Public Key Infrastructure Market Segments and Growth by 2030

The Public Key Infrastructure Market size is projected to reach US$ 11.55 billion by 2030 from US$ 3.27 billion in 2022. The market is expected to register a CAGR of 17.1% during 2022–2030. Increasing number of cyber frauds is likely to remain a key trend in the market.

Public Key Infrastructure Market Analysis

While public key infrastructure is, undoubtedly, highly acclaimed as more secure than passwords and allows extreme scalability—in fact, an unlimited number of users—it is done, in terms of additional security added to identity verification, with secret private keys; a malicious user or attacker would need to have both the private key and the matching passphrase to impersonate a user. PKI allows for trust delegation and makes it effectively impossible for a man-in-the-middle attack to be successful. The trust delegation is enabled when a user logs in to the server with a valid certificate, issued by an accredited and trusted certificate authority in the very first attempt. Thus, with PKI, a user is able to log into the server without any previous registration in the respective system. PKI provides a trustworthy setting by validating and ensuring the integrity of the data and users. These keys can be used within PKI systems, with one-way encryption functions that only allow the owner of that key to decrypt data.

Public Key Infrastructure Market Overview

PKI refers to the system for the safe distribution of cryptographic keys to the ultimate users and the management of other safety attributes and electronic cryptographic services it delivers. This technology identifies public keys with concerned entities and is implemented for digital signature and document encryption business applications. PKI acts as the underlying infrastructure for the provision of services associated with asymmetric and symmetric encryption schemes to subscribers; it has, therefore, become essential in many situations when strong evidence is required for proving the identity of communicating parties and for source authentication purposes.

Public Key Infrastructure Market: Strategic Insights

Public Key Infrastructure Market Drivers and Opportunities

Growth of Logistics and E-commerce

The rise in disposable consumer income a change in their lifestyle, and spending habits have boosted the online sales of goods and products. Customers are more inclined toward online purchases because of its wide range of products and time- and money-saving advantages over physical store locations. Additionally, the rising usage of the internet and smartphones has been boosting the growth of the e-commerce sector. For example, the India Brand Equity Foundation has estimated that the online shopper base of India was 150 million in 2021 and is likely to reach 350 million by 2026. Moreover, with the growth of the e-commerce sector, there is a rise in goods transportation, which has contributed to the growth of the logistics sector. Since logistic companies are engaged in the transit of goods, they deal with consumer data related to online transactions. Thus, logistics companies have ensured tight security of this information by using PKI, implementing techniques such as regular key rotation and modern cryptographic standards that raise the demand for PKI solutions in the logistics industry.

Increasing Applications of the PKI Infrastructure

The need for data privacy and security solutions has grown in the past couple of years. Security tools have reached mainstream adoption for commercial and government usage in the last couple of years. A few examples from the period include the introduction of enterprise-level firewalls, intruder detection systems, identity management solutions, and event management systems, to name a few. Noticeably, one of the largest PKI-based applications is the Common Access cards program for active-duty U.S. Defense personnel identification cards, which the Defense Information Systems Agency is executing under a PKI infrastructure. Different applications of PKI have been developed for message encryption. They are especially preferred by modern IoT communication systems spread across different industrial and domestic contexts to send highly secure encrypted messages. This trend is expected to continue driving growth within the public key infrastructure market.

Public Key Infrastructure Market Report Segmentation Analysis

Key segments that contributed to the derivation of the public key infrastructure market analysis are component, deployment, enterprise size, and end user.

• Based on component, the market is segmented into solutions and services. The solutions segment held a significant market share in 2022.
• In terms of deployment, the market is segmented into on-premises and cloud. The on-premises segment held a significant market share in 2022.
• Based on enterprise size, the market is segmented into SMEs and large enterprises. The large enterprises segment held a significant market share in 2022.
• In terms of end user, the market is segmented into BFSI, retail & e-commerce, government & defense, IT & telecom, manufacturing & automotive, and others. The BFSI segment held a significant market share in 2022.

Public Key Infrastructure Market Share Analysis by Geography

The geographic scope of the public key infrastructure market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.

Growth in North America can be attributed to a number of developing SMEs, the establishment of major IT hubs in the region, and aggressive investments that governments have been making to strengthen cyber security infrastructure. Also, owing to fast digitization and increased internet usage, the intellectual property of businesses and people alike is becoming vulnerable to theft and infringement. Businesses should, therefore, deploy data-protection measures to guard against security threats, such as encryption software that allows businesses to guard their intellectual property and other sensitive data.

Public Key Infrastructure Market Regional Insights

The regional trends and factors influencing the Public Key Infrastructure Market throughout the forecast period have been thoroughly explained by the analysts at The Insight Partners. This section also discusses Public Key Infrastructure Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Public Key Infrastructure Market Report Scope

Public Key Infrastructure Market Players Density: Understanding Its Impact on Business Dynamics

The Public Key Infrastructure Market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Public Key Infrastructure Market News and Recent Developments

The public key infrastructure market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the public key infrastructure market are listed below:

• Entrust, a global leader in trusted payments, identities, and data, has announced the general availability of its Post-Quantum Ready PKI-as-a-Service (PKIaaS PQ) platform. With this launch, the company’s cloud-based PKI as a Service offering can now provide both composite and pure quantum-safe certificate authority hierarchies, enabling customers to test or implement quantum-safe scenarios and infrastructure. This makes it the first commercially available platform of its type.

(Source: Entrust Corporation, Company Website, January 2024)

Public Key Infrastructure Market Report Coverage and Deliverables

The “Public Key Infrastructure Market Size and Forecast (2020–2030)” report provides a detailed analysis of the market covering below areas:

• Public key infrastructure market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Public key infrastructure market trends as well as market dynamics such as drivers, restraints, and key opportunities
• Detailed PEST/Porter’s Five Forces and SWOT analysis
• Public key infrastructure market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the public key infrastructure market
• Detailed company profiles