Public Key Infrastructure (PKI) Market by Component (HSM, Solutions, and Services), Deployment Mode (On-premises and Cloud), Organization Size, Vertical (BFSI, Healthcare, IT and Telecom), Application Region - Global Forecast to 2028
[300 Pages Report] The global public key infrastructure market is estimated to be worth USD 5.5 billion in 2023 and is projected to reach USD 13.8 billion by 2028, at a CAGR of 20.2% during the forecast period. Organizations across industries increasingly recognize the importance of safeguarding sensitive data, securing digital identities, and ensuring the integrity of digital transactions. PKI offers a proven solution, providing encryption, authentication, and digital signature capabilities to counteract evolving threats. Stringent data privacy regulations and compliance requirements, such as GDPR and HIPAA, necessitate using PKI to protect data and uphold regulatory adherence. The ever-expanding digital landscape, including the growth of remote work and the Internet of Things, further amplifies the demand for PKI to underpin secure interactions and trusted digital ecosystems. PKI's role in fortifying cybersecurity and instilling trust in the digital realm strengthens its position as a pivotal driver in the cybersecurity market.
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Public Key Infrastructure Market Trends
Driver: The PKI market is propelled by the critical demand for strong digital security amid increasing cyber threats and evolving data privacy regulations
The PKI market is escalating with the need for robust digital security in an increasingly interconnected world. The relentless surge in cyberattacks, data breaches, and digital fraud underscores the urgency of securing sensitive information and digital identities. PKI, with its encryption, authentication, and digital signature capabilities, offers a trusted framework to counter these evolving threats. Stringent data privacy regulations and mandates regarding secure data handling and encryption compelling organizations to adopt PKI solutions. As businesses embark on digital transformation journeys, the demand for PKI to secure digital assets, facilitate secure access, and ensure the integrity of digital transactions continues to soar. PKI's role as a bedrock of cybersecurity and digital trust firmly positions it as the linchpin driving the market's growth.
Restraint: Complexity in implementation, integration challenges, and scalability concerns pose significant restraints for the PKI market, potentially limiting its adoption across industries
A significant restraint for the PKI market is the complexity associated with its implementation and management. PKI involves intricate cryptographic processes, digital certificate issuance, and key management, which can be challenging for organizations to navigate, especially those with limited expertise or resources. Integrating PKI seamlessly into existing systems and applications can be cumbersome, potentially causing disruptions. Scalability is another concern, as some organizations may find it difficult to expand PKI infrastructure to accommodate growing needs. These complexities and potential integration hurdles can deter some businesses from adopting PKI, limiting its widespread adoption across industries.
Opportunity: Securing the rapidly growing Internet of Things (IoT) ecosystem to drive adoption across industries.
An immense opportunity for the PKI market lies in its potential to address the growing need for securing the Internet of Things ecosystem. As IoT devices proliferate across industries, robust authentication, encryption, and secure communication become paramount. PKI's ability to provide trust and security in IoT networks positions it as a key enabler for IoT adoption, offering a reliable framework for ensuring the integrity of data transmitted between devices, safeguarding critical infrastructure, and protecting against emerging cyber threats. As organizations seek to harness the full potential of IoT while mitigating security risks, PKI emerges as a pivotal solution with the potential to drive its adoption in the expanding IoT landscape.
Challenge: Managing a large volume of digital certificates while upholding security standards presents a notable operational challenge for the PKI market as adoption expands across industries and IoT ecosystems.
A notable challenge for the PKI market is the management of digital certificates at scale. As PKI adoption expands across industries and IoT ecosystems, the sheer volume of certificates to issue, renew, and revoke can become overwhelming. This challenge is exacerbated by the need for stringent security protocols and adherence to regulatory standards, necessitating meticulous certificate management practices. Organizations must grapple with certificate lifecycle management, which includes ensuring timely renewals, addressing potential vulnerabilities, managing certificate revocation lists, or utilizing online certificate status protocol services. The complexity of maintaining a vast number of certificates while maintaining robust security standards can pose a significant operational challenge for PKI adopters.
Public Key Infrastructure Market Ecosystem
The major players in the public key infrastructure market are Thales, Entrust Datacard, DigiCert, ManageEngine, Microsoft, and so on. The public key infrastructure market is driven by prominent companies that have established themselves as leaders in the industry. These companies are well-established, financially stable, and have a proven track record of providing innovative solutions and services in public key infrastructure. Their diverse product portfolio spans infrastructure, solutions, applications, and services, enabling them to cater to the market’s evolving needs. With state-of-the-art technologies and extensive capabilities, these companies are at the forefront of advancing public key infrastructure technology.
