Public Key Infrastructure Market Summary
As per Market Research Future Analysis, the Public Key Infrastructure (PKI) Market is poised for significant growth, expanding from USD 5.33 Billion in 2024 to USD 21.14 Billion by 2032, with a CAGR of 18.79% during the forecast period. The market was valued at USD 4.38 Billion in 2023, driven by the increasing demand for secure communication, the rise in cyber threats, and the growing adoption of cloud-based services.
Key Market Trends & Highlights
Key trends driving the PKI market include the following:
- The market is projected to grow from USD 5.33 Billion in 2024 to USD 21.14 Billion by 2032.
- Enrollment services segment dominates the PKI solutions market, essential for secure communication.
- On-premise PKI deployment remains dominant, but cloud-based solutions are gaining traction.
- BFSI sector leads in PKI end-users due to stringent security requirements.
Market Size & Forecast
2024 Market Size: USD 5.33 Billion
2032 Market Size: USD 21.14 Billion
CAGR: 18.79%
2023 Market Size: USD 4.38 Billion.
Major Players
Key players include Verisign Inc., Comodo Group Inc., Assa Abloy Group, Docusign Inc., and Entrust Datacard Corporation.
USD 5.332212 Billion
in 2024 to
USD 21.14 Billion
by 2032, exhibiting a compound annual growth rate
(CAGR) of 18.79%
during the forecast period (2024 - 2032). Additionally, the market size for Public Key Infrastructure (PKI) was valued at USD 4.38 Billion in 2023.
Growing demand for secure communication, increasing adoption of cloud-based services and Rise in cyber threats are the key market drivers enhancing market growth.
Figure 1: Public Key Infrastructure (PKI) Market Overview, 2022 & 2032 (USD billion)

Source: Secondary Research, Primary Research,
Market Research Future Database and Analyst Review
Public Key Infrastructure (PKI) Market Trends
Growing demand for secure communication driving the market growth
Public key Infrastructure (PKI) provides a secure way to transmit data and protect against cyber threats. With the increasing use of digital communication channels, such as email, messaging apps, and online transactions, the demand for PKI is growing rapidly. It enables secure communication by using public and private key cryptography. The sender of a message uses the recipient's public key to encrypt the message, which can only be decrypted using the recipient's private key. This ensures that the message is not intercepted or read by unauthorized parties.
Moreover, PKI helps to verify the identity of the communicating parties. When a message is encrypted using a public key, it can only be decrypted using the corresponding private key. This assures that the message comes from the intended sender and has not been altered in transit. Therefore, the growing demand for secure communication due to increasing cyber threats, data breaches, and identity theft drives the demand for PKI. Thus, driving the public key infrastructure (PKI) market revenue.
As more businesses move their data and applications to the cloud, the need for secure communication and
data protection
is increasing. PKI provides a way to secure cloud-based data and applications using encryption and digital certificates. It helps to secure cloud-based services by providing authentication and authorization mechanisms. It enables users to securely access cloud-based resources by verifying their identity using digital certificates. This make sure that only authorized users can access sensitive applications and data.
Moreover, PKI helps to protect cloud-based data by encrypting it using public and private key cryptography. This safeguards that the data is not intercepted or read by unauthorized parties. PKI also helps to protect against man-in-the-middle attacks by ensuring that the communication between cloud-based services and users is secure and authenticated. Therefore, the increasing adoption of cloud-based services is driving the demand for PKI as businesses need to confirm the security of their applications and data in the cloud.
Public Key Infrastructure (PKI) Market Segment Insights
Public Key Infrastructure (PKI) Solution Insights
Based on the solution, the public key infrastructure (PKI) market segmentation includes PIN authentication, enrollment services, inventory of digital identities, secure roaming, self-recovery, and self-registration. The enrollment services public key infrastructure (PKI) segment dominated the market. Enrollment services are essential for any PKI implementation as they provide the foundation for secure communication and data protection. Without enrollment services, verifying the identity of users and devices and ensuring that only authorized parties have access to sensitive resources would be difficult. The dominance of the enrollment services segment is anticipated to continue as the demand for secure communication and data protection grows. However, other segments, such as inventory of digital identities and self-registration, are also expected to grow as digital identities become more widespread and organizations look for ways to streamline enrollment.
Public Key Infrastructure (PKI) Deployment Insights
Based on Deployment, the Public Key Infrastructure (PKI) market segmentation includes cloud-based and on-premise. The on-premise segment dominated the market. This is because On-premise PKI deployment offers several benefits, including greater control over the security of the PKI infrastructure, the ability to customize the infrastructure to meet specific business needs, and the ability to integrate the PKI infrastructure with existing IT systems. However, there has been a rising trend towards cloud-based PKI deployment in recent years. Cloud-based PKI deployment involves hosting the PKI infrastructure on a third-party cloud provider's servers, which can offer scalability, cost-effectiveness, and ease of management.
