The exponential rise in the sophistication of cyberattacks and huge monetary losses due to these attacks will drive the overall PKI market
The global Public Key Infrastructure (PKI) market size is expected to grow USD 1.7 billion in 2019 to USD 3.6 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 15.1% during the forecast period. Various factors such as exponential rise in the sophistication level of cyberattacks and huge monetary losses due to these attacks are expected to drive the market. However, lack of awareness among organizations about the importance of PKI certificates may restrain the market growth.
Solution segment to hold a larger market size during the forecast period
The solution segment is expected to hold a larger market size in the PKI market during the forecast period. PKI vendors help enterprises in providing the necessary knowledge, awareness, and risk background to understand threats to their environment and react appropriately. The solution helps enterprises validate the identity of the transactions between the individuals as well as preventing any unauthorized access across organizations networks, servers, and other infrastructure. The solutions also provide the framework for the organizations in managing the keys for public key encryption and validates users based on the certificates issued by the certificate authorities. Hence, organizations are adopting PKI solutions to protect their infrastructure from identity-related cyberattacks.
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Among deployment type, cloud deployment segment to grow at a higher CAGR during the forecast period
Under deployment type, PKI market is segmented by cloud and on-premises segments. The cloud deployment type is set to grow at a higher CAGR during the forecast period. The deployment of cloud-based PKI solutions is done through the internet, where software, infrastructure, platforms, devices, and other resources are provided as services on a pay-per-use basis by consumers. An external PKI vendor provides software, hardware, backup, disaster recovery, and other infrastructure to the organizations who pay for their solutions and services, which would otherwise become a burden for owners of on-premises PKI solutions. Cloud-based systems are comparatively less expensive than on-premises deployment, thus permitting businesses to reduce IT expenses, including hardware and support staff. Owing to these factors, organizations are adopting the cloud-based deployment type for deploying PKI solutions on a large scale.
North America to account for the largest market size, whereas APAC to grow at the highest CAGR
North America is projected to hold the largest market size of the PKI market during the forecast period, owing to the early adoption of the PKI solutions in the region across various verticals, such as telecom and IT, healthcare and life sciences, and Banking, Financial Service, and Insurance (BFSI). The concentrated presence of a large number of PKI solution and services providers in the US is also expected to drive revenue growth from the region. The APAC market is expected to grow at the highest CAGR during the forecast period, owing to notable adoption of the technology as enterprises across telecom and IT vertical are now adopting cloud-based PKI solutions to manage their IT infrastructure better.
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the PKI marketplace.
- By Company: Tier 1 – 20%, Tier 2 – 55%, and Tier 3 – 25%
- By Designation: C-level – 50%, Director level – 25%, and Others – 25%
- By Region: North America – 45%, Europe – 25%, APAC – 20%, Latin America – 5%, Middle East and Africa: – 5%
Major vendors in the global PKI market include Gemalto (Netherlands), Nexus Group (Sweden), Verisign (US), Entrust Datacard (US), DigiCert (US), Futurex (US), Comodo (US), GlobalSign (UK), WISeKey (Switzerland), SSL.com (US), ACTALIS (Italy), HARICA (Greece), Securemetric (Malaysia), ENIGMA (Poland), and eMudhra (India).
- The market study covers the PKI market across segments. It aims at estimating the market size and the growth potential of the market across segments, such as component (solution and services), deployment type, organization size, vertical, and region.
- The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report
- The report will help the market leaders/new entrants in the PKI market with information on the closest approximations of the revenue numbers for the overall PKI market and the subsegments.
- The report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and to plan suitable go-to-market strategies.
- The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.