By offering, the services segment to register the highest growth rate during the forecast period
The projected highest growth rate within the services segment of the PKI market underscores the critical role that expert services play in ensuring the successful deployment and management of PKI solutions. In today’s digital landscape, PKI has become indispensable for securing data transmission, protecting sensitive information, and establishing trust in online interactions. The complexity associated with PKI implementation, management, and optimization can be daunting for many organizations, especially those lacking in-house expertise. This complexity encompasses cryptographic key management, digital certificate issuance, secure communication setup, and the need to stay vigilant against ever-evolving cybersecurity threats. PKI service providers fill this crucial gap by offering a wide range of services tailored to meet the specific needs of organizations. These services encompass consultation, implementation support, managed PKI services, and ongoing support. They bring specialized knowledge and experience, helping organizations navigate the intricacies of PKI effectively. Service providers can customize PKI solutions to align with an organization’s unique infrastructure, ensuring seamless integration with existing systems and applications.
Based on vertical, the Banking, Financial Services, and Insurance industry vertical accounts for the largest market size in the PKI market
The dominance of the Banking, Financial Services, and Insurance industry verticals in the PKI market reflects the sector’s unyielding commitment to fortify digital security and establish trust in a landscape characterized by immense data sensitivity and regulatory scrutiny. Within the BFSI sector, safeguarding highly confidential customer data, securing financial transactions, and preserving the integrity of critical information are not just priorities; they are prerequisites. In this context, PKI’s suite of security solutions, encompassing encryption, authentication, and digital signatures, plays an indispensable role. The BFSI industry is under the constant watch of stringent regulatory bodies, with compliance standards such as the Payment Card Industry Data Security Standard and the Dodd-Frank Wall Street Reform and Consumer Protection Act. These regulations necessitate the highest levels of data protection and privacy. PKI provides a proven framework to meet these requirements, enabling organizations to encrypt sensitive data, verify the identity of users and entities, and ensure the integrity of financial transactions.
Asia Pacific to register the highest growth rate during the forecast period.
The remarkable growth anticipated in the PKI market within the Asia Pacific region during the forecast period underscores a significant shift in the digital security landscape. As businesses, governments, and individuals increasingly embrace digital technologies, the demand for robust security solutions has surged. PKI, with its capabilities encompassing encryption, authentication, and digital signatures, plays a pivotal role in addressing these security needs. One of the driving forces behind this growth is the escalating volume of digital transactions, data sharing, and online activities in the Asia Pacific region. With a vast and growing population of internet users, coupled with a thriving e-commerce ecosystem, the region has become a hub for online interactions. This surge in digital activities amplifies the need for secure online payments, data protection, and establishing trust in digital identities.
Key Market Players:
The major players in the public key infrastructure market are Thales (France), Entrust Datacard (US), DigiCert (US), ManageEngine (US), Microsoft (US), HID Global (US), Google (US), AWS (US), AppViewX (US), Venafi (US), Nexus (Sweden), Sectigo (US), Futurex (US), GlobalSign (US), WISeKey (Switzerland), Cygnacom Solutions (US), Keyfactor (US), SECARDEO GmbH (Germany), Blue Ridge Networks (US), Softlock (Egypt), SSL.com (US), LAWtrust (South Africa), SecureMetric (Malaysia), Stormshield (France), and Enigma Information Security Systems (US).
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Report Metrics |
Details |
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Market size available for years |
2017-2028 |
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Base year considered |
2022 |
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Forecast period |
2023-2028 |
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Forecast units |
Value (USD) Million/Billion |
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Segments Covered |
By offering, deployment mode, organization size, application, and vertical |
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Region covered |
North America, Europe, Asia Pacific, Middle East and Africa, and Latin America |
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Companies covered |
Thales (France), Entrust Datacard (US), DigiCert (US), ManageEngine (US), Microsoft (US), HID Global (US), Google (US), AWS (US), AppViewX (US), Venafi (US), Nexus (Sweden), Sectigo (US), Futurex (US), GlobalSign (US), WISeKey (Switzerland), Cygnacom Solutions (US), Keyfactor (US), SECARDEO GmbH (Germany), Blue Ridge Networks (US), Softlock (Egypt), SSL.com (US), LAWtrust (South Africa), SecureMetric (Malaysia), Stormshield (France), and Enigma Information Security Systems (US) |
This research report categorizes the public key infrastructure market to forecast revenues and analyze trends in each of the following submarkets:
Based on offering:
- Hardware Security Modules (HSM)
- Solutions
- Services
Based on services:
- Professional
- Managed
Based on deployment mode:
- Cloud
- On-Premises
Based on organization size:
- Large Enterprises
- SMEs
Based on application:
- Web browsing security
- Email security
- Secure communication
- Authentication
Based on the vertical:
- BFSI
- Government and Defense
- IT and Telecom
- Retail
- Healthcare
- Manufacturing
- Other verticals
Based on the region:
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North America
- US
- Canada
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Europe
- UK
- Germany
- France
- Rest of Europe
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Asia Pacific
- China
- Japan
- India
- Rest of Asia Pacific
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Middle East and Africa
- United Arab Emirates
- South Africa
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Latin America
- Brazil
- Mexico
- Rest of Latin America
Recent Developments
- April 2023 - Thales adds new phishing-resistant hybrid authenticators to its Passwordless Authentication for Microsoft Azure Active Directory Customers offering.
