The global PKI market size is projected to grow from USD 3.9 billion in 2021 to USD 9.8 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 20.2% during the forecast period. The major driving factors contributing to the high growth rate of the PKI market include an increasing adoption rate of PKI solutions and services, the increasing trust on online sellers and customers, increasing instances of malware and file-based attacks, rising concerns pertaining to loss of critical data, surge in the adoption of IoT and cloud trends, and stringent mandatory regulations and compliances. • By component, the services segment to register the highest growth rate during the forecast period
The services segment includes various services that are required to deploy, execute, and maintain the PKI in an organization.The PKI market based on services is further classified into professional services and managed services.
The services in the PKI market become critical as they provide support for the proper functioning of software solutions.Various vendors in the market are focusing on delivering specialized services to help organizations with the smooth running of business processes.
Professional services comprise training and consulting, and deployment and integration.On the other hand, managed services include support, maintenance, and infrastructure management.
The demand for services in the PKI market is expected to be growing in the coming years to support business objectives. The increasing need for planning, designing, and consulting of PKI solutions to fuel the demand for professional services. • By deployment mode, the cloud segment to register the highest growth rate during the forecast period
In cloud deployment type, instead of implementing the software solution on the local server, businesses subscribe to the PKI solutions hosted on a third-party, remotely located server.Cloud has become a new paradigm for deploying PKI solutions.
The deployment of cloud-based PKI solutions is done through the internet, where software, infrastructure, platforms, devices, and other resources are provided as services on a pay-per-use basis by consumers.An external PKI vendor provides software, hardware, backup, disaster recovery, and other infrastructure to the organizations who pay for their solutions and services, which would otherwise become a burden for owners of on-premises PKI solutions.
The cloud-based deployment mode is gaining momentum in the use cases such as digital signature due to the low-cost installation of cloud services, widespread availability of cloud services such as SaaS and IaaS models and need for effective security controls in cloud.
Asia Pacific to register the highest growth rate during the forecast period Asia Pacific (APAC) has witnessed an advanced and dynamic adoption of new technologies and is expected to record the highest CAGR in the global PKI market during the forecast period. The PKI market in APAC is projected to grow at the highest CAGR during the forecast period. APAC countries are increasingly investing in PKI projects.The region comprises emerging economies, such as China, Japan, and India.
With the proliferation of advanced technologies in the APAC region, security and fraud concerns have risen.APAC is expected to invest more in security due to the increasing threat of spear phishing, malware, ransomware, and BEC attacks.
Enterprises in the APAC region are embracing PKI technologies.APAC experiences considerable security spending, owing to the ever-growing threat landscape of the region.
APAC is expected to invest more in security, owing to the increasing threat of identity and access breaches. These countries are home to a large number of SMEs, which account for the employment of more than 70% of the population. The requirement of high investments acts as a barrier for SMEs to adopt major PKI projects on their premises; however, factors such as increasing internet usage, compliance regulation, and adoption of smartphones are the major factors fueling the adoption of PKI solutions. With the proliferation of AI, IoT, and big data in APAC, security and fraud concerns have risen. Enterprises in this region are deploying PKI solutions to protect their critical information from hackers and also to comply with the changing government regulations related to cybersecurity. • By Company Type: Tier 1 – 24%, Tier 2 – 20%, and Tier 3 – 56% • By Designation: C-level – 38%, D-level – 28%, and Others – 34% • By Region: North America – 65%, Europe – 20%, Asia Pacific – 12%, RoW – 3% Key and innovative vendors in the PKI market include Thales (France), Entrust Datacard (US), DigiCert (US), ManageEngine (US), Microsoft (US), HID Global (US), Google (US), AWS (US), AppViewX (US), Venafi (US), Nexus (Sweden), Sectigo (US), Futurex (US), GlobalSign (US), WISeKey (Switzerland), Cygnacom Solutions (US), Keyfactor (US), SECARDEO GmbH (Germany), Blue Ridge Networks (US), Softlock (Egypt), SSL.com (US), LAWtrust (South Africa), SecureMetric (Malaysia), Stormshield (France), and Enigma Information Security Systems (US).
Research Coverage The market study covers the PKI market size across segments.It aims at estimating the market size and the growth potential of this market across different segments by component, by deployment mode, by organization size, by vertical, and by region.
The study also includes an in-depth competitive analysis of the key market players, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report The report will help the market leaders/new entrants with information on the revenue numbers’ closest approximations for the overall PKI market and its sub-segments.This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies.
The report will also help stakeholders understand the market’s pulse and provide them with information on key market drivers, restraints, challenges, and opportunities.
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