Public Key Infrastructure Market Research Report- Forecast till 2023
Market Highlights
The global public key infrastructure (PKI) market is expected to exhibit a strong 21.12% CAGR over the forecast period from 2018 to 2023, according to the latest research report from Market Research Future (MRFR). According to the report, the global public key infrastructure market was valued at USD 639.12 million in 2017 and is expected to exhibit notable growth over the forecast period. The report presents a comprehensive overview of the major factors affecting the global public key infrastructure market. The major drivers and restraints affecting the global public key infrastructure market are profiled in the report. Leading players operating in the global public key infrastructure market are also profiled in the report. The impact of the COVID-19 pandemic on the global public key infrastructure market is also studied in the report.
Public key infrastructure is a vital necessity in enabling secure online transactions. The growing demand for online and mobile banking is likely to be a major driver for the global public key infrastructure market over the forecast period. Due to the convenience of online and mobile banking, many BFSI customers now prefer it to brick-and-mortar banking. However, this has created a need for secure network architecture, as loss of information on banking websites can have disastrous consequences for the customer. The banking entity can also suffer a significant loss of face due to online data breaches, as its reliability and trustworthiness may take a considerable hit due to the instances of data breach. This has led to a growing demand for strong public key infrastructure. Public key infrastructure is mainly used in use cases where passwords are not considered sufficiently secure. This is likely to remain a major driver for the global public key infrastructure market over the forecast period.
The rising demand for private and secure email technology is also likely to be a major driver for the global public key infrastructure market over the forecast period. Confidentiality is vital in emails, as the emails can contain private information that can hurt the sender or receiver if made public. This has led to a growing demand for strong encryption technology to secure email channels. This is likely to remain a major driver for the global public key infrastructure market over the forecast period.
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Segmentation:
The global public key infrastructure market is segmented on the basis of solution, deployment, end use, and region.
By solution, the global public key infrastructure market is segmented into PIN authentication, enrolment services, secure roaming, inventory of digital identities, and self-registration.
By deployment, the global public key infrastructure market is segmented into cloud-based and on-premise. The cloud-based segment currently dominates the global public key infrastructure market due to its lower costs and high convenience for clients. However, the growing demand for on-premise public key infrastructure is likely to be a key trend in the global public key infrastructure market over the forecast period.
By end use, the global public key infrastructure market is segmented into aerospace and defense, health and life sciences, human resources, manufacturing, government, BFSI, education, retail, and others.
Regional Analysis:
North America currently dominates the global public key infrastructure market and is likely to retain the leading position over the forecast period, due to the growing demand for strong encryption in the region. The increasing importance of email privacy and the increasing wariness exhibited by consumers towards government surveillance in the region are major drivers for the public key infrastructure market in the region.
Key Players
Leading players in the global public key infrastructure market include SIGNiX, Entrust Datacard Corporation, Lexmark International Inc., VeriSign Inc., Gemalto NV, GlobalSign, Assa Abloy Group, Ascertia, GoDaddy Inc., DocuSign Inc., and Comodo Group Inc.
In August 2020, Google announced a new cloud-based certificate authority service that is claimed to make it easier for companies to set up the digital certificated needed for public key infrastructure. The service is currently in beta testing and available for free. The service uses AppViewX’s certificate lifecycle management and automation product, CERT+.
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Public Key Infrastructure Market by Solution (PIN Authentication, Enrollment Services, Inventory of Digital Identities, Secure Roaming, Self-Recovery, Self-Registration), Deployment (Cloud-Based, On-Premise), End-User (Aerospace and Defense, Health and Life Sciences, Human Resources, Manufacturing, Government, BFSI, Education, Retail, and Others), and Region-Global Forecast to 2023
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