PUBLISHER: The Business Research Company | PRODUCT CODE: 1662011
PUBLISHER: The Business Research Company | PRODUCT CODE: 1662011
Public Key Infrastructure (PKI) constitutes a comprehensive system comprising hardware, software, personnel, guidelines, and policies essential for issuing, managing, distributing, and revoking digital certificates. This framework is pivotal in digital signature protocols and data encryption techniques, contributing significantly to establishing identities for individuals, objects, and services. PKI plays a crucial role in regulated access to systems, resource protection, data security, and ensuring transaction accountability.
Within the structure of Public Key Infrastructure, the primary components encompass hardware modules, solutions, and services. These hardware modules serve as secure network computers, operating either virtually or in the cloud, specifically designed to house the cryptographic operations essential for PKI security. Their primary function lies in safeguarding cryptographic keys, offering deployment modes such as cloud-based or on-premise solutions. These deployment options cater to diverse organizational needs, serving large enterprises, small and medium enterprises (SMEs), and various industries including banking, financial services, insurance, government, defense, IT, telecom, retail, healthcare, manufacturing, and other verticals.
The public key infrastructure market research report is one of a series of new reports from The Business Research Company that provides public key infrastructure market statistics, including public key infrastructure industry global market size, regional shares, competitors with public key infrastructure market share, detailed public key infrastructure market segments, market trends, and opportunities, and any further data you may need to thrive in the public key infrastructure industry. This public key infrastructure market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The public key infrastructure market size has grown exponentially in recent years. It will grow from $4.6 billion in 2024 to $5.54 billion in 2025 at a compound annual growth rate (CAGR) of 20.7%. The growth in the historic period can be attributed to security concerns, regulatory compliance, digital transformation initiatives, e-commerce growth, increasing interconnectedness.
The public key infrastructure market size is expected to see exponential growth in the next few years. It will grow to $11.74 billion in 2029 at a compound annual growth rate (CAGR) of 20.6%. The growth in the forecast period can be attributed to IoT proliferation, blockchain integration, quantum-safe cryptography, rapid digitalization, focus on user privacy. Major trends in the forecast period include blockchain integration for certificate transparency, shift towards managed PKI services, implementation of zero trust security frameworks, enhanced certificate lifecycle management, regulatory compliance requirements.
The rise in cyber fraud incidents is driving the demand for the public key infrastructure (PKI) market. Cyber fraud involves the intentional tampering with an individual's online-stored personal and financial information. A public key infrastructure serves as a cybersecurity framework that integrates a hardware security module (HSM) for key storage and protection, a Root Certificate Authority (CA) for issuing digital certificates, and public key cryptographic keys to encrypt data and safeguard against cyber fraud. For example, in March 2023, the Internet Crime Report 2021 published by the Federal Bureau of Investigation (FBI), a US-based domestic intelligence and security agency, revealed that in 2022, investment scams were the costliest schemes reported to the Internet Crime Complaint Center (IC3). Complaints regarding investment fraud surged from $1.45 billion in 2021 to $3.31 billion in 2022, reflecting a 127% increase. Within these complaints, cryptocurrency investment fraud escalated from $907 million in 2021 to $2.57 billion in 2022, marking an increase of 183%. Thus, the growing incidence of cyber fraud is expected to drive the expansion of the public key infrastructure market.
The increasing accessibility and widespread use of mobile devices are projected to contribute to the growth of the public key infrastructure market. Mobile devices are portable electronic devices designed for wireless communication and on-the-go usage. These devices frequently handle sensitive information, including personal messages, emails, and financial transactions. PKI offers a secure framework for encrypting and decrypting data, ensuring that communication remains confidential and secure. For instance, in 2022, according to Oberlo, a Lithuania-based cloud-based drop-shipping solution provider for online retailers, the number of global smartphone users was estimated to be 6.6 billion, reflecting a 4.9% annual increase from 2021. Additionally, in January 2022, Zippia, a US-based online recruitment services company, reported that there would be 294.15 million smartphone users in the United States, with nearly 85% of American adults expected to use smartphones. Therefore, the growing availability and widespread use of mobile devices are anticipated to drive demand for the public key infrastructure market.
Technological advancement is a significant trend gaining traction in the public key infrastructure (PKI) market. Major players in this field are concentrating on technological improvements to maintain their competitive edge. For example, in September 2024, the Ethiopian government launched a Public Key Infrastructure (PKI) facility aimed at enhancing the data exchange aspect of the country's digital public infrastructure (DPI). This PKI allows for reliable and secure digital data exchange by employing encryption methods that safeguard information during transmission. The PKI encompasses hardware, software, professionals, and a legal framework, establishing a robust ecosystem for managing digital certificates and ensuring secure communications.
Key companies in the public key infrastructure sector are prioritizing technological advancements, such as offering public key infrastructure (PKI) as a service to maintain their market position. PKI as a Service is a cloud-based service model that provides organizations with the necessary infrastructure and tools to implement and manage a PKI system without the need to construct and maintain the infrastructure themselves. For instance, in November 2023, Microsoft, a US-based technology firm, introduced Microsoft Cloud PKI as part of the Microsoft Intune Suite. This solution automates the processes of certificate issuance, renewal, and revocation, thereby simplifying the typically complex management of a Public Key Infrastructure (PKI). Organizations can establish a cloud-based PKI environment in minutes rather than weeks, eliminating the requirement for extensive planning and on-premises infrastructure. The solution supports certificate-based authentication for various applications, such as Wi-Fi and VPN access, enhancing security and facilitating a transition toward passwordless environments. Microsoft Cloud PKI also includes a registration authority that automatically deploys certificates to Intune-managed devices across multiple platforms, including Windows, iOS, Android, and macOS.
In February 2023, Phenna Group, a US-based provider of testing, inspection, certification, and compliance services, acquired PKI Solutions for an undisclosed amount. This acquisition strengthens Phenna Group's cybersecurity portfolio by incorporating PKI Solutions, which specializes in public key infrastructure (PKI) products and services. This move aligns with Phenna's objective to offer comprehensive cybersecurity solutions. PKI Solutions is a US-based cybersecurity specialist providing public key infrastructure (PKI) products.
Major companies operating in the public key infrastructure market are DigiCert Inc., GlobalSign, Entrust, Thales Group, Sectigo, Identrust, Keyfactor, Amazon Web Services Inc. Microsoft Corporation, Venafi, Comodo, Broadcom Inc, International Business Machines Corporation, RSA Security, GoDaddy, Let's Encrypt, Trustwave, Infocert, QuoVadis, Certum, Actalis, SafeNet, DigiCert TLS, Certigo, SecureTrust, E-CP, Buypass, Trustico, Gandi, NetLock
North America was the largest region in the public key infrastructure market share in 2024. The regions covered in the public key infrastructure market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the public key infrastructure market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The public key infrastructure market consists of revenues earned by entities by providing public key, private key, certificate authority, certificate store, and certificate revocation list services. The market value includes the value of related goods sold by the service provider or included within the service offering. The public key infrastructure market also includes sales of public key infrastructure hardware components required to create, manage, distribute, use, store, and revoke digital certificates and public-keys. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Public Key Infrastructure Global Market Report 2025 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on public key infrastructure market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for public key infrastructure ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The public key infrastructure market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.