Figure 2: Public Key Infrastructure (PKI) Market by Deployment, 2022 & 2032 (USD billion)

Source: Secondary Research, Primary Research,
Market Research Future Database and Analyst Review
Public Key Infrastructure (PKI) End-User Insights
Based on end-user, the public key infrastructure (PKI) market segmentation includes aerospace & defense, health & life sciences, human resources, manufacturing, government, BFSI, education, retail, and others. The BFSI segment dominated the market. This is because the BFSI sector is highly regulated and requires secure communication and data protection. PKI is widely used in the BFSI sector for secure online transactions, authentication of users, and securing sensitive data such as financial information, transactions, and customer data. PKI provides a secure way to transmit data over the internet and protect against cyber threats like phishing, hacking, and identity theft.
Public Key Infrastructure (PKI) Regional Insights
By Region, the study provides market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American Public Key Infrastructure (PKI) market will dominate, owing to the high adoption of digital technologies, a mature economy, and a strong regulatory environment, which has led to the high demand for PKI solutions. The Banking, Financial Services, and Insurance (BFSI) sector in North America is a major end-user of PKI solutions due to the high volume of financial transactions that require secure communication and data protection. The healthcare sector is also a significant user of PKI solutions, with the increasing adoption of electronic health records and telemedicine applications.
Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 3: Public Key Infrastructure (Pki) Market Share By Region 2022 (%)

Source: Secondary Research, Primary Research,
Market Research Future Database and Analyst Review
Europe's Public Key Infrastructure (PKI) market accounts for the second-largest market share due to the factors such as increasing digitization, rising cyber threats, and the requisite for compliance with regulations such as GDPR and eIDAS. Further, the Germany Public Key Infrastructure (PKI) market held the largest market share, and the UK Public Key Infrastructure (PKI) market was the fastest-growing market in the European region
The Asia-Pacific Public Key Infrastructure (PKI) Market is anticipated to develop at the fastest CAGR from 2023 to 2032. The market is driven by increasing digitization, rising cyber threats, and a growing need for data protection and secure communication. The region has a large population, fast-growing economies, and a high adoption rate of digital technologies, which has led to a high demand for PKI solutions. Moreover, Chinaโs Public Key Infrastructure (PKI) market held the largest market share, and the Indian Public Key Infrastructure (PKI) market was the fastest-growing market in the Asia-Pacific region.
Public Key Infrastructure (PKI) Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development to expand their product lines, which will help the public key infrastructure (PKI) market, grow even more. Market participants are also undertaking several strategic activities to increase their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. The public key infrastructure (PKI) industry must offer innovative products to expand and survive in a more competitive and rising market climate.
Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the public key infrastructure (PKI) industry to benefit clients and increase the market sector. In recent years, the public key infrastructure (PKI) industry has offered some of the most significant advantages to the market. Major players in the public key infrastructure (PKI) market, including Verisign Inc. (u.s.), Comodo group inc. (u.s.), sign (Belgium), Assa Abloy Group (Sweden), Ascertia (u.s.), Lexmark international inc. (u.s.), Docusign inc (u.s.), Signix (u.s.), Godaddy inc. (u.s.), Entrust Datacard corporation (u.s.), and others, are attempting to increase market demand by investing in research and development operations.
Verisign Inc. is a domain name registry services and internet infrastructure provider, including DNS security extensions, DDoS protection, and managed DNS services. The company operates two of the world's largest top-level domains (TLDs), .com and .net, and offers security services to protect online transactions, applications, and communications. Verisign's PKI services provide secure authentication and digital signing solutions for online transactions and communications. For instance, in May 2021, Verisign announced that it launched a new PKI platform called Verisign Managed PKI for SSL, which offers businesses a cost-effective and efficient way to secure online transactions and communications.
Comodo Group Inc. is a
cybersecurity
company that provides various security solutions, including SSL/TLS certificates, PKI services, antivirus software, and website security. The company's PKI services include certificate management, certificate authority services, and digital signing solutions, providing customers with secure authentication and encryption for online transactions and communications. For instance, in December 2020, Comodo announced that it had launched a new PKI platform called SecureBox PKI, designed to help businesses secure their remote workforces.
Key Companies in the Public Key Infrastructure (PKI) market include
- Verisign Inc. (u.s.)
-
Comodo group inc. (u.s.)
- sign (Belgium)
- Assa Abloy group (Sweden)
- Ascertia (u.s.)
- Lexmark international inc. (u.s.)
- Docusign Inc (u.s.)
- Signix (u.s.)
- Godaddy Inc. (u.s.)
- Entrust Datacard Corporation (u.s.)
Public Key Infrastructure Industry Developments
-
Q2 2024: Entrust acquires Onfido to expand digital identity and PKI solutions Entrust, a global leader in identity and security, announced the acquisition of Onfido, a UK-based identity verification company, to strengthen its public key infrastructure and digital identity offerings for enterprise and government clients.
-
Q2 2024: Entrust Completes Acquisition of Onfido Entrust finalized its acquisition of Onfido, integrating Onfidoโs AI-powered identity verification technology into Entrustโs PKI and digital security portfolio to address growing demand for secure digital onboarding and authentication.
