The Public Key Infrastructure Market size is projected to reach US$ 11.55 billion by 2030 from US$ 3.27 billion in 2022. The market is expected to register a CAGR of 17.1% during 2022–2030. Increasing number of cyber frauds is likely to remain a key trend in the market.
While public key infrastructure is, undoubtedly, highly acclaimed as more secure than passwords and allows extreme scalability—in fact, an unlimited number of users—it is done, in terms of additional security added to identity verification, with secret private keys; a malicious user or attacker would need to have both the private key and the matching passphrase to impersonate a user. PKI allows for trust delegation and makes it effectively impossible for a man-in-the-middle attack to be successful. The trust delegation is enabled when a user logs in to the server with a valid certificate, issued by an accredited and trusted certificate authority in the very first attempt. Thus, with PKI, a user is able to log into the server without any previous registration in the respective system. PKI provides a trustworthy setting by validating and ensuring the integrity of the data and users. These keys can be used within PKI systems, with one-way encryption functions that only allow the owner of that key to decrypt data.
PKI refers to the system for the safe distribution of cryptographic keys to the ultimate users and the management of other safety attributes and electronic cryptographic services it delivers. This technology identifies public keys with concerned entities and is implemented for digital signature and document encryption business applications. PKI acts as the underlying infrastructure for the provision of services associated with asymmetric and symmetric encryption schemes to subscribers; it has, therefore, become essential in many situations when strong evidence is required for proving the identity of communicating parties and for source authentication purposes.
The rise in disposable consumer income a change in their lifestyle, and spending habits have boosted the online sales of goods and products. Customers are more inclined toward online purchases because of its wide range of products and time- and money-saving advantages over physical store locations. Additionally, the rising usage of the internet and smartphones has been boosting the growth of the e-commerce sector. For example, the India Brand Equity Foundation has estimated that the online shopper base of India was 150 million in 2021 and is likely to reach 350 million by 2026. Moreover, with the growth of the e-commerce sector, there is a rise in goods transportation, which has contributed to the growth of the logistics sector. Since logistic companies are engaged in the transit of goods, they deal with consumer data related to online transactions. Thus, logistics companies have ensured tight security of this information by using PKI, implementing techniques such as regular key rotation and modern cryptographic standards that raise the demand for PKI solutions in the logistics industry.
The need for data privacy and security solutions has grown in the past couple of years. Security tools have reached mainstream adoption for commercial and government usage in the last couple of years. A few examples from the period include the introduction of enterprise-level firewalls, intruder detection systems, identity management solutions, and event management systems, to name a few. Noticeably, one of the largest PKI-based applications is the Common Access cards program for active-duty U.S. Defense personnel identification cards, which the Defense Information Systems Agency is executing under a PKI infrastructure. Different applications of PKI have been developed for message encryption. They are especially preferred by modern IoT communication systems spread across different industrial and domestic contexts to send highly secure encrypted messages. This trend is expected to continue driving growth within the public key infrastructure market
Key segments that contributed to the derivation of the public key infrastructure market analysis are component, deployment, enterprise size, and end user.
The geographic scope of the public key infrastructure market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
Growth in North America can be attributed to a number of developing SMEs, the establishment of major IT hubs in the region, and aggressive investments that governments have been making to strengthen cyber security infrastructure. Also, owing to fast digitization and increased internet usage, the intellectual property of businesses and people alike is becoming vulnerable to theft and infringement. Businesses should, therefore, deploy data-protection measures to guard against security threats, such as encryption software that allows businesses to guard their intellectual property and other sensitive data.
The regional trends and factors influencing the Public Key Infrastructure Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Public Key Infrastructure Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2022 | US$ 3.27 Billion |
| Market Size by 2030 | US$ 11.55 Billion |
| Global CAGR (2022 - 2030) | 17.1% |
| Historical Data | 2020-2021 |
| Forecast period | 2023-2030 |
| Segments Covered |
By Component
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Public Key Infrastructure Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Public Key Infrastructure Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The public key infrastructure market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the public key infrastructure market are listed below:
(Source: Entrust Corporation, Company Website, January 2024)
The “Public Key Infrastructure Market Size and Forecast (2020–2030)” report provides a detailed analysis of the market covering below areas:
The List of Companies - Public Key Infrastructure Market
The market is projected to record a CAGR of 17.1% during 2022–2030.
The market is expected to reach a value of US$ 11.55 billion by 2030.
DigiCert Inc., eMudhra Limited, Enigma Systemy Ochrony, Entrust Corporation, Fortinet Inc, FutureX, GlobalSign, Sectigo Ltd, Securemetric Bhd, and Thales SA are key players in the market.
The increasing number of cyber frauds is a key trend in the market.
The growth of logistics and e-commerce is driving the market.