Public Key Infrastructure (PKI) Market Expected to Reach US ~$19.34 Billion and CAGR 20.4% by 2030 – Polaris Market Research

Public Key Infrastructure (PKI) Market

The global Public Key Infrastructure (PKI) market size is expected to reach USD 19.34 billion by 2030 according to a new study by Polaris Market Research.

Significant growth factors of the market consist of growing adoption of data management and security solutions, increasing business data volume, and a rise in adoption of IoT technology and cloud computing are the few factors projected to drive the industry growth during the forecast period. Moreover, the rising concerns over securing enterprise Intellectual Property (IP) assets, coupled with the growing trend of Bring Your Own Devices (BYOD) among enterprises. Thus, the rise in implementation of infrastructure across enterprises coupled with the government initiatives to enhance the digital initiatives are the few factors amplifying the scope of the industry.

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Based on the end-user segment, the BFSI segment is witnessing a dominant share in the global industry. This is due to the BFSI sector is the most legalized as it has to conform to various security requirements. However, the government & defense segment is projected to grow at the fastest CAGR during the forecast period, owing to growing data theft incidences in public companies.

North America is anticipated to lead the market in terms of revenue share around the globe, owing to the rising government support to promote digitalization to expand the accessibility of resources, along with the wide presence of business enterprises and industry vendors in the region. At the same time, Asia-Pacific is projected to register the highest growth rate/CAGR during the forecast period. The increasing case data thefts and growing focus on data security along with growing technological infrastructure in emerging nations such as China and India are some integral factors that may contribute to the higher industry demand in the Asia-Pacific region.

The major players are likely to emphasize developing their product line and undertake expansion by acquiring business and technologies to mark their global footprint in the unreached industry. For instance, in September 2021, AppViewX introduced its next-generation machine identification platform as a service, which consolidates security information and simplifies PKI solutions. Similarly, in May 2021, DigiCert was selected by the Telecom Infra Project (TIP) to deliver PKI-based security services across the world for TIP’s OpenWiFi platform. Such initiatives will drastically contribute to the higher growth of the global industry.

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Major participants such as Thales, Verisign, Comodo Group, Entrust Datacard, DigiCert, Lexmark International, DocuSign, Airbus S.A.S., IBM, Microsoft, HID Global, Amazon Web Service, Google, Enigma, Signix, Ascertia, and Nexus Group are some of the key players operating in the global industry.

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Polaris Market Research has segmented the Public Key Infrastructure (PKI) market report based on component, solution, payload, application, and region:

Public Key Infrastructure (PKI), Component Outlook (Revenue – USD Billion, 2018 – 2030)

  • Public
  • Private
  • Certificate Authority
  • Certificate Store
  • Certificate Revocation List
  • Hardware Security Module

Public Key Infrastructure (PKI), Deployment Type Outlook (Revenue – USD Billion, 2018 – 2030)

  • Cloud
  • On-Premises

Public Key Infrastructure (PKI), End-Use Outlook (Revenue – USD Billion, 2018 – 2030)

  • BFSI
  • IT & Telecommunication
  • Government & Defense
  • Retail & E-commerce
  • Healthcare
  • Manufacturing
  • Others

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