Public Key Infrastructure Market Growth Report | Trend Analysis & Forecast 2030

Public Key Infrastructure Market Size and Forecasts (2020 - 2030), Global and Regional Share, Trends, and Growth Opportunity Analysis Report Coverage: By Component [Solutions and Services (Professional Services and Managed Services)], Deployment (On-Premise and Cloud), Enterprise Size (SMEs and Large Enterprises) and End User (BFSI, Retail & E-commerce, Government & Defense, IT & Telecom, Manufacturing & Automotive, and Others)

Publication Month : Oct 2023

  • Report Code : TIPRE00006065
  • Category : Technology, Media and Telecommunications
  • Status : Published
  • No. of Pages : 194
Inquire Before Buy

PRICING

$4550

$3640

[Research Report] The public key infrastructure market size was valued at US$ 3,268.10 million in 2022 and is expected to reach US$ 11,553.84 million by 2030; it is estimated to record a CAGR of 17.1% from 2022 to 2030.

Analyst Perspective:

Public key infrastructure is considered relatively more secure than passwords and is greatly scalable because unlimited users can be supported. It provides stronger identity checking through secret private keys, considering malicious users or attackers require both the private key and the matching passphrase to fake as a legitimate user. Public key infrastructure permits trust delegation and thus wards off man-in-the-middle (MitM) attacks. Delegation is possible once a user with a legitimate certificate from a recognized and trusted certificate authority (CA) is able to authenticate themselves to a server at the first attempt. The connection to the server is possible even without having prior registration in the system. This allows public key infrastructure to enable a trustworthy setting by validating and warranting the integrity of data and users. The keys within public key infrastructure established systems can be utilized for one-way encryption functions, allowing only the designated owner of the key to decrypt data. Public key infrastructure also offers the benefit of private keys, which are challenging to crack together with the corresponding public key. It allows for non-repudiation by detecting tampering and thus enables added service offerings such as banking, healthcare, e-commerce, law, and intelligence through the use of digital signatures and digital certificates. The seamless, easy, and non-interactive features are key strengths of public key infrastructure.

Public Key Infrastructure Market Overview:

Public key infrastructure can be used to provide cryptographic keys between users securely and to enable other cryptographically delivered security services. The technology tends to link public keys with various respective entities that have unique identities, referred to as subscribers, and is also used for supporting digital signatures and document encryption for a business. It has become the platform or the infrastructure upon which asymmetric and symmetric encryption scheme services are provided to its subscribers. It is therefore required in situations where more rigorous proof is essential to check the identity of the parties communicating and to authenticate the information being transferred.

The public key infrastructure market is moderately consolidated. Market players are expanding their business by employing various methods, such as product portfolio expansion, service expansion, and mergers & acquisitions (M&A). In January 2023, DigiCert Inc, a leading provider of digital trust, announced the release of DigiCert Trust Lifecycle Manager, a comprehensive digital trust solution unifying Certificate Authority (CA) agnostic certificate management and public key infrastructure services. Trust Lifecycle Manager securely integrates with DigiCert's public trust issuance for a full-stack solution governing the unified management of corporate digital trust infrastructure.

Customize Research To Suit Your Requirement

We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.

Public Key Infrastructure Market: Strategic Insights

public-key-infrastructure-market
Market Size Value inUS$ 3,268.10 million in 2022
Market Size Value byUS$ 11,553.84 million by 2030
Growth rateCAGR of 17.1% from 2022 to 2030
Forecast Period2022-2030
Base Year2022
Analyst Image

Naveen

Have a question?

Naveen will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.

Analyst Image  Speak to Analyst

Public Key Infrastructure Market Driver:

Expansion of Logistics and E-Commerce Sector Fuels Public Key Infrastructure Market Growth

The growth in consumer disposable income, changes in their lifestyle, and purchasing patterns have contributed to a rise in sales of online goods and products. Consumer prefers to shop online as the shopping platforms offer a selection from an enormous range of products and saves time and money compared to brick-and-mortar stores. In addition, the rise in the penetration of the internet and smartphones drives the e-commerce industry. For instance, per the India Brand Equity Foundation, the online shopper base in India was 150 million in 2021 and is expected to reach 350 million by 2026. Also, the growth in the e-commerce industry is contributing to increased transportation of goods, leading to the expansion of the logistics sector. As logistic companies transfer goods from one place to another, they consist of various consumer data, including online transaction information. In order to protect this data, logistics companies use PKI, such as regular key rotation and current cryptographic standards, raising the demand for PKI solutions in the logistics industry.