- April 2023 - Entrust Introduces Zero Trust Ready Solutions for Multi-Cloud Key Compliance, Next-Generation HSM, and Passwordless Authentication
- January 2023 - A comprehensive digital trust system that combines public key infrastructure (PKI), certificate management, and certificate authority (CA) services was introduced by DigiCert. A significant product launch is Trust Lifecycle Manager, which is currently accessible as a component of the DigiCert ONE platform.
- February 2022 - To increase public trust in the cloud, Thales announced the continuation of its cooperation with Google Cloud. Organizations can confidently use the Google Cloud Platform (GCP) if the connection is stronger. The technique known as ubiquitous data encryption, which combines Thales' Cypher Trust Cloud Key Manager and Google Cloud's Confidential Computing, is activated. Customers can create and manage the encryption keys for data sent to Google Confidential Cloud Computing using the Thales Cypher Trust Data Security Gateway.
Frequently Asked Questions (FAQ):
What is a public key infrastructure?
Public Key Infrastructure constitutes a comprehensive framework for securing digital communication, authentication, and data integrity in the digital realm. At its core, PKI operates through issuing and managing digital certificates, which serve as digital IDs binding a user or entity's identity to a public key. These certificates are signed by trusted entities known as Certificate Authorities (CAs), instilling trust in the authenticity of the associated entity. Central to PKI are public and private key pairs, where the public key is openly shared for encryption and verification, while the private key remains confidential, enabling decryption and digital signatures. PKI plays an instrumental role in securing online transactions, ensuring data privacy, and establishing trust in digital interactions across various domains, including secure web browsing, email security, secure communication, and authentication.
What is the market size of the public key infrastructure market?
The global public key infrastructure market is estimated to be worth USD 5.5 billion in 2023 and is projected to reach USD 13.8 billion by 2028, at a CAGR of 20.2% during the forecast period.
What are the major drivers in the public key infrastructure market?
The Public Key Infrastructure market is driven by various factors, such as escalating cybersecurity threats that organizations face. As cyberattacks grow in frequency and sophistication, businesses and governments recognize the urgency of implementing robust security measures. PKI, with its suite of encryption, authentication, and digital signature capabilities, offers a trusted framework to counter these evolving threats and protect sensitive data. Stringent data privacy regulations and compliance requirements represent another driving force. Regulations mandate secure data handling and encryption to protect individuals' privacy rights and sensitive information. PKI solutions help organizations meet these compliance requirements effectively. The ongoing digital transformation, marked by the proliferation of online transactions, remote work, and IoT devices, amplifies the demand for PKI. The technology ensures the security and integrity of digital interactions, making it essential in today's interconnected world.
Who are the major players operating in the public key infrastructure market?
The major players in the public key infrastructure market are Thales (France), Entrust Datacard (US), DigiCert (US), ManageEngine (US), Microsoft (US), HID Global (US), Google (US), AWS (US), AppViewX (US), Venafi (US), Nexus (Sweden), Sectigo (US), Futurex (US), GlobalSign (US), WISeKey (Switzerland), Cygnacom Solutions (US), Keyfactor (US), SECARDEO GmbH (Germany), Blue Ridge Networks (US), Softlock (Egypt), SSL.com (US), LAWtrust (South Africa), SecureMetric (Malaysia), Stormshield (France), and Enigma Information Security Systems (US).
Which key technology trends prevail in the public key infrastructure market?
Several notable technology trends are currently shaping the Public Key Infrastructure market. The adoption of cloud-based PKI solutions is gaining traction. This approach allows organizations to leverage the cloud’s scalability and flexibility, simplifying PKI management while reducing operational costs. Integration of PKI with blockchain technology is an emerging trend. Blockchain’s inherent security and transparency attributes complement PKI by providing an immutable ledger for certificate issuance and management, further enhancing the trust and integrity of digital transactions. The move towards decentralized identities, often referred to as Self-Sovereign Identity, is reshaping the way PKI is applied. SSI allows individuals to control their digital identities, reducing reliance on centralized identity providers and enhancing privacy. The increasing adoption of zero-trust security models drives the need for continuous authentication and dynamic trust assessment, aligning with PKI's role in enhancing user and device authentication.
