The global public key infrastructure market will grow at a healthy 21.74% CAGR in the forecast period (2020-2030), states the latest Market Research Future (MRFR) report.
The global public key infrastructure market was valued at USD 639.1 Mn in 2017 and is expected to register a CAGR of 21.12% during the forecast period. Rapid adoption of the internet and a growing consumer base are key drivers of the market. Concerns of cyber threats and protection of digital assets can drive its demand in the coming years. Adoption of cloud, rise in financial transactions, and proliferation of information technology can influence the market.
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.
Growing Demand for Digital Certificates to Boost Market Growth
The growing need for digital certificates to allow enterprises to encrypt data, authenticate users using the certificates, and digitally sign the certificates will boost market growth over the forecast period.
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Rise in Security Platform to offer Robust Opportunities
Demand for security protocols for protecting privacy, information assets, value exchanging, and information assets are escalating. Public key infrastructure, put simply, is a technology driven solution that delivers an increased level of confidence for exchanging information over the internet with the use of public cryptographic key pairs. This is a system of technologies, policies, and processes that enable to encrypt data. The public key infrastructure solutions support security mechanisms like authentication, confidentiality, and integrity. This is a crucial component of an overall security strategy which works with other security mechanisms, risk management efforts, and business practices. Thus such benefits of PKI technology is boosting market growth.
Lack of Awareness to act as Market Restraint
The lack of awareness regarding PKI solutions across enterprises may act as a market restraint over the forecast period.
Introduction of Private Certificate Authorities to act as Market Challenge
The introduction of private certificate authorities may act as market challenge over the forecast period.
The COVID-19 outbreak has brought forth the glaring gaps in cybersecurity in key companies. In fact the digital transformation and the requirement for public key infrastructure for managing public keys can offer a lucrative opportunity for solution providers. Investments in security solutions and the acceleration of work from home connections have triggered the demand for reliable certificates and keys.
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The public key infrastructure market has been bifurcated based on services, deployment, and end user.
By services, the global public key infrastructure market is segmented into self-registration, self-recovery, secure roaming, enrolment services, PIN authentication, and others.
By deployment, the cloud segment will lead the market over the forecast period for the increasing adoption of cloud-based services across various SMEs and large enterprises.
By end user, the BFSI segment will dominate the market over the forecast period for the increasing sophistication level of data breaches and cyber frauds in the banking sector.
APAC to Have Lions Share in Public Key Infrastructure Market
The APAC region will possess the lions share in the market over the forecast period. The rich presence of manufacturing companies in South Korea, Taiwan, Japan, India, and China, the region being a prominent leader in semiconductor and largest exporter around the world, the security requirements in large web infrastructures, evolving cyberattack landscape owing to large organizations’ ever-expanding network points, growing number of smartphones, increasing adoption of technology, augmented use of online banking and e-commerce, organizations accepting PKI solutions to ensure security of sensitive data, government initiatives for the digitalization, banking systems automation, online traffic, and growing number of industries are adding to the global public key infrastructure market growth in the region.
Eminent players profiled in the global public key infrastructure market report include Docusign Inc.(U.S), Comodo Group Inc.(U.S), Kofax Ltd. (U.S), GoDaddy Inc.(U.S), GMO GlobalSign Inc. (U.S), Verisign Inc.(U.S), Gemalto N.V.( Netherlands), Signix Inc.(U.S), Ascertia Company (U.S), Secured Signing Limited (Australia)Entrust Data Cartd Corporation (U.S) and Identrust Inc.(U.S) among others.
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) -Global Forecast to 2030
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