Public Key Infrastructure Market size is anticipated to surpass USD 230 Billion by the end of 2035, growing at a CAGR of 24% during the forecast period i.e., 2023 – 2035. In the year 2022, the industry size of public key infrastructure was USD 5 Billion. Companies nowadays are highly using technologically developed solutions such as cloud storage, visualization, and organization mobility. These developments have aided companies to work better in real-time as their offer accessibility to company data via virtual and cloud storage in mobile devices. However, this accessibility of data on mobile devices has also promoted the prevalence of data loss and risk concerns as a result driving the adoption of public key infrastructure. In a survey, 70% of respondents said that their organization's cloud security, IT operations, and developers do not align with security policies.
The rapid use of public-key infrastructure solutions is being fuelled by the rising market need to lower the cost of verification and boost consumer & seller confidence in numerous sectors like healthcare, banking, and e-commerce. Nowadays, a lot of cyber-crimes are taking place that has reduced the trust of consumers over sellers especially those who are dealing online, thus increasing the demand for public key infrastructure.
Growth Drivers
Challenges
|
Base Year |
2022 |
|
Forecast Year |
2023 – 2035 |
|
CAGR |
~24% |
|
Base Year Market Size (2022) |
~USD 5 billion |
|
Forecast Year Market Size (2035) |
~USD 230 billion |
|
Regional Scope |
|
Deployment Mode (On-premises, Cloud)
The cloud segment in the public key infrastructure market is predicted to witness the largest revenue share of 41% by the end of 2035. The increased use of cloud-based public key infrastructure (PKI), which improves data security and makes it possible for safe information sharing through digital identities, can be blamed for this category rise. The cloud-based strategy has several benefits since it frees businesses from the time, money, and resource demands of building internal infrastructure. As a result, both big businesses and SMEs have adopted cloud-based public key infrastructure solutions with enthusiasm, boosting this market's rapid expansion.
End User (BFSI, Healthcare, IT, and Telecom)
The BFSI segment is set to hold 40% share of the global public key infrastructure market in the forecast period. The BFSI segment is a sector based on strict standards and the sector demands secured communication and data protection. Public key infrastructure is widely used in the BFSI sector for various purposes such as authentication of users, secured online transactions, and security of sensitive data such as consumer data, transaction, and financial data. Moreover, the increasing number of cyberattacks in the banking and finance sector is further predicted to accelerate the market growth of public key infrastructure in this segment. Public key infrastructure offers a secure way of transmitting data via the internet in order to protect the data from getting exposed to cyber fraud such as hacking, identity theft, and phishing.
Our in-depth analysis of the global market includes the following segments:
|
Component |
|
|
Deployment Mode |
|
|
Organization Size |
|
|
End User |
|
North America Market Forecasts
The public key infrastructure market in the North American region is anticipated to observe a revenue growth of 33% during the studied period. As a result of the growing requirement to maintain ongoing data security compliance throughout the company and the widespread usage of the Secure Sockets Layer (SSL) certification that employs public-key security solutions for encryption and authentication. PKI is used by numerous sectors in the region such as healthcare, government, and online shopping sectors to protect data, provide secure communication, and validate digital identities. The focus on data protection in the area, the existence of significant companies, and the rising frequency of cyber threats all support the growth of the PKI industry throughout North America. In the United States, more than 2,100 cyberattacks occur every day.
APAC Market Statistics
In the Asia Pacific PKI market is estimated to grow substantially during the time period between 2023 – 2035 on the back of increasing digitalization initiatives taken by public and private sectors in this region. With the growth of online retail and electronic payment methods, the retail sector is evolving quickly, demanding robust safety protocols including PKI to safeguard sensitive client data and guarantee secure transactions.
Author Credits: Abhishek Verma, Hetal Singh
Copyright © 2024 Research Nester. All Rights Reserved
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?