Public Key Infrastructure Market Size

Public Key Infrastructure Market Size Snapshot

Note – Market size depicts the revenue generated over the financial year

PKI market is expected to reach USD 4.38 billion in 2023, which is expected to grow to USD 21.14 billion by 2032. The annual average growth rate (CAGR) of 18.79% between 2024 and 2032 shows a strong demand for secure digital communication and data security solutions. The increasing dependence of enterprises on digital transactions and the growing cyber threats are driving organizations to adopt PKI solutions to enhance their security frameworks and ensure compliance with regulatory standards. Several technology trends are driving the market, including cloud adoption, IoT, and the need for secure identity management. PKI solutions are in great demand because they are scalable and efficient. PKI market players, such as DigiCert, GlobalSign, and Entrust, are investing in newer technologies and forming strategic alliances to expand their service offerings. Several recent collaborations have been formed to integrate PKI with blockchain technology. These collaborations highlight the industry’s commitment to developing newer security solutions to meet the evolving security threats and the market requirements.

Regional Market Size

Regional Deep Dive

The PKI market is growing in all regions of the world, primarily because of the increasing need for secure digital transactions and data protection. North America is characterized by an advanced technology infrastructure and a high acceptance of digital security solutions. Europe is characterized by a growing regulatory framework that requires higher security standards, while the Asia-Pacific region is growing rapidly because of the growing number of Internet users and the digital transformation. Middle East and Africa are focused on strengthening their security against cyber threats, and Latin America is gradually adopting PKI solutions as part of its digital transformation.

North America

• The United States government has adopted a system called the Federal Public Key Infrastructure, which aims to ensure the security of digital communications among government agencies.
• And then there are the companies, such as DigiCert and GlobalSign, which have been innovating in the field of PKI and which are now supplying advanced solutions such as cloud-based PKI services to meet the increasing demand for secure digital identities.
• During the COVID-19 pandemic, the development of remote work and digital transactions had increased, which in turn had accelerated the development of PKI solutions and increased the investment in the security of the information network.

Europe

• The eIDAS regulation, which lays down the legal framework for the establishment of trust services in the EU, is pushing the adoption of PKI.
• IT security bodies such as the European Union Agency for Information Security (ENISA) are working to improve the use of PKI and to make it more widely available.
• The new General Data Protection Regulation (GDPR) is putting pressure on businesses to adopt PKI to ensure compliance and secure sensitive information.

Asia-Pacific

• India and China are investing heavily in digital infrastructure, which is driving demand for PKIs to protect online transactions and communications.
• IT companies and governments are collaborating to develop PKIs in Asia-Pacific, to increase the trustworthiness of digital services.
• The development of the bockchain is changing the PKI landscape, and companies are experimenting with the integration of the block chain to enhance the security and transparency of digital identity.

MEA

• The United Arab Emirates has launched the Emirates Blockchain Strategy 2021, which aims to use blockchain technology, including public key infrastructure, to secure government services and increase digital trust.
• In this respect, the cyber-security initiatives of countries such as Saudi Arabia, which are aiming to strengthen the PKI, are in keeping with the vision of the country's Vision 2030 to diversify the economy and strengthen digital security.
• The region is faced with an increasing cyber-threat which has prompted governments to invest in PKI solutions to protect critical data and systems.

Latin America

• Brazil is a country where digital security has been regulated. This has led to a growing demand for PKI solutions from businesses and government agencies.
• The advent of fintechs in Latin America has created a need for secure digital transactions, which has led to a resurgence of interest in PKI technology.
• The Latin American cyber security alliance, for example, is working to promote the use of PKI to ensure the security of digital identity and digital transactions between member countries.

Did You Know?

“By 2025, a forecast of the International Data Group, PKI will be adopted by 80 percent of organizations, driven by the increasing need for digitally secured communications and transactions.” — Gartner Research

Segmental Market Size

Public Key Infrastructure (PKI) plays an important role in securing digital communications and transactions, and it is currently growing at a rapid pace. The drivers of demand include the increasing need for robust cybersecurity measures in the face of growing cyber threats, as well as data privacy regulations such as the General Data Protection Regulation and the Health Insurance Portability and Accountability Act. In addition, the trend towards working remotely and digital transformation across all industries are creating a growing need for secure identity management solutions.

In the present day, PKI has reached a stage of maturity, and the leading PKI companies, such as DigiCert and GlobalSign, are deploying advanced PKI solutions in various industries. PKI is widely used in e-mail encryption, digital signatures, and the secure access of cloud services. In the finance and medical industries, the application of PKI is especially widespread. PKI is also developing rapidly in the direction of zero-trust security, as well as in the direction of meeting government requirements for secure digital identities. The application of new technology such as blockchain and machine learning is also affecting the evolution of PKI, making it more effective in the verification of identities and in the detection of attacks.

Future Outlook

Public Key Infrastructure (PKI) market is set to grow at a CAGR of 18.79% from 2023 to 2032. This growth will be driven by the rising demand for secure digital transactions, the proliferation of IoT devices and the growing adoption of cloud-based services. In addition, the increasing focus of organizations on data security will drive the integration of PKI solutions across various platforms. By 2032, it is expected that more than 60% of organizations will use PKI solutions to enhance their security frameworks, compared to less than 30% in 2023. This will lead to a substantial increase in market penetration.

The key technological developments, such as the rise of the block-chain and the implementation of quantum-resistant algorithms, are expected to drive the PKI market further. Furthermore, the upcoming data protection and privacy regulations, such as the General Data Protection Regulation (GDPR) and the Californian Consumer Privacy Act (CCPA), will further drive the PKI market. Meanwhile, emerging trends, such as the decentralization of identity management and the increased use of digital certificates in remote work environments, will also shape the PKI market. The report also projects that as the companies continue to cope with the complexities of digital transformation, the demand for PKI systems will increase, and the PKI market will continue to grow and develop until the end of the decade.