there are no risks of any hackers and the people who do fraud to reach out to your private information. It has become very safe these days because of the Public Key Infrastructure (PKI), people can rely on it while being online because there is no risk involved while making any transactions and sharing some personal information because everything is end to end encrypted.

"Growing Digital Transformation "

Many companies have taken their businesses online and because of which there are many actions taken by the employees and the clients on the websites of those companies, informations, private data is been shared and many more things are shared and therefore it is the responsibility of the company that all the date which is been transferred remains safe and secure and then they take the help of Public Key Infrastructure (PKI) to keep the dats and transactions safe so that no hacker can access the private information and the data remains end to end encrypted and that is the reason the Public Key Infrastructure (PKI) Market is growing.

Restraining Factor

"High Implementation Costs"

A restraining element within the growth of the Public Key Infrastructure (PKI) Market is the restricted high cost. And because of which it is a bit challenging for many companies to install the in their systems because they are already making very less profit and they cannot afford to use that and because of which the Public Key Infrastructure (PKI) Market is making less profit just because of the cost it comes in and this is a very big challenge for smaller companies and because of the maintenance price also, the hardware and software is also costly and it is a big challenge for them.

Opportunity

"Expansion in emerging regions "

One great and very big opportunity for the Public Key Infrastructure (PKI) Market is that they can expand their business in those regions which are not developed yet or are yet to develop or are in the process of developing, they have a really good opportunity if they think about that they can keep an eye on these regions which are in the development process and when they are developing the industries and factories will be built there and also the big companies will be built and people will start migrating to those regions and they will start working online and make online transactions also.

Challenge

"Cost of Implementation and Maintenance"

A big challenge for the Public Key Infrastructure (PKI) Market is the Cost of Implementation and Maintenance. And because of which it is a bit challenging for many companies to install the in their systems because they are already making very less profit and they cannot afford to use tat and because of which the Public Key Infrastructure (PKI) Market is making less profit just because of the cost it comes in and this is a very big challenge for smaller companies and because of the maintenance price also, the hardware and software is also costly and it is a big challenge for them. The price of the installation is a very big challenge for many small companies and because of which the market is not making much profit.

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PUBLIC KEY INFRASTRUCTURE (PKI) MARKET REGIONAL INSIGHTS

• North America

North America, particularly the United States, holds a significant share of the United States Public Key Infrastructure (PKI) Market due to its advanced technological infrastructure and high cybersecurity awareness. The increasing number of cyber threats has driven organizations to adopt robust security measures, including PKI. Moreover, regulatory frameworks such as HIPAA and PCI DSS mandate strong security practices, further boosting PKI adoption. The presence of major technology companies and service providers in the region also contributes to market growth.

• Europe

Europe is experiencing a good response in the Public Key Infrastructure (PKI) Market Growth, driven by stringent data protection regulations like the General Data Protection Regulation (GDPR). Organizations in Europe are increasingly adopting PKI solutions to ensure compliance with these regulations and secure sensitive data. The rising demand for secure digital transactions and the growing focus on identity and access management (IAM) are further propelling the market.

• Asia

The Asia-Pacific region is witnessing significant growth in the Public Key Infrastructure (PKI) market, fueled by rapid digital transformation and increasing internet penetration. Countries like China, India, and Japan are investing heavily in cybersecurity measures, driving demand for PKI solutions. Additionally, government initiatives promoting digital identity verification and secure online transactions are further contributing to the Public Key Infrastructure (PKI) market growth in this region.

KEY INDUSTRY PLAYERS

"Key Industry Players Shaping the Market Through Innovation and Market Expansion"

Key enterprise players are shaping the Public Key Infrastructure (PKI) Marketplace through strategic innovation and marketplace growth. These agencies are introducing superior strategies to make profit. They are also increasing their product traces to include specialized versions. Additionally, they may be leveraging virtual systems for greater market reach and distribution performance. By making an investment in research and improvement, improving delivery chain operations, and exploring new regional markets, those players are riding a boom and setting traits within the Public Key Infrastructure (PKI) Market.

List of Top Public Key Infrastructure (PKI) Companies

• DocuSign Inc. (U.S.)
• Comodo Group Inc. (U.S.)
• Kofax Ltd. (U.S.)
• GoDaddy Inc. (U.S.)
• GMO GlobalSign Inc. (U.S.)
• Verisign Inc. (U.S.)
• Gemalto N.V. (Netherlands)
• Signix Inc. (U.S.)
• Ascertia Company (U.S.)
• Secured Signing Limited (Australia)
• Entrust Data Card Corporation (U.S.)
• Identrust Inc. (U.S.)

KEY INDUSTRY DEVELOPMENT

September 2020: Entrust Datacard Corporation announced the acquisition of CybSafe, a cybersecurity awareness training platform, to enhance its PKI offerings and improve overall security posture.

REPORT COVERAGE

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

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