Public Key Infrastructure (PKI) Market Size & Share, by Component (HSM, Solutions, Services); Deployment Mode (On-premises, Cloud); Organization Size (SMEs, Large Enterprises); End-user (BFSI, Healthcare, IT & Telecom) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2035

  • Report ID: 5182
  • Published Date: Aug 23, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023 - 2035

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.

Public Key Infrastructure Market
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Public Key Infrastructure Sector: Growth Drivers and Challenges

Growth Drivers

  • Increasing Adoption of IoT Trend in Various Sectors - Many businesses are primarily concentrating on how the latest technologies, like IoT, will affect PKI. Every industrial vertical has benefited from the advent of IoT in different ways. Regardless of the effective implementation of the security procedures, businesses are growing more worried about the immediate release of new goods on the market. As a result, there are more and more security issues and cyber dangers affecting the safety of IoT devices.
  • The Surge in Demand during the COVID-19 Pandemic Period - The ongoing COVID-19 pandemic situation increased the number of distant workers accessing various resources as a result of work-from-home or remote work trends, and the growing requirement to safeguard corporate assets from unauthorized access during the pandemic is having a favorable influence on the growth of the public key infrastructure (PKI) industry. Approximately 48% of workers in organizations across the globe who were employed full-time throughout the pandemic did so remotely.
  • Growing Number of Cyber Threats - The risk of cyberattacks rose as businesses and people all over the world began depending more and more on internet-based services, which is projected to provide favorable potential for the public key infrastructure industry. By the close of 2021, losses and ransoms gathered by hackers and cybercriminals worldwide might total roughly USD 6 trillion, according to research.


  • High Cost Associated with Deployment and Maintenance – Public key infrastructure can be expensive to deploy and maintain, particularly for large organizations. The costs involved include the purchase of hardware and software, the hiring of skilled personnel, and the ongoing operation and management of the system.
  • Lack of Skilled Labor
  • Complexities Associated with Deployment and Management

Public Key Infrastructure Market: Key Insights

Base Year


Forecast Year

2023 – 2035



Base Year Market Size (2022)

~USD 5 billion

Forecast Year Market Size (2035)

~USD 230 billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Public Key Infrastructure Segmentation

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:



  • HSM
  • Solutions
  • Services


  Deployment Mode

  • On-premises
  • Cloud


  Organization Size

  • SMEs
  • Large Enterprises


  End User

  • BFSI
  • Healthcare
  • IT & Telecom

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Public Key Infrastructure Industry- Regional Synopsis

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.

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Companies Dominating the Public Key Infrastructure Landscape

    • IBM Corporation
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Microsoft Corporation
    • Airbus S.A.S.
    • Amazon Web Service Inc.
    • Verisign Inc.
    • Comodo Group
    • DigiCert One
    • Entrust Datacard Corporation
    • HID Global
    • Actalis SpA


In The News

  • DNS Made Easy was purchased by DigiCert, Inc. in June 2022. This tactical step improves DigiCert's capacity to provide its clients with complete and trustworthy DNS solutions.
  • Verisign Inc., launched a new PKI platform called Verisign Managed PKI for SSL in May 2021 with the goal of giving organizations a simple and cost-effective way to secure online transactions and communications. This platform provides improved security measures while reducing operational complexity and organizational expenses.

Author Credits:  Abhishek Verma, Hetal Singh

  • Report ID: 5182
  • Published Date: Aug 23, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

The growing demand during COVID-19 pandemic period and escalating advancement in technologies are some of the major factors anticipated to drive the growth of the public key infrastructure market.

The market is anticipated to attain a CAGR of ~24% over the forecast period, i.e., 2023 – 2035.

The major players in the market are Microsoft Corporation, Amazon Web Services, Inc., Verisign Inc., Comodo Group, DigiCert One, Entrust Datacard Corporation, IBM Corporation, HID Global, and others.

The cloud segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.

The market in North America is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.
Public Key Infrastructure Market Report Scope

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