Selbyville, Delaware, Nov. 23, 2022 (GLOBE NEWSWIRE) —
The public key infrastructure market valuation is expected to exceed USD 20 billion by 2032, as reported in a research study by Global Market Insights Inc.
The proliferation of IoT devices across various industry verticals and the surge in cyber attacks as major drivers of PKI industry trends. Additionally, supporting cybersecurity and data privacy compliance regulations such as PCI DSS, Sarbanes Oxley Act, and HIPAA drive business growth. Cybercrimes including phishing, hacking, online identity theft, and ransomware attacks are increasing dramatically, which is expected to reinforce the need for effective cybersecurity solutions, complementing the expansion of the industry.
Growing use of cloud computing to increase demand for PKI services
The services segment is expected to generate around 30.5% of the PKI market revenue share by 2032. Rising popularity of cloud computing is increasing the demand for PKIs, which is driving use of managed services. Furthermore, the emergence of Software as a Service and Platform as a Service is also expected to help the expansion of the segment.
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Strict guidelines by organizations to favor the professional services segment
The professional services segment is expected to grow at a CAGR of approximately 24% between 2023 and 2032. Service providers help customers resolve issues associated with deploying, installing, maintaining and consulting PKI services . In light of the growing demand for professional PKI services, companies are also forcing customers to follow rules and guidelines to maintain the standards of operations efficiency, which is expected to improve the prospects of the segment.
Cost effective implementation to increase cloud deployment of PKI
The cloud segment captured nearly 25% of the public key infrastructure market share in 2022 owing to the high adoption rate of cloud-based PKI owing to its cost advantages by eliminating additional component integrations. The cloud computing architecture is integrated with the PKI solution and includes the installation and configuration steps required before provisioning users.
Increasing Frequency of Data Transfers to Accelerate Product Adoption in Large Enterprises
The large enterprise segment is expected to exceed USD 1.5 billion in 2022 and is expected to experience massive growth due to the extensive customer reach and geographic presence. Thus, large enterprises are investing heavily in their IT infrastructure facilities to support business operations. Additionally, increasing adoption of Bring Your Own Devices (BYOD) in large enterprises is propelling the growth of public key infrastructure market.
Growing Data Security Concerns to Fuel PKI Implementation in Manufacturing Applications
The deployment of PKI for data transfer management in the manufacturing sector is expected to remain high. The manufacturing segment recorded more than $255 million in 2022. The segment’s growth is driven by strong cybersecurity concerns among OEMs regarding the protection of their databases and connected devices in production processes. The inclusion of PKI solutions enables manufacturers to embed secure, high-assurance identity throughout the lifecycle of IoT devices.
The growing popularity of modern technology favors the industry of the Middle East and Africa
The Middle East & Africa Public Key Infrastructure Market is expected to grow at a growth rate of 23% from 2023 to 2032. The region could become a major hub for this industry due to the increasing adoption of modern technologies, such as AI and machine learning. This makes devices connected to smart technologies vulnerable to new security risks, which is pushing the expansion of the regional industry. A positive PKI approach to securing communication between devices and encrypting data integrity in the smart city ecosystem also bolsters regional growth.
Lucrative acquisitions and mergers will remain a key growth strategy
The strategic landscape of the market is estimated to witness a series of strategic approaches, such as acquisitions, product buyouts, and collaborations, by industry players. Some of the key public key infrastructure market players profiled in the report include Ascertia, IBM Corporation, Microsoft Corporation, Verisign Inc., ACTAVIS SpA, SSL, Inc., and DocuSign Inc., among others.
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Partial chapters of the table of contents (TOC) of the report:
Chapter 2 Executive Summary
2.1 PKI 360 Industry0 summary, 2018 – 2032
2.2 Trade trends
2.2.1 Total Addressable (TAM) Market Trends, 2023 – 2032
2.3 Regional trends
2.4 Component Trends
2.5 Deployment Model Trends
2.6 Trends in organization size
2.7 Application trends
Chapter 3 Overview of Public Key Infrastructure Industry
3.1 Presentation
3.2 Impact of the COVID-19 outbreak
3.3 Impact of the Russia–Ukraine War
3.4 Industry developments
3.5 Industry Ecosystem Analysis
3.6 PKI Architecture
3.7 Technology and innovation landscape
3.8 Patent landscape
3.9 Investment portfolio
3.10 New keys
3.11 Regulatory landscape
3.12 Industry impact forces
3.12.1 Drivers of growth
3.12.2 Industry Pitfalls and Challenges
3.13 Analysis of growth potential
3.14 Porter’s analysis
3.15 PESTEL analysis
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