Global Public Key Infrastructure (PKI) Market Size, Share, Growth Analysis, By Deployment(On-premise and Cloud-based), By Application(Secure Communications and Identity & Access Management) - Industry Forecast 2023-2030

Global Public Key Infrastructure (PKI) Market size was valued at USD 3.90 Billion in 2022 and is expected to grow from USD 4.70 Billion in 2023 to reach USD 20.89 Billion by 2031, at a CAGR of 20.50% during the forecast period (2024-2031).

Global Public Key Infrastructure (PKI) market has been experiencing significant growth, driven by the increasing need for secure communication and transactions across various sectors. PKI serves as a foundation for secure data transmission over networks by employing asymmetric encryption and digital certificates. These certificates authenticate the identity of parties involved in online interactions, ensuring confidentiality, integrity, and authenticity of data. The market for PKI solutions is propelled by the growing adoption of cloud-based services, the rise of e-commerce and online banking, stringent regulatory compliances, and the escalating number of cyber threats. Organizations across industries such as banking, financial services, healthcare, government, and IT rely on PKI to safeguard sensitive information, facilitate secure online transactions, and adhere to regulatory requirements such as GDPR, HIPAA, and PCI DSS. Furthermore, the proliferation of Internet of Things (IoT) devices and the increasing trend of remote working have expanded the scope of PKI implementation. With the emergence of technologies like blockchain and quantum computing, there's also a heightened focus on enhancing PKI infrastructure to ensure resilience against evolving threats and vulnerabilities.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Public Key Infrastructure (PKI) Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Public Key Infrastructure (PKI) Market Segmental Analysis

Global Public Key Infrastructure (PKI) Market is segmented by Deployment, application, and region. Based on Deployment, the market can be segmented into on-premises, and cloud-based. Based on application, the market is segmented into secure communications, and identity and access management. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Drivers of the Global Public Key Infrastructure (PKI) Market

One key market driver propelling this growth is the rising demand for enhanced cybersecurity measures in response to the escalating frequency and sophistication of cyber threats. As organizations digitize their operations and store sensitive information online, the need to safeguard data integrity, confidentiality, and authenticity becomes paramount. PKI solutions offer robust cryptographic mechanisms, including digital certificates and encryption algorithms, to authenticate users, secure transactions, and protect data from unauthorized access or manipulation. With cybersecurity becoming a top priority for businesses and governments alike, the demand for PKI solutions is expected to continue growing as organizations seek to bolster their defenses against evolving cyber threats.

Restraints in the Global Public Key Infrastructure (PKI) Market

However, despite the promising growth prospects, the PKI market faces certain challenges and restraints. One significant restraint is the complexity and cost associated with implementing and managing PKI infrastructures, particularly for small and medium-sized enterprises (SMEs) with limited resources and technical expertise. Deploying PKI solutions requires careful planning, investment in infrastructure and personnel, and ongoing maintenance to ensure proper functionality and security compliance. Additionally, interoperability issues between different PKI systems and legacy IT environments can present hurdles for seamless integration and scalability, hindering adoption among organizations.

Market Trends of the Global Public Key Infrastructure (PKI) Market

In terms of trends, one notable trend shaping the global PKI market is the increasing adoption of cloud-based PKI solutions. Cloud-based PKI offers organizations greater flexibility, scalability, and cost-effectiveness by offloading infrastructure management to third-party service providers. With the rise of remote work and distributed IT environments, cloud-based PKI solutions enable secure access and authentication for users across various devices and locations. Furthermore, advancements in automation, artificial intelligence (AI), and machine learning (ML) are driving innovation in PKI management, streamlining certificate lifecycle management, and enhancing security posture through proactive threat detection and response capabilities. As organizations seek scalable and agile security solutions to adapt to evolving cyber threats and regulatory requirements, cloud-based PKI is expected to gain traction as a preferred deployment model.