Public Key Infrastructure Market Size

Market Outlook:

Public Key Infrastructure Market was over USD 5.5 Billion in 2023 and is poised to surpass USD 21.12 Billion by end of the year 2032, witnessing more than 20.3% CAGR between 2024 and 2032.

• Base Year Value (2023): USD 5.5 Billion
• CAGR (2024-2032): 20.3%
• Forecast Year Value (2032): USD 21.12 Billion
• Historical Data Period: 2019-2023
• Largest Region: North America
• Forecast Period: 2024-2032

Market Dynamics:

Growth Drivers & Opportunity:

One of the major growth drivers for the Public Key Infrastructure (PKI) market is the increasing adoption of cloud-based services and the growing number of online transactions. As organizations continue to digitize their operations and shift towards cloud computing, the need for secure authentication methods and data encryption has become paramount. PKI provides a reliable and secure way to verify the identities of users and protect sensitive information, driving its demand among businesses of all sizes.

Another key growth driver for the PKI market is the rising concern over data breaches and cybersecurity threats. With the frequency and sophistication of cyber attacks on the rise, organizations are investing in robust security solutions to safeguard their digital assets. PKI offers a strong defense against unauthorized access and data tampering, making it an essential tool for protecting sensitive information and preventing security breaches.

Furthermore, the increasing adoption of Internet of Things (IoT) devices and the proliferation of connected devices are creating new opportunities for the PKI market. As IoT devices become more integrated into various industries, the need for secure communication and data protection has become crucial. PKI offers a scalable and flexible security infrastructure that can support the growing IoT ecosystem, driving its adoption in smart homes, healthcare, manufacturing, and other sectors.

Industry

Report Scope

Report Coverage	Details
Segments Covered	Component, Deployment, Enterprise Size, Application, Industry Vertical
Regions Covered	• North America (United States, Canada, Mexico) • Europe (Germany, United Kingdom, France, Italy, Spain, Rest of Europe) • Asia Pacific (China, Japan, South Korea, Singapore, India, Australia, Rest of APAC) • Latin America (Argentina, Brazil, Rest of South America) • Middle East & Africa (GCC, South Africa, Rest of MEA)
Company Profiled	GlobalSign, Entrust, DigiCert, Microsoft, HID Global, Google, Amazon Web Services, AppViewX, Sectigo, FutureX, Keyfactor, SSL.com, eMudhra Limited, STORMSHEILD, ENIGMA Information Protection Systems, WISeKey International Holding.

One of the major restraints for the PKI market is the complexity and cost associated with implementing and managing a PKI infrastructure. Setting up a PKI system requires specialized expertise and resources, which can be a barrier for small and medium-sized businesses with limited IT capabilities. Moreover, maintaining a PKI infrastructure involves ongoing maintenance, updates, and key management, adding to the operational costs and complexity of the system.

Another significant restraint for the PKI market is the lack of awareness and understanding of PKI technology among end-users. Many organizations are still unfamiliar with the benefits and capabilities of PKI solutions, leading to a slower adoption rate in certain industries. As a result, there is a need for greater education and awareness initiatives to showcase the value of PKI in enhancing security and compliance for businesses.