The global PKI market size is projected to grow from USD 3.9 billion in 2021 to USD 9.8 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 20.2% during the forecast period. The major driving factors contributing to the high growth rate of the PKI market include an increasing adoption rate of PKI solutions and services, the increasing trust on online sellers and customers, increasing instances of malware and file-based attacks, rising concerns pertaining to loss of critical data, surge in the adoption of IoT and cloud trends, and stringent mandatory regulations and compliances.
Key and innovative vendors in the PKI market include 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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These players have adopted various growth strategies, such as partnerships, agreements and collaborations, new product launches and product enhancements, and acquisitions to expand their presence in the PKI market. Partnerships, agreements and collaborations, and new product launches have been the most adopted strategies by the major players from 2018 to 2021 to innovate their offerings and broaden their customer base.
Thales Group, founded in 2000 and headquartered in La Defense, France, is a French multinational company that designs and builds electrical systems and provides services for the aerospace, defense, transportation, and security markets. The French government partially owns the company and has operations in more than 56 countries. Thales entered the digital security business after the acquisition of Gemalto, an international security company. The company is a key player in the aerospace and defense industry. It develops and delivers a range of airborne, naval, and land systems for commercial aviation, defense, and homeland security sectors. It is a public limited company listed on the Euronext Paris Stock Exchange with the ticker symbol, HO. The company operates through aerospace, transport, defense and security, and other segments. It is a global organization with operations in all continents. It caters to five markets: defense and security, digital identity and security, aerospace, space, and transport. The company designs technology solutions and delivers services through three business segments: aerospace, transport, and defense and security. According to the company, more than 30,000 organizations already rely on Thales Group’s solutions to verify the identities of people and things, grant access to digital services, analyze vast quantities of information, and encrypt data. With 80,000 employees, Thales Group has offices across the globe, including North America, Europe, APAC, Latin America, and MEA. Its offerings in the PKI market include - PKI and Credential Management, PKI Security: Encryption Key Management & Authentication, and Cybels PKI as a Service (PKIaaS).
Entrust Datacard, founded in 1969, is headquartered in Minnesota, US. The company offers a broad portfolio of both hardware and software security solutions. It operates through two segments: Entrust and Datacard. Its portfolio comprises solutions for PKI, secure socket layer certificates, MFA, ePassports, fraud detection, digital certificates, and mobile authentication. It has 34 offices across the globe. The company specializes in secure ID solutions, PKI, digital certifications and signatures, and identity-based security. Entrust Datacard delivers identity and secure transaction technologies for financial, government, education, healthcare, and retail verticals. Entrust Datacard sells its products and services to computer hardware vendors and enterprise customers in more than 150 countries, either directly or through resellers and distributors.
Public Key Infrastructure (PKI) Market by Component (HSM, Solutions, and Services), Deployment Mode (On-premises and Cloud), Organization Size (SMEs and Large Enterprises), Vertical (BFSI, Healthcare, IT and Telecom), Region - Global Forecast to 2026
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