Public Key Infrastructure Market Size
The global public key infrastructure market share was dominated by the solution segment and is expected to maintain its dominance in the coming years.
PORTLAND, PORTLAND, OR, UNITED STATE, July 15, 2024 /
EINPresswire.com/ -- According to a recent report published by Allied Market Research, the global
public key infrastructure market size was valued at $1.4 billion in 2020 and is projected to reach $14.49 billion by 2030, registering a CAGR of 26.5% from 2021 to 2030.
Public Key Infrastructure (PKI) is a framework that enables secure, encrypted communication and authentication over networks such as the internet. It involves a set of roles, policies, hardware, software, and procedures needed to create, manage, distribute, use, store, and revoke digital certificates and manage public-key encryption.
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The past few decades have witnessed an upward trend for data privacy and security solutions. Over the past few years, security equipment has begun 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.
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.
Some of the key companies operating in the PKI industry are Thales, Entrust Datacard, Digicert, Manageengine, Microsoft, Hid Global, Google, Amazon Web Services, Appviewx, and Venafi.
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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.
Post-COVID-19, The global PKI market size was valued at $1.4 billion in 2020, and is projected to reach $14.49 billion by 2030.
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.
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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 have 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 a rapid rate of growth through 2027 on account of the 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.
Key Findings Of The Study
1. By component, in 2020, the solution segment is estimated to be the major shareholder. However, the services segment is expected to witness highest growth rate during the forecast period.
2. Based on deployment, the on-premise segment accounted for the highest revenue in 2020; however, the cloud segment is expected to witness highest growth rate during the forecast period.
3. Based on organization size, the large enterprise segment accounted for the highest revenue in 2020; however, the SME segment is expected to witness the highest growth rate during the forecast period
4. Based on vertical, the IT and telecom segment accounted for the highest revenue in 2020; however, the healthcare segment is expected to witness the highest growth rate during the forecast period.
5. Region-wise, the public key infrastructure market was dominated by North America in 2020. However, Asia-Pacific is expected to witness significant growth in the coming years.
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