Market Analysis:
Market Research Future (MRFR) predicts the
global Public Key Infrastructure (PKI) Market is
projected to grow from USD 4.38 Billion in 2023 to USD 21.14 billion by 2032,
exhibiting a compound annual growth rate (CAGR) of 21.74% during the forecast
period (2023 - 2032).
The Public Key Infrastructure is a technological
advancement used in the field of digitalization to support the purpose of the
user and device authentication. It consists of a collection of hardware,
software policies, roles, and a process used to create, manage, and distribute
digital certificates and certify that a particular cryptographic own by the
user. It serves as virtual proof of identification. It is widely used in the IT
and telecommunications industries, retail and e-commerce, financial services,
and many other fields.
Rising market demand for digital certificates to
allow businesses to encrypt data, digitally sign certificates, and authenticate
users is expected to drive industry development. Increasing digitalization in
various industries has resulted in a greater need for digital authentication to
protect enterprise infrastructure. The growing market demand to reduce the cost
of authentication processes in various industries such as banking, healthcare,
and e-commerce is driving the rapid adoption of public-key encryptio
n
solutions.
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Key Players:
Key Companies in the Public
Key Infrastructure (PKI) market include,
- 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.)
COVID-19 Impact on the Global Public Key
Infrastructure (PKI) Market
The COVID-19 pandemic has brought forth the glaring
gaps in cybersecurity in major companies. The transition to digital
transformation, as well as the need for public key infrastructure for
management of public keys, can present a lucrative opportunity for solution
providers. Investments in security solutions, as well as the acceleration of
work-from-home connections, have increased the need for reliable certificates
and keys.
Market Segmentation:
The global public key infrastructure (PKI) industry
has been segmented into solution, deployment, and end-users.
By solution, the global public key infrastructure
(PKI) market has been segmented into secure roaming, self-registration,
enrolment of services, PIN authentication, inventory of digital identities.
By deployment, the global public key infrastructure
(PKI) market has been segmented into on-premise, cloud-based.
By end-users, the global public key infrastructure
(PKI) market has been segmented into BFSI, retail, manufacturing, education,
government, human resources, health and life sciences, aerospace and defense,
others.
Regional Analysis:
By region, the global public key
infrastructure (PKI) market has been segmented into North America, Europe, Asia
Pacific, and the rest of the world.
Because of the growing use of PKI for safe
transactions, the market in North America is projected to account for a
significant share of the target market in terms of revenue. Furthermore, early
adoption of PKI services and solutions, as well as the presence of major
players in the countries in the region, is a primary factor influencing growth
in the North American public key infrastructure market. The APAC market is
expected to witness a significant growth rate in the global market.
Summary
The global public key infrastructure (PKI) market
size is anticipated to expand at 21.12% CAGR from 2018-2023 (forecast period).
Public key infrastructure (PKI) enables network users and others to use secure
communications by using cybersecurity technology encryption and digital
signature services. The public key infrastructure ensures secure email
communication, safe money transactions, and the confidentiality of data
exchanged between users via websites. Public key infrastructure is built on
asymmetric cryptography, consisting of two types of keys: the public and
private keys. The public key asymmetric cryptography is accessible to everyone
in the group who has the same key, while the private symmetric cryptography key
is confidential and can only be obtained by an authorized individual.
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Public Key Infrastructure (PKI) Industry
Developments:
January: The European Union (EU) announces
plans to introduce a new regulation for electronic identification and trust
services (eIDAS). The new regulation is expected to boost the adoption of PKI
in the EU.
February: The US government announces a new
initiative to promote the use of PKI in government agencies. The initiative is
part of the Biden administration's efforts to improve cybersecurity across the
federal government.
March: The World Economic Forum (WEF)
releases a report on the future of PKI. The report identifies the key trends
that are shaping the future of PKI, including the rise of cloud computing, the
increasing use of mobile devices, and the growing threat of cybercrime.
April: The International Organization
for Standardization (ISO) publishes a new standard for PKI. The standard,
ISO/IEC 18013-5, provides guidance on the use of PKI for electronic signatures.
May: The US Department of Defense
(DoD) announces plans to implement a new PKI system. The new system is expected
to improve the security of DoD communications and data.
June: The Cloud Security Alliance (CSA)
releases a report on the use of PKI in the cloud. The report identifies the key
security challenges associated with using PKI in the cloud, and provides
recommendations for mitigating these risks.
July: The European Telecommunications
Standards Institute (ETSI) publishes a new standard for PKI. The standard, ETSI
TS 103 189, provides guidance on the use of PKI for machine-to-machine (M2M)
communications.
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