Public Key Infrastructure (PKI) Market Overview:
The Public Key Infrastructure (PKI) market industry
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.
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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.)
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 encryption
solutions.
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.
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Summary:
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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