Public Key Infrastructure Market
The rise in malware and file-based attacks has significantly influenced the demand for PKI.
PORTLAND, PORTLAND, OR, UNITED STATE, July 10, 2023/EINPresswire.com/ — Allied Market Research published a new report, titled, ” The Global PKI Market Expected to Reach USD 14.49 Billion by 2030 | Top Players Such as – Digicert, Appviewx and Venafi.” The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.
The global public key infrastructure market size was valued at USD 1.4 billion in 2020, and is projected to reach USD 14.49 billion by 2030, registering a CAGR of 26.5% from 2021 to 2030.
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Rise in applications of public key infrastructure and increase in number of cyber fraud attempts have boosted the growth of the global public key infrastructure market. However, high installation and maintenance costs and heavy network overhead and bandwidth requirements hinder the market growth. On the contrary, increased cyber-attacks during the Covid-19 pandemic and growing awareness about data privacy amongst users are expected to open new opportunities for the market players in the future.
The public key infrastructure market is segmented on the basis of component, deployment mode, organization size, and vertical. Based on component, the market is divided into hardware module, solution, and services. On the basis of deployment mode, it is bifurcated into on-premise and cloud. Based on organization size, the market is classified into large enterprise and small & medium enterprise. Based on vertical, it is differentiated into BFSI, government and defense, IT and telecom, retail, healthcare, manufacturing, and others. Region-wise, the public key infrastructure market is studied across North America, Europe, Asia-Pacific, and LAMEA.
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By component, the services segment is estimated to portray the highest CAGR of 28.7% during the forecast period, as they offer support for the right functioning of software solutions. However, the hardware security modules segment held the largest share in 2020, accounting for more than one-third of the global public key infrastructure market, owing to rise in the frequency and complexity of data security threats.
By deployment mode, the cloud segment held the largest share in 2020, contributing to around four-fifths of the global public key infrastructure industry, owing to paradigm shift in the deployment methods from on-premise to cloud-based models. However, the on-premise segment is expected to register the fastest CAGR of 28.7% from 2021 to 2030.
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By region, the market across North America held the largest share in 2020, accounting for more than two-fifths of the market, owing to increase in need to ensure continuous compliance of data security across the enterprise. However, the global public key infrastructure market across Asia-Pacific is expected to register the highest CAGR of 28.1% during the forecast period, owing to rise in adoption rate of public key infrastructure solutions and services, increase in trust on online seller and customers, and surge sin instance of malware and file-based attacks.
Some of the key companies operating in the PKI industry are Thales, Entrust Datacard, Digicert, Manageengine, Microsoft, Hid Global, Google, Amazon Web Services, Appviewx, and Venafi
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Covid-19 scenario:
● The Covid-19 pandemic increased the demand for public key infrastructure due to rise in web and online engagement.
● Moreover, organizations demanded security solutions to secure their online business operations and consumer data.
● The pandemic compelled several brick-and-mortar store-based business to adopt online platforms, which increased the demand for public key infrastructure.
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