Public Key Infrastructure Market Analysis

Public Key Infrastructure (PKI) Market Overview

The Public Key Infrastructure (PKI) Market size is projected to grow from 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, MRFR 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, MRFR 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, MRFR 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, China’s 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

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  Verisign Inc. (u.s.)

  
  


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  Comodo group inc. (u.s.)

  
  


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  sign (Belgium)

  
  


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  Assa Abloy group (Sweden)

  
  


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  Ascertia (u.s.)

  
  


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  Lexmark international inc. (u.s.)

  
  


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  Docusign Inc (u.s.)

  
  


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  Signix (u.s.)

  
  


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  Godaddy Inc. (u.s.)

  
  


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  Entrust Datacard Corporation (u.s.)

  
  

Public Key Infrastructure (PKI) Industry Developments

Under its flagship product, emSigner, a security solution provider eMudhra Limited, launched the Advanced/Qualified Electronic Signatures (AES/QES) in September 2023. This integration will facilitate an easy signing procedure for emSigner’s paperless workflow and at the same time enable users to access their identity attributes speeding up the process of signing.

In May 2023, Keyfactor was acquired by Sectigo which merged two prominent PKI providers to create an extensive digital identity platform fusing certificate lifecycle management with secure IoT solutions.

GlobalSign has partnered with Mastercard in March 2023 to develop secure digital identity solutions for online transactions using Public Key Infrastructure (PKI) technology that improves identification verification and security.

Keyfactor announced on January 2023 that it received $125 million series D funding round led by Blackstone Growth(BXG) and Insight Partners for its global expansion and further development of its PKI platform.

Venafi, a cybersecurity firm focused on machine identity management, announced a strategic partnership with nCipher Security which offers cryptographic solutions in September 2022 to improve PKI security for machine identities.

The Nexus Group sought to provide secure mobile identity solutions for companies through identifying Identos as its partner in July 2022. These offerings are designed specifically for business enterprises seeking high level privacy of enterprise data.

Thales declared that UK Rail Network is being equipped with Certificate Authority/Public Key Infrastructure in August 2022 so that NRT can issue and centrally manage digital certificates along with authentication across the entire Network Rail operation

PrimeKey collaborated with Microsoft Intelligent Security Association to integrate Enterprise Java Beans Certificate Authority into a custom PKI and certificate management system aimed at improving cyber security practices in November 2021

Jul-21: In July this year Keyfactor came into partnership with Google Cloud Certificate Authority Service (CAS). In order to fulfil cloud infrastructure teams’ needs regarding infrastructure, application teams’ requirements on security, and the demands of developers around agility and velocity, Keyfactor’s certificate lifecycle automation was integrated with Google’s cloud-native private CAS.

Microsoft partnered with Expel in June this year, a SOC-as-a-service platform. The two companies have launched Expel for Microsoft that automates security operations across AD Identity Protection, Active Directory, Azure, MCAS, Office 365, and Microsoft Defender for Endpoint & Sentinel.

Public Key Infrastructure (PKI) Market Segmentation

Public Key Infrastructure (PKI) Solution Outlook

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  PIN Authentication

  
  


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  Enrollment Services

  
  


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  Inventory of Digital Identities

  
  


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  Secure Roaming

  
  


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  Self-Recovery

  
  


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  Self-Registration

  
  

Public Key Infrastructure (PKI) Deployment Outlook

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  Cloud-Based

  
  


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  On-Premise

  
  

Public Key Infrastructure (PKI) End-User Outlook

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  Aerospace & Defense

  
  


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  Health & Life Sciences

  
  


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  Human Resources

  
  


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  Manufacturing

  
  


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  Government

  
  


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  BFSI

  
  


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  Education

  
  


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  Retail

  
  

Public Key Infrastructure (PKI) Regional Outlook