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The research study involved four major activities in estimating the public key infrastructure market size. Exhaustive secondary research has been done to collect important information about the market and peer markets. The next step has been to validate these findings, assumptions, and sizing with the help of primary research with industry experts across the value chain. Both top-down and bottom-up approaches have been used to estimate the market size. Post which the market breakdown and data triangulation have been adopted to estimate the market sizes of segments and sub-segments.
Secondary Research
In the secondary research process, various secondary sources were referred to identify and collect information for the study. These included journals, annual reports, press releases, investor presentations of companies and white papers, certified publications, and articles from recognized associations and government publishing sources. Secondary research was mainly used to obtain key information about industry insights, the market’s monetary chain, the overall pool of key players, market classification, and segmentation according to industry trends to the bottom-most level, regional markets, and key developments from both market and technology-oriented perspectives.
Primary Research
In the primary research process, various primary sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for the report. The primary sources from the supply side included industry experts, such as Chief Executive Officers (CEOs), Chief Technology Officers (CTOs), Chief Operating Officers (COOs), Vice Presidents (VPs), marketing directors, technology and innovation directors, and related key executives from various companies and organizations operating in the public key infrastructure market. The primary sources from the demand side included consultants/specialists, Chief Information Officers (CIOs), and subject-matter experts.
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Market Size Estimation
Multiple approaches were adopted to estimate and forecast the public key infrastructure market. The first approach involved estimating the market size by summating companies’ revenue generated through public key infrastructure solutions.
Both top-down and bottom-up approaches were used to estimate and validate the total size of the public key infrastructure market. The research methodology used to estimate the market size includes the following:
- Key players in the market have been identified through extensive secondary research.
- In terms of value, the industry’s supply chain and market size have been determined through primary and secondary research processes.
- All percentage shares, splits, and breakups have been determined using secondary sources and verified through primary sources.
Market Size Estimation Methodology-Bottom-up approach
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Market Size Estimation Methodology-top-down approach
Data Triangulation
The data triangulation procedures were used to complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments. The data was triangulated by studying various factors and trends from the demand and supply sides. Along with data triangulation and market breakdown, the market size was validated by the top-down and bottom-up approaches.
Market Definition
Public Key Infrastructure serves as a robust framework for establishing trust and security in the digital world. It encompasses a comprehensive system of hardware, software, policies, and standards designed to manage and safeguard digital certificates and associated cryptographic keys. At its core, PKI enables secure communication, authentication, encryption, and digital signatures by binding users and entities to their unique digital identities through the issuance of digital certificates. These certificates, along with public and private keys, form the cornerstone of PKI, allowing for secure data exchange and identity verification.
Key Stakeholders
- Chief technology and data officers
- Software and solution developers
- Integration and deployment service providers
- Business analysts
- Information Technology (IT) professionals
- Investors and venture capitalists
- Third-party providers
- Consultants/consultancies/advisory firms
- Cyber-security firms
- Value-added Resellers (VARs)
- PKI Certificate authorities (CA)
- SSL/TLS Certificate providers
- Digital certificate providers
- PKI’s registration authorities (RA)
The main objectives of this study are as follows:
- To define, describe, and forecast the public key infrastructure market based on segments based on offering, deployment mode, organization size, application, and vertical with regions covered.
- To forecast the size of the market segments with respect to five regions: North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America.
- To provide detailed information on the major factors (drivers, opportunities, threats, and challenges) influencing the growth of the public key infrastructure market.
- To analyze each submarket with respect to individual growth trends, prospects, and contributions to the global market.
- To analyze opportunities in the market for stakeholders by identifying high-growth segments of the global market.
- To profile the key market players, such as top and emerging vendors; provide a comparative analysis based on their business overviews, product offerings, and business strategies; and illustrate the market’s competitive landscape.
- To track and analyze competitive developments in the market, such as new product launches, product enhancements, partnerships, acquisitions, and agreements and collaborations.
Available Customizations
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Company Information
- Detailed analysis and profiling of additional market players (up to 5)
Generating Response ...
Growth opportunities and latent adjacency in Public Key Infrastructure (PKI) Market
what are the major challenges in Public Key Infrastructure Market?
Put simply, unless a PKI technical solution can provide full discovery it can only provide fractional management, that means fractional security in a field where completeness is critical.All current, known providers do only this and it is not unreasonable to suggest that every client still has service outages and unnecessary vulnerabilities due to inadequate PKI.