Public Key Infrastructure Market Size
Public Key Infrastructure Market Size
The anticipated surge in the global public key infrastructure market is attributed to the extensive use of PKI, driven by the escalating threats of cyber fraud.
PORTLAND, PORTLAND, OR, UNITED STATES, November 24, 2023 /EINPresswire.com/ -- According to a recent report published by Allied Market Research, the global public key infrastructure industry was pegged at $1.40 billion in 2020, and is expected to reach $14.49 billion by 2030, growing at a CAGR of 26.5% from 2021 to 2030.
A public key infrastructure (PKI) is a technology comprising specific policies and procedures designed for the management, distribution, storage, and revocation of digital certificates, as well as the administration of public-key encryption. Developed to facilitate secure information exchange over an increasingly vulnerable internet, PKI relies on both public and private keys to ensure security. This technology offers various advantages, including the assurance of data integrity in electronic communication, verification of the source and destination of data, and protection of data privacy.
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PKI serves the crucial function of securely exchanging cryptographic keys among users and enabling other security services delivered through cryptography. It establishes connections between public keys and unique entities, known as subscribers, supporting digital signatures and document encryption for businesses. PKI has evolved into the foundational infrastructure for delivering both asymmetric and symmetric encryption services to its subscribers. It proves essential in scenarios demanding heightened verification of the identities of communicating parties and the authentication of transferred information.
The market is poised for significant growth due to the presence of multiple PKI vendors and the increasing adoption of PKI solutions to identify and prevent threats in their early stages. The surge in web usage for various purposes, including business, has led to a rise in malware and file-based attacks, further fueling the anticipated growth of the public key infrastructure market. In the UK, the cloud deployment model is expected to experience rapid growth until 2027, driven by the widespread adoption of cloud platforms in enterprises. Enterprises are increasingly transferring their workloads to cloud platforms, where cloud-based encryption solutions play a crucial role in providing an additional layer of security to address vulnerabilities. Additionally, this shift to cloud platforms enables enterprises to reduce overall operational costs related to cybersecurity.
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The services segment is expected to exhibit the highest Compound Annual Growth Rate (CAGR) of 28.7% during the analysis period, driven by the support provided by various services to ensure the effective functioning of software solutions, thereby contributing to the market's growth. Conversely, in 2020, the hardware security modules segment held the largest market share, attributed to the increasing complexity of data security threats.
In terms of regional distribution, North America dominated the public key infrastructure market in 2020, primarily due to the adoption of diverse data security compliance measures by enterprises in the region. In contrast, the Asia-Pacific public key infrastructure market is projected to experience a CAGR of 28.1% during the analysis timeframe. This growth is anticipated to be fueled by the widespread adoption of public key infrastructure solutions, driven by the escalating incidence of malware attacks in the region.
Top Companies in the Industry:
Thales
Manageengine
Google
Digicert
Hid global
Appviewx
Entrust datacard
Amazon web services
Venafi
Microsoft
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In August 2023, The PKI Consortium, a dynamic alliance dedicated to enhancing trust and security within the digital landscape, proudly announces the preview release of its pioneering PKI Maturity Model. A collaborative effort by the PKI Maturity Model Working Group, this model will revolutionize the way organizations can plan, evaluate, and compare Public Key Infrastructure (PKI) implementations.
Significant Advantages for Stakeholders:
• This analysis offers a comprehensive examination of current and future trends in the public key infrastructure market, shedding light on potential areas for investment.
• The report furnishes insights into key drivers, constraints, and opportunities, accompanied by an impact analysis on the size of the PKI industry.
• Employing Porter's five forces analysis, the report evaluates the influence of buyers and suppliers within the PKI industry.
• A quantitative assessment of the market's growth from 2020 to 2030 is presented, aiming to ascertain the potential of the public key infrastructure market.
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