The Public Key Infrastructure (PKI) market will grow by USD 10.33 Billion from 2024-2028, driven by AI and stringent data protection regulations, transforming the market - Technavio

NEW YORK, Oct. 23, 2024 /PRNewswire/ -- Report with the AI impact on market trends - The Global Public Key Infrastructure (PKI) Market  size is estimated to grow by USD 10.33 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  28.94%  during the forecast period. Stringent regulations for data protection is driving market growth, with a trend towards growing use of HSMS to strengthen PKI security. However, interoperability issues associated with PKI  poses a challenge - Key market players include Ascertia, CETIS dd, DigiCert Inc., eMudhra Ltd., Encryption Consulting LLC, Enigma Bridge, Entrust Corp., Futurex, GlobalSign Ltd., Hewlett Packard Enterprise Co, Keyfactor, PKI Solutions Inc., Realia Technologies SL, Sectigo Ltd., Securemetric Berhad, Securosys SA, SSL.com, Technology Nexus Secured Business Solutions AB, Thales Group, Unisys Corp., and Wisekey International Holding AG.

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Key Market Trends Fueling Growth

PKI vendors provide hardware security modules (HSMs) as an addition to their PKI solutions to enhance encryption key security. HSMs are specialized computing devices that protect and manage encryption keys for strong authentication and crypto processing. HSMs perform essential tasks such as random number generation, asymmetric and symmetric key generation, and securely store and hide private keys. The BFSI sector's increasing demand for digital payments has fueled the continuous growth of HSMs' usage. Vendors are exploring new ways to integrate HSMs into PKI solutions, expanding their capabilities. The need for more secure and advanced security solutions that are compatible with future business requirements is driving the PKI market's growth, with the demand for HSMs expected to escalate. 

The Public Key Infrastructure (PKI) market is experiencing significant growth, particularly in the Services segment. Cloud adoption is driving the demand for cloud-based PKI services, including digital signature services, which offer cost savings and operational efficiencies in a cloud environment. PKI solutions provide essential infrastructure for access control, compliance with regulations like GDPR and HIPAA, and data security in both on-premises and cloud environments. Businesses value PKI services for securing sensitive data, digital identities, and digital transactions through encryption and authentication. In a remote work era, PKI solutions ensure trust in digital communications and help organizations meet regulatory requirements. Integration challenges remain, but the expertise of PKI providers can help organizations overcome these hurdles and ensure cybersecurity for their infrastructure and digital business processes. 

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• In today's business landscape, enterprises are increasingly relying on the Internet for their operations, leading to a heightened risk of cyberattacks. To mitigate this risk, Public Key Infrastructure (PKI) has become an essential security solution. PKI offers various security services, including encryption, authentication, authorization, integrity protection, and confidentiality protection. However, interoperability issues are hindering the wider adoption of PKI. These issues occur at both the component and application levels. Component-level interoperability deals with interactions between systems directly supporting or utilizing PKI solutions, which can be inter- or intra-domain. Inter-domain interoperability requires cooperation among multiple administrative domains of different organizations. Application-level interoperability concerns compatibility among PKI solutions on peer-to-peer networks, regardless of the application providers or infrastructure components. Technical issues related to certificates, algorithms, and protocols can also arise. To ensure seamless interoperability, vendors must implement common protocols, certificate formats, and message formats. Similar algorithms must be used for authentication, encryption, and data sharing between PKIs. CA certificates must be compatible with all systems. Each domain must adhere to regulations, policies, and standards set by government bodies. To fully tap into the potential of the global PKI market and fuel its growth, PKI software and solution providers must collaborate and focus on developing compatible PKI solutions. This will help overcome interoperability challenges and address the evolving needs of businesses.
  