-
Q2 2024: Keyfactor raises $100M to accelerate PKI automation and cloud security Keyfactor, a provider of PKI and certificate management solutions, secured $100 million in funding to expand its cloud-based PKI automation platform and support enterprise customers facing increased regulatory and cybersecurity requirements.
-
Q3 2024: DigiCert launches DigiCertยฎ Trust Lifecycle Manager for enterprise PKI DigiCert introduced its Trust Lifecycle Manager, a new platform designed to automate certificate lifecycle management and enhance PKI deployment for large organizations, addressing compliance and security needs.
-
Q3 2024: Thales partners with Microsoft to deliver cloud-based PKI for Azure customers Thales announced a strategic partnership with Microsoft to provide cloud-based PKI and encryption services for Azure customers, enabling secure digital identities and compliance with global data protection regulations.
-
Q4 2024: Venafi appoints new CEO to drive PKI innovation and global expansion Venafi, a leader in machine identity management and PKI solutions, named a new CEO to accelerate product innovation and expand its global footprint in response to rising demand for secure digital authentication.
-
Q4 2024: Sectigo launches IoT PKI Manager for device identity and security Sectigo unveiled its IoT PKI Manager, a new solution designed to provide scalable certificate management and secure device identities for manufacturers and enterprises deploying Internet of Things technologies.
-
Q1 2025: GlobalSign wins major government contract for national PKI infrastructure GlobalSign secured a multi-year contract to provide PKI infrastructure and digital certificate services for a national government, supporting secure e-government services and citizen authentication.
-
Q1 2025: Entrust launches quantum-safe PKI solutions for enterprise customers Entrust announced the release of quantum-safe PKI solutions, enabling organizations to future-proof their digital security infrastructure against emerging quantum computing threats.
-
Q2 2025: Keyfactor acquires Redtrust to expand PKI presence in Europe Keyfactor completed the acquisition of Redtrust, a Spanish PKI provider, to strengthen its European market position and enhance its cloud-based certificate management offerings.
-
Q2 2025: DigiCert partners with AWS to deliver managed PKI services for cloud customers DigiCert entered into a partnership with Amazon Web Services to offer managed PKI services, simplifying certificate management and compliance for organizations migrating to the cloud.
-
Q3 2025: Venafi launches PKI-as-a-Service platform for hybrid and multi-cloud environments Venafi introduced a new PKI-as-a-Service platform designed to provide automated certificate management and secure machine identities across hybrid and multi-cloud infrastructures.
Public Key Infrastructure (PKI) Market Segmentation
Public Key Infrastructure (PKI) Solution Outlook
- PIN Authentication
- Enrollment Services
- Inventory of Digital Identities
- Secure Roaming
- Self-Recovery
- Self-Registration
Public Key Infrastructure (PKI) Deployment Outlook
Public Key Infrastructure (PKI) End-User Outlook
- Aerospace & Defense
- Health & Life Sciences
- Human Resources
- Manufacturing
- Government
- BFSI
- Education
- Retail
Public Key Infrastructure (PKI) Regional Outlook
-
Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
-
Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
-
Rest of the World
- Middle East
- Africa
- Latin America
Attribute/Metric |
Details |
Market Size 2023 |
USD 4.38 billion |
Market Size 2024 |
USD 5.332212 billion |
Market Size 2032 |
USD 21.14 billion |
Compound Annual Growth Rate (CAGR) |
18.79% (2024-2032) |
Base Year |
2023 |
Market Forecast Period |
2024-2032 |
Historical Data |
2019- 2021 |
Market Forecast Units |
Value (USD Billion) |
Report Coverage |
Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
Segments Covered |
Component, Deployment, End-User, and Region |
Geographies Covered |
North America, Europe, Asia Pacific, and the Rest of the World |
Countries Covered |
The U.S., Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
Key Companies Profiled |
ย Verisign Inc. (u.s.), Comodo group inc. (u.s.), sign (Belgium), Assa Abloy Group (Sweden), Ascertia (u.s.), Lexmark international inc. (u.s.), Docusign inc (u.s.), Signix (u.s.), Godaddy inc. (u.s.), and Entrust datacard corporation (u.s.) |
Key Market Opportunities |
Increasing demand for IoT security |
Key Market Dynamics |
Growing demand for secure communication Increasing adoption of cloud-based services |
Public Key Infrastructure Market Highlights:
Frequently Asked Questions (FAQ):
The public key infrastructure (PKI) market size was valued at USD 4.38 Billion in 2023.
The market is projected to grow at a CAGR of 18.79% during the forecast period, 2024-2032.
North America had the largest share of the market
The key players in the market are Verisign inc. (u.s.), Comodo group inc. (u.s.), sign (belgium), Assa abloy group (sweden), Ascertia (u.s.), Lexmark international inc. (u.s.), Docusign inc (u.s.), Signix (u.s.), Godaddy inc. (u.s.), and Entrust datacard corporation (u.s.).
The enrollment services public key infrastructure (PKI) category dominated the market in 2023.
The on-premise type had the largest share of the market.