Global Public Key Infrastructure Market Size Analysis - Market Share, Forecast Trends and Outlook Report (2024-2032)

Global Public Key Infrastructure Market Growth

Public key infrastructure (PKI) is a system of protocols, standards, and technologies that enable authentication, encryption, digital signatures, and non-repudiation of online transactions and data stored over the internet. The system consists of two types of keys: public and private. A private key is kept confidential by the key owner, while a public key is shared with anybody wishing to communicate with them. PKI issues and verifies digital certificates that connect public keys to their owners' identities through a reliable third party known as a certificate authority (CA).

The system is widely used for various applications, such as email encryption, digital signatures, e-commerce, online banking, VPN, IoT, and cloud services. The increasing demand for online security and privacy, especially in sectors such as banking, e-commerce, healthcare, and government is driving the public key infrastructure industry growth.

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Global Public Key Infrastructure Market Analysis

The public key infrastructure market dynamics and trends are driven by the increasing adoption of cloud-based and IoT solutions, adherence to regulatory standards, and the emergence of AI, ML, and blockchain technologies.

IoT and edge computing are creating new opportunities for the public key infrastructure market, as they generate a massive amount of data and devices that need to be securely connected and managed. This creates new opportunities for PKI companies to develop solutions that can handle the complexity and scale of IoT and edge computing environments.

Public Key Infrastructure Industry Outlook

According to the FBI's Internet Crime Report 2020, the United Kingdom led in cyber incidents with an astounding 216,633 cases. Canada followed with 5,399 incidents, and India recorded 2,930. European nations such as Greece (2,314), Germany (1,578), and France (1,640) also showed significant numbers, highlighting the region's vulnerability to cyber threats. Australia, ranking fifth in Oceania, experienced 1,807 incidents. South Africa recorded 1,754 incidents, with Brazil and Mexico leading South America at 951 and 1,164 incidents respectively. In Asia, the Philippines had 898 incidents, China 442, and Pakistan and Hong Kong each reported 443 incidents. In Western Europe, Italy had 728 incidents, Spain 618, and the Netherlands 450, showcasing varied cyber threat levels. These figures highlight the crucial role of effective PKI management in swiftly detecting and addressing cyber threats, thus reducing the impact of security breaches and the public key infrastructure market revenue.

Moreover, the number of IoT devices surged to 10 billion in 2019, reflecting a compound annual growth rate (CAGR) of about 37.5% over the previous period. From 2020 to 2025, IoT connections are expected to grow from 11.7 billion to 30.9 billion, representing a projected CAGR of 21.6%. In 2020, IoT connections made up 54% of total device connections, and by 2025, they are anticipated to account for nearly 75% of all global device connections. The annual growth in IoT device connections has been significant. For instance, from 2020 to 2021, the number of IoT devices increased by 2.1 billion, reaching 13.8 billion. In 2022, IoT connections rose to 16.4 billion, marking an increase of 2.6 billion devices in just one year. From 2023 to 2024, IoT connections grew from 19.8 billion to 24.4 billion, adding 4.6 billion devices within a year. This upward trend is anticipated to persist, with an estimated rise of 6.5 billion devices between 2024 and 2025, reaching a total of 30.9 billion IoT connections. This growth is expected to drive the public key infrastructure industry revenue, as PKI delivers essential encryption and authentication for IoT devices, ensuring secure communication and data integrity within the IoT network.

PKI offers robust encryption and authentication, ensuring secure communications and data protection.

• Helps organisations meet stringent data protection regulations and standards.
• Adaptable to various sizes of organisations and evolving security needs drives the growth of the public key infrastructure industry.

Implementation and management can be complex, requiring specialized knowledge and resources.

• Initial setup and ongoing maintenance can be expensive for organisations.
• Potential risks from compromised certificates or misconfigured systems.

Growth in cloud services presents opportunities for integrating PKI solutions.

• Increasing IoT devices requires enhanced security solutions like PKI.
• Emerging technologies offer new ways to enhance PKI systems further boosts the public key infrastructure market demand.

Evolving threats and sophisticated attacks could compromise PKI systems.

• New regulations may increase compliance requirements and costs.
• Intense competition among PKI providers could lead to price wars and reduced margins.

Key Players in the Global Public Key Infrastructure Market and Their Key Initiatives

Verisign Inc.

• Launched zero-trust security solutions.
• Expanded cloud-based PKI services to meet the growing demand of the public key infrastructure market. 

Entrust Corporation

• Launched Post-Quantum Ready PKI-as-a-Service for quantum-safe certificates. 
• Completed acquisition of Onfido to enhance identity verification solutions. 

DigiCert Inc.

• Launched Trust Lifecycle Manager to capture the public key infrastructure market opportunities. 
• Introduced Quantum-resistant cryptography for enhanced security measures. 

Futurex LP

• Launched scalable cloud HSM and key management services.
• Partnered with R3 to secure the Corda Enterprise blockchain platform.

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Global Public Key Infrastructure Industry Segmentation

“Global Public Key Infrastructure Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:

Market Breakup by Component

• Solution
• Services

Market Breakup by Deployment Mode 

• On-Premises
• Cloud

Market Breakup by Organization Size 

• Large Enterprises
• Small and Medium-Sized Enterprises

Market Breakup by Application 

• Banking, Financial Services, and Insurance
• Government and Defense
• Telecom and IT
• Healthcare and Life Sciences
• Retail and eCommerce
• Manufacturing and Automotive
• Education
• Others

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

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Public Key Infrastructure Market Share

The growth of the public key infrastructure industry is fuelled by the telecom and IT sectors, which dominate the industry due to the rising demand for secure and dependable communication and data transmission across networks and devices. PKI enables secure email and messaging through end-to-end encryption and digital signatures, ensuring confidentiality, integrity, and authenticity of communication. It provides SSL/TLS certificates for websites and facilitates mobile device management by issuing certificates and keys for device authentication.

Additionally, it enhances the security and privacy of cloud services, such as SaaS, PaaS, and IaaS, by encrypting data in transit, boosting the public key infrastructure market development. PKI also enables the security and identity management of IoT devices and networks, such as smart meters, sensors, and cameras, by verifying certificates and keys for device authentication and encryption driving the public key infrastructure market demand.

Leading Companies in the Public Key Infrastructure Market

The companies specialise in advanced security solutions, providing innovative technologies to protect digital infrastructure, data, and communications, ensuring comprehensive defence against cyber threats for businesses.

• ComodoSSLstore (Rapid Web Services, LLC) 
• Technology Nexus Secured Business Solutions AB 
• Verisign Inc. 
• Entrust Corporation 
• DigiCert Inc. 
• Futurex LP 
• Thales SA 
• GMO GlobalSign, Ltd. 
• WISeKey, SA 
• SSL, Inc. 
• ACTALIS S.p.A.