PKI Industry Share By Solution (PIN Authentication, Enrollment Services, Inventory of Digital Identities, Secure Roaming, Self-Recovery, Self-Registration), Deployment (Cloud-Based, On-Premise), End-User (Aerospace and Defense, Health and Life Sciences, Human Resources, Manufacturing, Government, BFSI, Education, Retail, and Others) -Global Forecast to 2030
Market Highlights
Public key infrastructure (PKI) is a technology for creation, utilization, management, and storage of digital certificates and public key encryption. Concerns over personal information and data privacy concerns have evoked its deployment across digital networks. The global public key infrastructure market report by Market Research Future (MRFR) covers trends, drivers, and new growth opportunities for the period of 2018 to 2023 (forecast period). The COVID-19 outbreak and its implications on the industry are duly noted in the report.
Market Scope
The global PKI Industry Share t was valued at USD 639.1 Mn in 2017 and is expected to register a CAGR of 21.12% during the forecast period. Rapid adoption of the internet and a growing consumer base are key drivers of the market. Concerns of cyber threats and protection of digital assets can drive its demand in the coming years. Adoption of cloud, rise in financial transactions, and proliferation of information technology can influence the market.
Technological advances such as 5G, adoption of IoT, and conducive environment for transfer of large volumes of data can beckon the market. Adoption of secure sockets layer (SSL) certificates for encryption and authentication of information for verification of entities can induce the demand for PKI market. PKI verifies the identities of parties involved in data transfer and encrypts information over a secure network.
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Segmentation:
The global PKI Industry Share is segmented on the basis of solution, deployment, and end-users.
Solutions commonly employed in the public key infrastructure market include self-registration, enrolment deployment, secure roaming, PIN authentication, inventory of digital identities, and others.
Public key infrastructure is deployed on cloud-based and on-premise. The adoption rate of cloud-based deployments has been observed to be higher than on-premise due to the scalability that this platform offers as well as cost savings. The cloud-based platform is expected to retain its lead in the market while displaying the highest CAGR of 21.91% during the forecast period.
End-users of public key infrastructure include BFSI, healthcare & life sciences, retail, aerospace & defense, human resources, education & research, manufacturing, government, and others. The government segment followed by the aerospace & defense account for the most significant segments in the market due to the high requirement for security to protect sensitive government information. However, the BFSI sector is expected to grow at the highest CAGR of 23.84%, as this sector handles high volumes of sensitive data. The security concerns for transactions conducted with banks by consumers, processing of large volumes of data, and demand for fortified security can drive the demand of public key infrastructure in the sector.
Regional Analysis
North America leads the global market's growth and is closely followed by the Asia Pacific market in terms of market value. It was valued at USD 239.7 Mn in 2017 and is expected to grow with an optimistic CAGR of 20.71% during the forecast period. The presence of several important market participants in the region combined with the high use of PKI solutions is expected to drive the growth of the regional PKI market. The use of automation for re-use of security certificates and swap identities across servers, IoT devices, cloud workloads, and firewalls can influence its adoption.
Asia Pacific is expected to grow at the highest CAGR of 23.38% during the forecast period. China accounts for the largest country-level market with a projected market value of USD 215.15 Mn by the end of 2023. Japan and India are other important country-level markets to watch out for during the assessment period. Implementation of PKI for detection and prevention of threats can drive the global public key infrastructure market demand in the region.
Competitive Landscape
GoDaddy Inc., VeriSign Inc., Entrust Datacard Corporation, Assa Abloy Group, and Gemalto NV are key players of the public key infrastructure market.
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