Press release
Public Key Infrastructure Market to Reach USD 16.53 Billion by 2030: A Global Overview
Public Key Infrastructure Market
The global Public Key Infrastructure Market is experiencing significant expansion, driven by the increasing demand for secure digital communications and transactions. Valued at USD 4.50 billion in 2023, the market is projected to reach USD 16.53 billion by 2030, growing at a robust CAGR of 20.4% during the forecast period from 2024 to 2030 .
This growth is fueled by the rising concerns over information security, the proliferation of e-commerce, internet banking, and confidential email communications. PKI plays a crucial role in authenticating and securing digital identities, ensuring the confidentiality and integrity of sensitive information.
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Competitive Landscape
The PKI market is characterized by the presence of several key players offering a range of solutions to cater to the diverse needs of organizations. Companies such as DigiCert, Entrust, GlobalSign, Sectigo, and Comodo are at the forefront, providing digital certificates, identity management solutions, and secure email services. These companies are focusing on product innovation, strategic partnerships, and acquisitions to strengthen their market position and expand their customer base.
For instance, DigiCert has been actively involved in enhancing its cloud-based PKI solutions, aiming to provide scalable and flexible security solutions to enterprises. Similarly, Entrust has been focusing on integrating advanced encryption technologies into its PKI offerings to address the evolving security challenges faced by organizations.
Regional Insights
United States: Growth and Consolidation
The United States is witnessing significant growth in the PKI market, driven by the increasing adoption of digital transformation initiatives across various sectors, including government, healthcare, and finance. The demand for secure digital identities and transactions is propelling the growth of the PKI market in the region. Moreover, strategic mergers and acquisitions among key players are contributing to market consolidation and the development of comprehensive security solutions.
Asia Pacific: Opportunities and Trends
The Asia Pacific region is emerging as a significant market for PKI solutions, with countries like China, Japan, and South Korea leading the adoption. The rapid industrialization, coupled with the increasing focus on cybersecurity, is driving the demand for PKI solutions in the region. The growing number of digital transactions and the need for secure communications are further fueling market growth.
Middle East and Africa: Growth and Updation
The Middle East and Africa (MEA) region is witnessing steady growth in the PKI market, driven by the increasing adoption of digital technologies and the rising concerns over data security. Organizations in the region are focusing on implementing robust security frameworks to protect sensitive information, thereby driving the demand for PKI solutions. Recent developments include the establishment of national digital identity programs and the implementation of stringent data protection regulations.
Europe: Trends and Consolidation
Europe is experiencing rapid growth in the PKI market, attributed to the stringent data protection regulations and the increasing need for secure digital communications. The General Data Protection Regulation (GDPR) has significantly influenced organizations to adopt PKI solutions to ensure compliance and protect customer data. The region is also witnessing consolidation among key players, with companies focusing on expanding their product portfolios and enhancing service offerings to cater to the evolving security needs.
Recent Developments
DigiCert announced the launch of its new cloud-based PKI platform in January 2024, aiming to provide scalable and flexible security solutions to enterprises.
Entrust acquired IDology, a leading provider of identity verification solutions, in March 2024, to enhance its identity management capabilities.
GlobalSign expanded its presence in the Asia Pacific region by opening a new data center in Singapore in April 2024, to cater to the growing demand for PKI solutions in the region.
Comodo introduced a new range of digital certificates in May 2024, focusing on enhancing security for e-commerce platforms and online transactions.
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Unlocking Growth: Exploring the Dynamic Segmentation of the Public Key Infrastructure Market:
by Component
Solution
Services
by Organization Size
Large Enterprises
Small and Medium-Sized Enterprises
by Deployment Mode
On-Premises
Cloud
by Vertical
Banking, Financial Services, and Insurance
Government and Defense
Telecom and IT
Healthcare and Life Sciences
Retail and eCommerce
Manufacturing and Automotive
Education
Others
Over the course of the forecast period, the cloud-based segment is anticipated to grow more sharply. Throughout the review period, the segment is anticipated to maintain its leadership and grow at a CAGR of 21.91%.
The market is expected to be dominated by the government and defence segment, with the aerospace and defence segment coming in second. It has been predicted that the strong need for protecting private government data will spur industry expansion. Currently, the BFSI segment has enormous growth potential and is expected to grow at a higher compound annual growth rate (CAGR) of 23.84% during the forecast period.
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Industry Leaders in Focus:
1. Gemalto
2. Nexus Group
3. Verisign
4. Entrust Datacard
5. DigiCert
6. Futurex
7. Comodo
8. GlobalSign
9. WISeKey
10. SSL.Com
11. ACTALIS
12. HARICA
13. Securemetric
14. ENIGMA
15. Emudhra
16. IBM Corporation
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Your Ultimate Guide: Key Questions Answered in the Latest Market Report:
What is Public Key Infrastructure?
What is the Public Key Infrastructure Market's forecast period?
How is the Public Key Infrastructure market's competitive situation?
What are the main forces behind the Public Key Infrastructure market's expansion?
What is the largest market share in the Public Key Infrastructure region?
In the Public Key Infrastructure market, which segment became the dominant one?
During the forecast period, which major trends are most likely to emerge in the Public Key Infrastructure market?
What prospects does the Public Key Infrastructure Market have?
Which companies dominate the Public Key Infrastructure market?
Which are the Public Key Infrastructure industry players' primary growth strategies?
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