Wilmington, DE, Nov. 17, 2023 (GLOBE NEWSWIRE) -- Allied Market Research recently published a report, "Public Key Infrastructure Market by Component (Hardware Module, Solution, and Services), Deployment Mode (On-premise and Cloud), Organization Size (Large Enterprise and Small & Medium Enterprise), and Vertical (BFSI, Government and Defense, IT and Telecom, Retail, Healthcare, Manufacturing, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030". According to the report, the global public key infrastructure market is predicted to gather $14.49 billion by 2030. The market accounted for $1.40 billion in 2020 and is set to grow at a CAGR of 26.5% during the 2021-2030 period.
Prime determinants of growth
Wide applicability of public key infrastructure due to growing number of cyber fraud attempts is expected to push the global public key infrastructure market forward. However, high installation and maintenance costs associated with public key infrastructure might restrain market growth. Nevertheless, rising awareness regarding data privacy amongst users is projected to open up new growth opportunities for the market in the coming period.
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The services segment to be the fastest growing by 2030
Based on component, the services segment is anticipated to have the largest CAGR of 28.7% during the analysis period. The support offered by different services for the right functioning of software solutions will boost the market’s growth. On the other hand, the hardware security modules segment accounted for the largest market share in 2020 due to growing complexity of data security threats.
The cloud segment to grow rapidly in the analysis period
Based on deployment mode, the cloud segment accounted for the highest market share in 2020 due to increasing shift in deployment model towards cloud-based solutions. However, the on-premise segment is predicted to showcase the highest CAGR of 28.7% in the 2021-2030 period.
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North America to flourish immensely
Based on region, the North America public key infrastructure market accounted for the highest market share in 2020 due to adoption of various data security compliance measures by different enterprises of this region. On the other hand, the Asia-Pacific public key infrastructure market is predicted to rise at a CAGR of 28.1% during the analysis timeframe. The extensive rate of adoption of public key infrastructure solutions due to the growing incidence of malware attacks is expected to play a huge role in the growth of the market in this region.
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Top Companies in the Industry:
- Thales
- Manageengine
- Digicert
- Hid global
- Appviewx
- Entrust datacard
- Amazon web services
- Venafi
- Microsoft
In August 2023, The PKI Consortium, a dynamic alliance dedicated to enhancing trust and security within the digital landscape, proudly announces the preview release of its pioneering PKI Maturity Model. A collaborative effort by the PKI Maturity Model Working Group, this model will revolutionize the way organizations can plan, evaluate, and compare Public Key Infrastructure (PKI) implementations.
In September 2023, SAE Industry Technologies Consortia launched the Electric Vehicle Public Key Infrastructure (EVPKI) Consortium. The mission of the Consortium is to create and manage an inclusive framework for secure digital trust across the electric mobility PKI ecosystem to accelerate electric vehicle adoption and optimize the user experience. SAE ITC has been designing and testing the SAE EVPKI Platform by EV industry leaders in a pre-competitive project of the SAE Cooperative Research Program. Project members include a cross-industry team of EV OEMs, charging manufacturers and providers, as well as critical EV ecosystem companies.
In March 2023, Cleveland Clinic and IBM unveiled the first deployment of an onsite private sector IBM-managed quantum computer in the United States. The IBM Quantum System One installed at Cleveland Clinic will be the first quantum computer in the world to be uniquely dedicated to healthcare research with an aim to help Cleveland Clinic accelerate biomedical discoveries.
In October 2023, Global security leader Forcepoint today announced the completed acquisition of the company’s Global Governments and Critical Infrastructure (G2CI) cybersecurity business by TPG, a global alternative asset management firm.
In November 2023, Partners Group, a leading global private markets firm, acting on behalf of its clients, has agreed to acquire ROSEN Group ("ROSEN" or "the Company"), a global provider of mission-critical inspection services for energy infrastructure assets, from its founder, Hermann Rosen. Mr. Rosen will remain a significant partner alongside Partners Group in supporting the Company's next phase of growth.
In September 2023, Radius Global Infrastructure, Inc., a leading global aggregator of real property interests underlying wireless telecommunications cell sites and other digital infrastructure assets, announced the completion of its approximately $3.0 billion acquisition by the EQT Active Core Infrastructure Fund and the Public Sector Pension Investment Board.
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