Market Highlights:
Public Key Infrastructure (PKI) provides a scalable and cost-effective platform to its users for safety against the cyber-attacks which is the primary factor contributing towards the demand generation of the product. Market Research Future (MRFR) has revealed in its latest report that the global public key infrastructure market will thrive saliently at a striking CAGR of 22.7% during the forecast period 2017 to 2023. It has been estimated that the market will reach a valuation of USD 1.99 Bn by the end of 2023.
The integration of public key infrastructure solutions with other security and IoT managed connecting devices such as smart M2M, CyberThreats, and Faast IoT technology among others increases the efficiency of public key infrastructure. It helps in optimizing the operational cost and effectiveness of the organization which is likely to boost revenue creation in the global public key infrastructure market during the projection period. These solutions support the organization in reducing the cost of storing signatures on paper, thereby, decreasing operational cost. Furthermore, the cloud-based deployment feature is poised to increase the demand for public key infrastructure solutions further.
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Major Key Players
- Comodo Group Inc.,
- DocuSign Inc,
- GoDaddy Inc.,
- Ascertia,
- Assa Abloy Group,
- GlobalSign,
- Gemalto NV,
- VeriSign Inc.,
- Lexmark International Inc.,
- Entrust Datacard Corporation,
- SIGNiX.
According to MRFR, the global Public Key Infrastructure (PKI) Market stood at USD 639.12 Mn and is expected to witness a healthy growth during the review period (2018-2023). Intensifying cyber threat is a major concern worldwide, making PKI an important tool for information security.
Competitive Landscape
Service providers in the public key infrastructure market are focusing towards improving and expanding their services across the world. Entrust Datacard Corporation, Assa Abloy Group, GoDaddy Inc., VeriSign Inc., Gemalto NV among others are the major companies in the market, competing in terms of security, reliability, and service quality. Their primary focus is to upgrade the quality and diversify their value-added services on a regular basis to sustain the market. The major players have strengthened their presence worldwide through the acquisition of local and regional players for expanding their services. The improvement of the economic scenario combined with advances in technology in emerging economies like China, Japan, and South Korea, is likely to fuel the market growth and expand the public key infrastructure market.
Market Segmentation:
Public key encryption is based on complex algorithms which can slow down processing speed when encrypting large volumes of data. Moreover, the deployment of PKI can add load on the network which poses a challenge to market growth. Technological advancements such as the advent of 5G and the rapid adoption IoT is expected to create a conducive environment for better data transfer, thus offering the market with significant potential for growth as IoT carried high risk. Demand for the security of connection between devices is anticipated to provide the market with ample opportunities.
The global public key infrastructure market is segmented on the basis of solution, deployment, end-users, and region. Solutions commonly employed in the public key infrastructure market include enrolment deployment, PIN authentication, secure roaming, inventory of digital identities, self-registration, and others.
Public key infrastructure is deployed on cloud-based and on-premise. The adoption rate of cloud-based deployments has been observed to be higher than on-premise due to the scalability that this platform offers as well as cost savings. The cloud-based platform is expected to retain its lead in the market while displaying the highest CAGR of 21.91% during the forecast period.
End-users of public key infrastructure include healthcare & life sciences, aerospace & defense, human resources, manufacturing, government, BFSI, retail, education & research, and others. The government segment followed by the aerospace & defense account for the most significant segments in the market due to the high requirement for security to protect sensitive government information. However, the BFSI sector is expected to grow at the highest CAGR of 23.84%, as this sector handles high volumes of sensitive data.
Regional Analysis:
North America leads the global market’s growth and is closely followed by the Asia Pacific market in terms of market value. North America valued USD 239.7 Mn in 2017 and is expected to grow with an optimistic CAGR of 20.71% during the forecast period. The presence of several important market participants in the region combined with the high use of PKI solutions by the regions government sector is expected to drive the growth of the North American PKI market.
Asia Pacific is expected to grow at the highest CAGR of 23.38% during the forecast period. China accounts for the largest country-level market with a projected market value of USD 215.15 Mn by the end of 2023. Japan and India are other important country-level markets to watch out for during the assessment period.
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Intended Audience
- Training and education service providers
- Data integration service providers
- Banking and Insurance service providers
- Technology standards organizations
- Digital signature vendors
- Digital signature service providers
- Product manufacturers/ developers
- Consultancy firms/advisory firms
- Technology investors
- Research institutes,
- System Integrators
- Research/Consultancy firms
List of Tables
TABLE 1 LIST OF ASSUMPTIONS
TABLE 2 GLOBAL PUBLIC KEY INFRASTRUCTURE MARKET, BY DEPLOYMENT, 2016-2023
TABLE 3 GLOBAL PUBLIC KEY INFRASTRUCTURE MARKET, BY END-USERS, 2016-2023
TABLE 4 GLOBAL PUBLIC KEY INFRASTRUCTURE MARKET, BY REGION, 2016-2023
Continued………
List of Figures
FIGURE 1 GLOBAL PUBLIC KEY INFRASTRUCTURE MARKET: MARKET STRUCTURE
FIGURE 2 TOP DOWN & BOTTOM UP APPROACH
FIGURE 3 DROC ANALYSIS OF GLOBAL PUBLIC KEY INFRASTRUCTURE MARKET
FIGURE 4 DRIVER IMPACT ANALYSIS
Continued………
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