Public Key Infrastructure Market 2019 Size, Share, Demand, Growth, Trends and Outlook
- ehteshampeerzade
- Nov 9, 2020
- 3 min read
Market Outlook
As per the latest study conducted by Market Research Future (MRFR), the global market for public key infrastructure (PKI) will surge at a CAGR of 21.12% during the forecast period (2018-2023). PKI is a next-gen technology that integrates various points for networks to form safe and encrypted communication channels. PKI facilitates the management of private and public keys and digital certifications. PKI is used by individuals and organization to develop and maintain a secure and trustworthy networking environment.
Public key infrastructure (PKI) is a secure medium for transferring sensitive electronic data between two parties with a key for each party for decrypting the data. Technology companies are increasingly depending on PKI to secure data in an effective and organized manner. The global public key infrastructure market report by Market Research Future (MRFR) analyzes the latest trends engulfing the Internet and various government measures which can impact the market growth.
Adoption of cloud and expansion of the IT sector has induced the need for secure technologies for secure transfer of electronic data. Looming threats of cyberattacks offer growth opportunities to the public key infrastructure market. Emergence of 5G networks which can support the internet of things (IoT) ecosystem while processing large data volumes can augment the market size till 2023. The market valuation can touch USD 1,987.1 million by 2023, as per MRFR’s report.
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Regional Analysis:
Region-wise, the public key infrastructure market covers North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).
North America led the market in 2017 followed by APAC. Its value was USD 239.7 million in 2017 and expected to exhibit 20.71% CAGR over the assessment period. This can be credited to its high use by governments of developed nations and presence of various market players.
The APAC region can showcase a stellar 23.38% CAGR till 2023 thanks to advances in technology and automation being adopted across various industrial sectors. South Korea, India, China, Taiwan, and Japan are the biggest countries which can contribute to the regional market revenue. China, in particular, can touch a valuation of USD 215.15 million by 2023.
The Europe region can exhibit exemplary growth due to the burgeoning automotive sector and adoption of IoT across industry verticals. Development of machine vision combined with immense potential across food & beverages, healthcare, and banking sectors can drive the regional public key infrastructure market growth.
Segmentation:
The study includes a segmental analysis of the market based on solution, deployment, end-user and region. On the basis of solution, the public key infrastructure market size is segmented into PIN authentication, enrolment services, secure roaming, self-recovery, self-registration, and others. Over the years, significant progress has been made in developing public key infrastructure, which has created tremendous opportunities for various types of PKI solutions. Such solutions are used for managing digital certificates and encryption keys for people, programs, and systems. Based on deployment models, the market has been segmented into cloud-based and on-premise. Among these, the cloud-based segment is expected to outperform the on-premise segment. This is primarily owing to the higher adoption rate of PKI cloud deployment. The cloud-based segment is projected to exhibit a healthy growth rate during the forecast period. On the basis of end-user, the market has been segmented into healthcare and life sciences, human resources, manufacturing, government and defense, BFSI, education and research, and others. The BFSI segment is expected to account a significant share of the market in 2018.
Key Players:
Ascertia, GlobalSign, Gemalto NV, SIGNiX, Assa Abloy Group, GoDaddy Inc., DocuSign Inc, Comodo Group Inc., VeriSign Inc., Entrust Datacard Corporation, Lexmark International Inc., and others are eminent names in the public key infrastructure market. The market is highly competitive and plagued by volatile market conditions, government policies, and industry development. Acquisitions are one of the major strategies employed by these players to sustain their position. Acquisition of local and regional players to expand the consumer base can bode well for these players.
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