Public Key Infrastructure Market Trends

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.

Challenges

• 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