Selbyville, Delaware,, Nov. 23, 2022 (GLOBE NEWSWIRE) --
The public key infrastructure market valuation is expected to cross USD 20 billion by 2032, as reported in a research study by Global Market Insights Inc.
The proliferation of IoT devices across various industry verticals and the upsurge in cyberattacks as the chief drivers of the PKI industry trends. Furthermore, supportive regulations pertaining to cybersecurity and data privacy compliances, such as PCI DSS, Sarbanes Oxley Act, and HIPAA, are boosting business growth. Cybercrimes, including phishing, hacking, online identity theft, and ransomware attack, are drastically increasing, which is set to enhance the need for effective cybersecurity solutions, thereby supplementing industry expansion.
Surging use of cloud computing to increase PKI services demand
The service segment is anticipated to garner approximately 30.5% of the public key infrastructure market revenue share by 2032. The soaring popularity of cloud computing is rising the demand for public key infrastructures, which is impelling the utilization of managed services. In addition, the emergence of Software-as-a-Service and Platform-as-a-Service is also speculated to contribute to segment expansion.
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Strict guidelines by organizations to favor professional service segment
The professional service segment is slated to progress at around 24% CAGR between 2023 and 2032. Service providers help customers solve problems associated with the deployment, installation, maintenance, and consulting of PKI services. In light of the booming requirement for professional PKI services, firms also make customers follow rules and guidelines to maintain the standards for efficient operations, which is forecast to enhance segment outlook.
Cost-effective implementation to augment cloud deployment of PKI
The cloud segment captured nearly 25% of the public key infrastructure market share in 2022 on account of the high adoption rate of cloud-based PKI due to its cost benefits by eliminating additional component integrations. The cloud computing architecture is integrated within the PKI solution and includes installation and configuration steps that are required before user provisioning occurs.
Growing frequency of data transfers to accelerate product uptake in large enterprises
The large enterprises segment is expected to exceed USD 1.5 billion in 2022 and is likely to grow massively owing to extensive customer reach and geographical presence. Thus, large enterprises invest heavily in their IT infrastructure facilities to support business operations. Moreover, the growing adoption of Bring Your Own Devices (BYOD) across large-scale companies is propelling the public key infrastructure market growth.
Rising concerns regarding data safety to fuel PKI implementation in manufacturing applications
The deployment of PKI for the management of data transfer in the manufacturing sector is primed to remain high. The manufacturing segment registered more than USD 255 million in 2022. The segment growth is attributable to strong cybersecurity concerns among OEMs about safeguarding their databases and connected devices in production processes. The inclusion of PKI solutions enables manufacturers to embed high-assurance secure identity across the IoT device lifecycle.
Swelling popularity of modern technology to favor Middle East & Africa industry
The Middle East & Africa public key infrastructure market is foreseen to grow at a 23% growth rate from 2023 to 2032. The region may emerge as a major hub for this industry due to the mounting adoption of modern technologies, such as AI and machine learning. This makes devices connected to smart technologies susceptible to new security risks, which is pushing regional industry expansion. A positive approach towards PKI to secure communication among devices and encrypt data integrity in the smart city ecosystem is also bolstering the regional growth.
Lucrative acquisitions and mergers to remain a key growth strategy
The strategic landscape of the market is estimated to witness a series of strategic approaches, such as acquisitions, product takeover, and collaborations, by industry players. Some key public key infrastructure market players profiled in the report include Ascertia, IBM Corporation, Microsoft Corporation, Verisign Inc., ACTAVIS S.p.A., SSL, Inc., and DocuSign Inc., among others.
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Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 PKI industry 3600 synopsis, 2018 - 2032
2.2 Business trends
2.2.1 Total addressable market (TAM) trends, 2023 - 2032
2.3 Regional trends
2.4 Component trends
2.5 Deployment model trends
2.6 Organization size trends
2.7 Application trends
Chapter 3 Public Key Infrastructure Industry Insights
3.1 Introduction
3.2 Impact of COVID-19 outbreak
3.3 Impact of Russia-Ukraine war
3.4 Industry evolution
3.5 Industry ecosystem analysis
3.6 PKI architecture
3.7 Technology & innovation landscape
3.8 Patent landscape
3.9 Investment portfolio
3.10 Key news
3.11 Regulatory landscape
3.12 Industry impact forces
3.12.1 Growth drivers
3.12.2 Industry pitfalls & challenges
3.13 Growth potential analysis
3.14 Porter’s analysis
3.15 PESTEL analysis
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