  
• Public Key Infrastructure (PKI) is a vital component of digital security, enabling secure data transmission and user authentication through digital certificates. However, implementing and managing PKI comes with challenges. Security standards must be met, such as those set by Entrust Datacard and DigiCert. The ecosystem is expanding with cloud service adoption and digital transformation initiatives, leading to regulatory compliance standards for e-commerce transactions and sensitive critical data. Key management difficulties and scalability issues can be costly. Upfront expenditures for PKI implementation and standardization can be high. Technological changes, including virtualization, workplace mobility, and cloud storage, add complexity. Cyber threats, quantum computing threats, and identity modifications require continuous updates and user verification. Pragmatic solutions include ManageEngine, Symantec, CloudSOC, and CASB for identity and access management, application administration, and data security control. IAM systems, sign-in, signup, and user management processes are crucial for user reliability and user verification. Production costs, connectivity, and technical innovations like IAM systems and CASBs can help mitigate challenges. Regulatory compliance, technological changes, and cyber threats demand ongoing attention. Ultimately, PKI is essential for data security in today's digital landscape.

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This public key infrastructure (pki) market report extensively covers market segmentation by

1. End-user 
• 1.1 BFSI
• 1.2 Government and defense
• 1.3 IT and telecom
• 1.4 Others
2. Deployment 
• 2.1 On-premises
• 2.2 Cloud
3. Geography 
• 3.1 North America
• 3.2 Europe
• 3.3 APAC
• 3.4 South America
• 3.5 Middle East and Africa

1.1 BFSI-  The BFSI industry's shift towards digitalization has necessitated a focus on securing digital communications and data. Public Key Infrastructure (PKI) plays a crucial role in this regard, providing digital certificates, encryption keys, and identity management systems. With the increasing importance of data in financial services, from managing transactions to automating risk management, the demand for security solutions. PKI's ability to protect data during transmission and storage makes it an essential component of the BFSI sector. As the industry continues to digitalize and customer expectations evolve, the need for PKI solutions will persistently grow. Consequently, the BFSI segment of the global PKI market is poised for significant expansion.

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Public Key Infrastructure (PKI) is a security solution that enables the creation, management, distribution, and revocation of digital certificates for securing sensitive data, digital identities, and digital transactions. Encryption, authentication, digital signature, and data privacy regulations are key components of PKI. With the increasing adoption of cloud services, digital transformation initiatives, and e-commerce transactions, the demand for PKI solutions. However, the threat landscape is evolving, with cyber threats, quantum computing threats, and regulatory compliance standards posing significant challenges. Technical innovations such as virtualization, workplace mobility, cloud storage, IAM systems, and mobile devices require PKI solutions to ensure data security. PKI plays a crucial role in safeguarding enterprise data and protecting against cyber attacks.

Public Key Infrastructure (PKI) is a critical component of digital security, enabling the protection of sensitive data, digital identities, and secure digital transactions. PKI relies on encryption, authentication, digital signatures, and digital certificates to ensure data privacy and security. With the increasing adoption of digital transformation initiatives, cloud service adoption, and regulatory compliance standards, the need for PKI is more crucial than ever. Data privacy regulations such as GDPR and HIPAA mandate the use of PKI for securing sensitive data. The remote work trend, Internet of Things (IoT), and cybersecurity threats PKI implementation to ensure trust and security. However, challenges such as implementation and integration, upfront expenditures, key management difficulties, scalability issues, and regulatory compliance persist. PKI solutions provide data security for e-commerce transactions, enterprise data, mobile devices, IAM systems, and cloud environments. Technological changes, such as virtualization, workplace mobility, cloud storage, and quantum computing threats, necessitate continuous innovation in PKI. Expertise, infrastructure, and cost savings are essential considerations in PKI implementation. Services segment, including digital signature services and PKI services, and on-premises segment offer solutions to address the diverse needs of organizations. PKI solutions enable secure sign-in, signup, user management processes, user verification, and data security control. Cloud-based services, such as CloudSOC and CASB, offer shadow IT solutions to mitigate security risks. In summary, PKI plays a vital role in securing digital identities, transactions, and sensitive data. Despite challenges, PKI solutions continue to evolve to address the ever-changing digital security landscape.

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• End-user
• BFSI
• Government And Defense
• IT And Telecom
• Others
• Deployment
• On-premises
• Cloud
• Geography
• North America
• Europe
• APAC
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

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SOURCE Technavio