New York, Jan. 17, 2024 (GLOBE NEWSWIRE) -- The global public key infrastructure (PKI) market size is expected to expand at ~24% CAGR from 2023 to 2035. The market is anticipated to garner a revenue of USD 230 billion by the end of 2035, up from a revenue of ~USD 5 billion in the year 2022.Companies nowadays are highly using technologically developed solutions such as cloud storage, visualization, and organization mobility. These developments have aided companies to work better in real-time as their offer accessibility to company data via virtual and cloud storage in mobile devices. However, this accessibility of data on mobile devices has also promoted the prevalence of data loss and risk concerns as a result driving the adoption of public key infrastructure. In a survey, 70% of respondents said that their organization's cloud security, IT operations, and developers do not align with security policies.
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The rapid use of public-key infrastructure solutions is being fueled by the rising market need to lower the cost of verification and boost consumer & seller confidence in numerous sectors like healthcare, banking, and e-commerce. Nowadays, a lot of cyber-crimes are taking place that has reduced the trust of consumers over sellers especially those who are dealing online, thus increasing the demand for public key infrastructure. With the growing sophistication of cyber threats and the increasing frequency of data breaches, organizations are prioritizing robust cybersecurity measures.
Increasing Adoption of IoT Trend in Various Sectors across the Globe to Boost Market Growth
Many businesses are primarily concentrating on how the latest technologies, like IoT, will affect PKI. Every industrial vertical has benefited from the advent of IoT in different ways. Regardless of the effective implementation of the security procedures, businesses are growing more worried about the immediate release of new goods on the public key infrastructure (PKI) market. As a result, there are more and more security issues and cyber dangers affecting the safety of IoT devices. The ongoing COVID-19 pandemic situation increased the number of distant workers accessing various resources as a result of work-from-home or remote work trends, and the growing requirement to safeguard corporate assets from unauthorized access during the pandemic is having a favorable influence on the growth of the public key infrastructure (PKI) industry. Approximately 48% of workers in organizations across the globe who were employed full-time throughout the pandemic did so remotely. The ongoing COVID-19 pandemic situation increased the number of distant workers accessing various resources as a result of work-from-home or remote work trends, and the growing requirement to safeguard corporate assets from unauthorized access during the pandemic is having a favorable influence on the growth of the public key infrastructure (PKI) industry. Approximately 48% of workers in organizations across the globe who were employed full-time throughout the pandemic did so remotely.
Public Key Infrastructure (PKI) Market: Regional Overview
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Internet of Things (IoT) Expansion to Drive the Market Growth in North America Region
The public key infrastructure (PKI) market in North America region is estimated to garner the largest revenue by the end of 2036. As a result of the growing requirement to maintain ongoing data security compliance throughout the company and the widespread usage of the Secure Sockets Layer (SSL) certification that employs public-key security solutions for encryption and authentication. PKI is used by numerous sectors in the region such as healthcare, government, and online shopping sectors to protect data, provide secure communication, and validate digital identities. The focus on data protection in the area, the existence of significant companies, and the rising frequency of cyber threats all support the growth of the PKI industry throughout North America. In the United States, more than 2,100 cyberattacks occur every day. The proliferation of IoT devices introduces new security challenges, and PKI is instrumental in securing communication between connected devices. Whether in smart homes, industrial settings, or healthcare, PKI solutions provide the necessary infrastructure to authenticate devices, ensure data integrity, and protect against unauthorized access. The growth of the IoT ecosystem is thus a significant driver for PKI adoption.
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Digital Transformation and Cloud Adoption to Propel the Growth in the Asia Pacific Region
The Asia Pacific public key infrastructure (PKI) market is estimated to garner the highest CAGR by the end of 2036. The Asia Pacific region is at the forefront of digital transformation, with organizations investing heavily in modernizing their infrastructure and embracing cloud technologies. As businesses migrate to the cloud for data storage and applications, the demand for PKI solutions rises. PKI provides a secure foundation for digital transformation initiatives, ensuring the integrity and confidentiality of data in cloud environments. A report noted that spending on digital transformation in the Asia Pacific reached USD 434 billion by 2021. The rapid growth of the FinTech sector in the Asia Pacific region is driving the need for secure and reliable digital transactions. PKI plays a crucial role in providing the necessary infrastructure for secure online financial transactions. As FinTech continues to reshape the financial landscape, PKI solutions become integral to ensuring the security and trustworthiness of digital financial services. Governments in the Asia Pacific are investing in smart city initiatives, leading to the proliferation of Internet of Things (IoT) devices. PKI is fundamental in securing communication between these connected devices, ensuring data integrity, and preventing unauthorized access. As smart city projects gain momentum, the demand for PKI solutions to secure IoT ecosystems is on the rise.
Public Key Infrastructure (PKI), Segmentation by Deployment Mode
- On-premises
- Cloud
Amongst these segments, the cloud segment in public key infrastructure (PKI) market is anticipated to hold the largest share over the forecast period. Enterprises globally are undergoing digital transformation to stay competitive in an increasingly interconnected world. Cloud computing is at the core of these initiatives, providing the agility and scalability needed to modernize IT infrastructure, enhance business processes, and enable innovative digital services. The shift to remote work has accelerated the adoption of cloud-based collaboration tools and infrastructure. Cloud computing enables seamless access to applications and data from any location, fostering collaboration, and supporting the flexibility demanded by the modern workforce. It is estimated that 88% of organizations worldwide have encouraged or required employees to work from home due to the COVID-19 pandemic. The proliferation of IoT devices is generating vast amounts of data that need to be processed, analyzed, and stored efficiently. Cloud computing provides the scalable and elastic infrastructure required to handle the massive volumes of data generated by IoT devices, making it a key enabler for IoT-driven applications and services.
Public Key Infrastructure (PKI), Segmentation by End User
- BFSI
- Healthcare
- IT & Telecom
Amongst these segments, the BFSI segment in public key infrastructure (PKI) market is anticipated to hold a significant share over the forecast period. The BFSI segment is a sector based on strict standards and the sector demands secured communication and data protection. Public key infrastructure is widely used in the BFSI sector for various purposes such as authentication of users, secured online transactions, and security of sensitive data such as consumer data, transaction, and financial data. Moreover, the increasing number of cyberattacks in the banking and finance sector is further predicted to accelerate the public key infrastructure (PKI) market growth of public key infrastructure in this segment. Public key infrastructure offers a secure way of transmitting data via the internet in order to protect the data from getting exposed to cyber fraud such as hacking, identity theft, and phishing. Artificial Intelligence (AI) is being harnessed to deliver personalized and tailored financial services. From chatbots providing customer support to predictive analytics for investment recommendations, AI enhances customer experiences, streamlines processes, and aids in making data-driven decisions in the BFSI sector. A survey found that 72% of global CEOs believe that AI will have a significant impact on the financial services industry.
Few of the well-known industry leaders in public key infrastructure (PKI) market that are profiled by Research Nester are Microsoft Corporation, Amazon Web Services, Inc., Verisign Inc., Comodo Group, DigiCert One, Entrust Datacard Corporation, IBM Corporation, HID Global, and other key market players.
Recent Development in the Public Key Infrastructure (PKI) Market
- DNS Made Easy was purchased by DigiCert, Inc. in June 2022. This tactical step improves DigiCert's capacity to provide its clients with complete and trustworthy DNS solutions.
- Verisign Inc., launched a new PKI platform called Verisign Managed PKI for SSL in May 2021 with the goal of giving organizations a simple and cost-effective way to secure online transactions and communications. This platform provides improved security measures while reducing operational complexity and organizational expenses.
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