Public Key Infrastructure Market is expected to reach US$ 11,553.84 million by 2030

Rising Cybersecurity Threat Across Industries Drives Public Key Infrastructure Market Growth

According to our latest study on “Public Key Infrastructure Market Forecast to 2030 – Global and Regional Share, Trends, and Growth Opportunity Analysis – by Component, Deployment, Enterprise Size, and End User,” the public key infrastructure market size was valued at US$ 3,268.10 million in 2022 and is expected to reach US$ 11,553.84 million by 2030; it is estimated to record a CAGR of 17.1% from 2022 to 2030.

A public key infrastructure is a technology that consists of a specific set of policies and procedures utilized for managing, distributing, storing, and revoking digital certificates and managing public-key encryption. Public key infrastructure technology was created to exchange information over an increasingly insecure Internet. It uses a public key and a private key to achieve security and offers several benefits, such as assurance of the quality of data sent and received electronically, assurance of the source and destination of that data, and assurance of the privacy of that data. 

Increasing Adoption of PKI in Government-to-Citizen Applications to Offer Lucrative Opportunities for Public Key Infrastructure Market Growth During Forecast Period

Rapid digitalization in the government sector across the globe is creating an opportunity for PKI vendors to provide advanced solutions to their customers. With the growing digitization, governments of various countries are investing in improving digital services and data protection offered by various companies. In July 2023, The Technology Modernization Fund (TMF) announced five new investment projects, out of which three aim to improve digital service delivery at the National Transportation Safety Board (NTSB), the US Department of Veterans Affairs (VA), and the Bureau of Land Management (BLM), making it easier for their customers to access records, information, and services. The other two projects aim to enhance the cybersecurity protection of data and applications that the US Department of Labor (DOL) and the US Environmental Protection Agency (EPA) rely on to provide critical services and information to Americans.

Thus, the growing adoption of PKI in government-to-citizen applications is expected to create numerous growth opportunities for the public key infrastructure market players during the forecast period.

North America holds a major share of the public key infrastructure market. The public key infrastructure market in North America is segmented into the US, Canada, and Mexico. The region is the early adopter of technologies and has a well-established IT infrastructure. With the increase in the frequency of cyber-attacks and advancements in technologies, it has become essential for private and government organizations to adopt adequate security solutions to ensure the security of data and avoid fraud due to the theft of credentials. The Internet Crime Complaint Center (IC3) revealed that in 2022, the FBI received more than 800K cybercrime-related complaints, which led to losses of over US$ 10 billion. These complaints in 2022 included phishing (300k complaints were filed), personal data breach (58k complaints were filed), non-payment/non-delivery scams (51k complaints), extortion (39k complaints), tech support scams (32k complaints), and others. The agency also revealed that in the last five years, they have received a total of 3.26 million complaints, leading to losses of ~US$ 27.6 billion. Thus, the growth in cybercrime activities is raising the need for public key infrastructure to secure the data, fueling the market growth in the region.

Segmental Overview

The public key infrastructure market is categorized on the basis of component, enterprise size, deployment mode, and end-user. Based on component, the public key infrastructure market is bifurcated into solutions and services. The services segment is further bifurcated into professional services and managed services. Based on deployment mode, the market is bifurcated into on-premise and cloud. Based on enterprise size, the market is bifurcated into small and medium enterprises (SMEs) and large enterprises. In terms of end-user, the market is segmented into BFSI, retail & e-commerce, government & defense, IT & telecom, manufacturing & automotive, and others. By geography, the public key infrastructure market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM).

Competitive Landscape and Key Developments

DigiCert Inc, eMudhra Limited, Enigma Systemy Ochrony, Entrust Corporation, Fortinet Inc, FutureX, GlobalSign, Sectigo Ltd, Securemetric Bhd, and Thales SA are among the key players profiled during the public key infrastructure market study. Various other companies are introducing new product offerings to contribute to the public key infrastructure market size proliferation. Several other important players were also analyzed during this market research to get a holistic view of the global market and its ecosystem. The leading public key infrastructure market players focus on feature upgrades, expansion and diversification, collaboration, and acquisition strategies, which enable them to grab new business opportunities.

• In June 2023, Keyfactor, a leading PKI and cryptography management solutions provider, launched two advanced product updates, EJBCA 8.0 and SignServer 6.0. The updates are expected to bring significant advancements in post-quantum readiness and Internet of Things (IoT) security for organizations seeking safeguards against the rising prospect of cyberattacks promoted through developments in and growth of both technologies.
• In January 2023, GlobalSign, a leading provider of identity and security solutions and a Certificate Authority (CA), introduced a next-generation PKI Platform named “Atlas” to ease complicated PKI management from overburdened enterprise IT and security teams.

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