Public Key Infrastructure Market Research Report- Forecast till 2023
The increased value being placed on encryption technology is the key to motivating the public key infrastructure market. Reports that review the information and communication technology industry has been presented by Market Research Future, which produces reports on industry verticals that appraise the market expansion and prospects. The market estimates show that the global PKI market stands to make USD 1,987.1 Mn in revenues while progressing with a CAGR of 21.12% in the forecast period.
The need to ensure development in operational efficiency is a core feature that is promoting the adoption of public key infrastructure around the world. The heightened focus on transaction security is anticipated to influence the public key infrastructure market further. Furthermore, the introduction of 5G and the speedy adoption of the concept of IoT are anticipated to define the growth of the public key infrastructure market in the forecast years.
Technological advances such as 5G, adoption of IoT, and conducive environment for transfer of large volumes of data can beckon the market. Adoption of secure sockets layer (SSL) certificates for encryption and authentication of information for verification of entities can induce the demand for PKI market. PKI verifies the identities of parties involved in data transfer and encrypts information over a secure network.
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The segmentation of the public key infrastructure market is carried out on the basis of deployment, solution, end-users, and region. On the basis of solutions, the public key infrastructure market comprises of PIN authentication, enrolment deployment, inventory of digital identities, secure roaming, self-registration, and others. On the basis of deployment, the public key infrastructure is segmented into cloud-based and on-premise. The end-users segment of the public key infrastructure market comprises of aerospace & defense, human resources, healthcare & life sciences, government, BFSI, education & research, manufacturing, retail, and others. By region, the public key infrastructure market comprises of North America, Europe, Asia-Pacific, The Middle East & Africa, and Latin America.
North America leads the global market’s growth and is closely followed by the Asia Pacific market in terms of market value. It was valued at USD 239.7 Mn in 2017 and is expected to grow with an optimistic CAGR of 20.71% during the forecast period. The presence of several important market participants in the region combined with the high use of PKI solutions is expected to drive the growth of the regional PKI market. The use of automation for re-use of security certificates and swap identities across servers, IoT devices, cloud workloads, and firewalls can influence its adoption.
Asia Pacific is expected to grow at the highest CAGR of 23.38% during the forecast period. China accounts for the largest country-level market with a projected market value of USD 215.15 Mn by the end of 2023. Japan and India are other important country-level markets to watch out for during the assessment period. Implementation of PKI for detection and prevention of threats can drive the global public key infrastructure market demand in the region.
GoDaddy Inc., VeriSign Inc., Entrust Datacard Corporation, Assa Abloy Group, and Gemalto NV are key players of the public key infrastructure market.
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Public Key Infrastructure Market by Solution (PIN Authentication, Enrollment Services, Inventory of Digital Identities, Secure Roaming, Self-Recovery, Self-Registration), Deployment (Cloud-Based, On-Premise), End-User (Aerospace and Defense, Health and Life Sciences, Human Resources, Manufacturing, Government, BFSI, Education, Retail, and Others), and Region-Global Forecast to 2023