Furthermore, the nature of online transactions has changed rapidly over time with advancements in technology. The e-commerce industry has witnessed rapid growth across the globe, which has raised the need for the security of data on the e-commerce platform. Confidentiality, integrity, and non-repudiation are essential components of data security. Data encryption technology has drawn tremendous interest as an active security defense technique since it offers cost-effective and strong information security protection. Moreover, in the age of big data, it is challenging to play a security function using conventional data encryption techniques and Internet protocols, which is raising the demand for public key infrastructure solutions. Combining encryption technology with the public key technology of SSL protocol (Secure Sockets Layer Protocol) and SET protocol (Secure Electronic Transaction) can help improve communication confidentiality and transaction credibility of e-commerce platforms. This advancement improves the security defense capability of the e-commerce and logistics sectors through a higher encryption level. Thus, growing logistics and e-commerce sectors boost the growth of the public key infrastructure market.

Public Key Infrastructure Market Segmental Analysis:

The public key infrastructure market is categorized on the basis of component, mode, deployment, enterprise size, and end-user. Based on component, the public key infrastructure market is birfurcated into solutions and services. Furthermore, the solutions segment held a larger market share in 2022, while the services segment is anticipated to record a higher CAGR during the forecast period. The services segment is subsegmented into professional services and managed services. Based on deployment mode, the market is bifurcated into on-premise and cloud. The on-premise segment held the larger market share in 2022, but the cloud segment is anticipated to record a faster growth rate during the forecast period. Based on enterprise size, the market is divided into small and medium enterprises (SMEs) and large enterprises. The SMEs segment is estimated to grow faster during the forecast period. In terms of end-user, the market is categorized into BFSI, retail & e-commerce, government & defense, IT & telecom, manufacturing & automotive, and others.

  • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
  • Request discounts available for Start-Ups & Universities

Communication between different entities usually comprises sensitive data that can be easily targeted by malicious content. To resolve this issue, public key infrastructure is used, which is the most secure solution, as the data is only manageable by authorized digital certificate providers. Public key infrastructure solutions have been witnessing strong growth due to improved operational efficiency at low costs and the greater security and controlled workflow related to public key infrastructure. The solution is the most cost-effective and safe way of executing security solutions for digital signatures, authentication, and encryption. Public key infrastructure solutions manage digital certificates that ensure the reliability of digital identities.

The data stored by various industries such as BFSI and IT & telecom might be related to a small project or contain important information about an organization. It is crucial to maintain data integrity. Therefore, industries are increasingly adopting public key infrastructure solutions to protect their data. The public key infrastructure security process has witnessed a major improvement in popularity and is used for various purposes, from allowing IoT communication security to allowing digital document signatures. Public key infrastructure solutions deliver content authentication to the electronic documents and have been leading the market. With the increasing interest of public key infrastructure solution, this segment is expected to witness substantial growth in the coming years.

  • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
  • Request discounts available for Start-Ups & Universities

Public Key Infrastructure Market Regional Analysis:

The APAC public key infrastructure market size was valued at US$ 842.52 million in 2022 and is projected to reach US$ 3,311.33 million by 2030; it is expected to record a CAGR of 18.7% from 2022 to 2030. The APAC public key infrastructure market is segmented into Australia, India, Japan, China, South Korea, and the Rest of APAC. In the last few years, the threat of cyber-attacks in Asia Pacific has increased due to rapidly increasing connectivity and the pace of digital transformation in the region. This further results in increased concerns for technological threats among the companies. The growing threat of cybercrimes in Asia Pacific is majorly due to the lack of transparency, resulting in weak cyber enforcement and regulations by government authorities. Less awareness and investments in the security industry also contribute to the factors hindering the public key infrastructure market in the region. In Asia Pacific, the adoption of IoT is on the rise, as various market players in the region are taking multiple initiatives for the deployment of IoT. For instance, in July 2021, CollaboGate Japan (CG) announced its business alliance with Tessera Technology (TSSR) to develop a decentralized IoT platform. This platform will use robust hardware-based security functionality of the Renesas' microcontroller units (MCUs), which can help verify contactless transactions conducted through IoT devices. Similarly, in January 2023, South Korea's Ministry of Oceans and Fisheries (MOF) announced the installation of IoT on containers to enhance export competitiveness. The technology will help track the location and status of containers, and in the case of reefers, it will help monitor temperatures. Thus, the growing deployment of IoT in various APAC countries is raising the demand for security solutions to protect the data. Further, to avoid Distributed Denial-of-Service (DDoS) attacks that might bring down operations in significant industry verticals such as BFSI and IT & telecom, there is a high demand for public key infrastructure technology in the region.

Public Key Infrastructure Market Key Player Analysis:

DigiCert Inc, eMudhra Limited, Enigma Systemy Ochrony, Entrust Corporation, Fortinet Inc, FutureX, GlobalSign, Sectigo Ltd, Securemetric Bhd, and Thales SA are among the players operating in the public key infrastructure market. Several other major companies have been analyzed during this research study to get a holistic view of the public key infrastructure market ecosystem.

Recent Developments:

The public key infrastructure market players highly adopt inorganic and organic strategies. Following are a few major public key infrastructure market developments:

  • In June 2023, India’s Controller of Certifying Authorities under the Ministry of Electronics and Information Technology (MeitY) released the draft public key infrastructure mutual recognition framework to boost cross-border adoption of digital public infrastructure.
  • In June 2023, Keyfactor, a leading PKI and cryptography management solutions provider, launched two advanced product updates, EJBCA 8.0 and SignServer 6.0. The updates are expected to bring significant advancements in post-quantum readiness and Internet of Things (IoT) security for organizations seeking safeguards against the rising prospect of cyberattacks promoted through developments in and growth of both technologies.
  • In December 2022, IT and Telecommunications Ministry of Pakistan introduced the Public Key Infrastructure (PKI) for National Root Certification Authority (NRCA). Electronic Certification Accreditation Council (ECAC) was responsible for establishing PKI for NRCA for the public, private, and government sector entities.
  • In May 2020, GlobalSign, a leading provider of identity and security solutions and a Certificate Authority (CA), introduced a next-generation PKI Platform named “Atlas” to ease complicated PKI management from overburdened enterprise IT and security teams.
Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Component, Deployment, Enterprise Size, and End User

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

This text is related
to country scope.

Frequently Asked Questions


Which is the fastest growing country market?

India is anticipated to grow with the highest CAGR over the forecast period.

Which country is holding the major market share of public key infrastructure market?

The US held the largest market share in 2022, followed by China.

Which are the key players holding the major market share of public key infrastructure market?

The key players in public key infrastructure market includes DigiCert Inc., Fortinet Inc, GlobalSign Ltd, Sectigo Ltd, and Thales SA.

What are the future trends of the public key infrastructure market?

The increasing use of digital certificates in various applications is a key trend for the public key infrastructure market.

What are the driving factors impacting the public key infrastructure market?

The increasing cybersecurity threats across industries is a driver for the public key infrastructure market.

What is the estimated global market size for the public key infrastructure market in 2022?

The public key infrastructure market was US$ 3268.10 million in the year 2022 and is expected to grow at a CAGR of 17.1%, during 2022 - 2030.

The List of Companies - Public Key Infrastructure Market 

  1. Digicert Inc
  2. Futurex LP
  3. ENIGMA Systemy Ochrony Informacji SP. Z O.O.
  4. eMudhra Limited
  5. Entrust Corp
  6. Securemetric Berhad
  7. Fortinet Inc.
  8. Sectigo Ltd
  9. Thales SA
  10. GMO GlobalSign Ltd

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

Your data will never be shared with third parties, however, we may send you information from time to time about our products that may be of interest to you. By submitting your details, you agree to be contacted by us. You may contact us at any time to opt-out.

Trends and growth analysis reports related to Public Key Infrastructure Market