The global Public Key Infrastructure (PKI) market is valued at USD 6,011.2 million in 2024. The industry was seen to have USD 5,200.0 million in 2023. The industry is projected to show a CAGR of 15.6% from 2024 to 2034. The business is set to surpass USD 25,617.7 million by the end of 2034.
The demand for public key infrastructure is growing and it is focused on different industries due to its critical role in securing digital transactions and communications. The different sectors such as BFSI, government & defense and healthcare and it help for enabling robust encryption and authentication, ensuring the confidentiality and integrity of sensitive data.
The rise of cyber threats and stricter compliance regulations, organizations are focused on adopting cloud-based PKI solutions for enhanced scalability and flexibility, while on-premises PKI hardware remains the vital for sectors with stringent security needs.
The Public Key Infrastructure (PKI) Market is growing rapidly due to increasing cybersecurity threats, rising adoption of digital authentication solutions, and stringent regulatory compliance requirements. PKI is essential for securing online transactions, email communications, cloud services, and IoT devices through encryption and digital signatures.
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Key Takeaways
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Growing demand for secure digital identities is fueling PKI adoption across industries.
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Rising cybersecurity threats and data breaches are pushing enterprises toward stronger encryption methods.
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Cloud-based PKI solutions are gaining traction due to scalability and cost efficiency.
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Government regulations and compliance standards are driving mandatory PKI implementation.
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Integration of PKI with blockchain technology is emerging as a key trend.
Key Drivers
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Rising Cybersecurity Threats – Increasing incidents of data breaches, phishing, and identity theft are accelerating PKI deployment.
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Growth in IoT and Smart Devices – Securing connected devices requires strong authentication methods like PKI.
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Regulatory Compliance – Government policies like GDPR, HIPAA, and eIDAS mandate PKI-based security.
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Adoption of Cloud and Remote Work Solutions – Secure access to cloud platforms and remote applications is boosting demand for PKI.
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Expansion of Digital Payments & E-Commerce – PKI plays a crucial role in securing online transactions and financial data.
Growth Opportunities
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Cloud-Based PKI Solutions – Businesses are shifting from on-premise to cloud-based PKI services for better scalability.
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Integration with Blockchain for Enhanced Security – PKI and blockchain together enhance digital identity verification.
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PKI in IoT Security – Growing use of PKI in smart cities, connected vehicles, and industrial IoT.
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Automated Certificate Management – Reducing manual intervention in digital certificate lifecycle management.
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AI-Powered PKI Solutions – AI-driven analytics are improving PKI efficiency and fraud detection.
Key Applications
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Financial Services & Banking – Digital signatures, secure transactions, identity verification
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Government & Defense – National ID programs, e-passports, secure communication
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Healthcare & Life Sciences – Secure patient records, electronic prescriptions
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Retail & E-Commerce – Fraud prevention, secure online payments
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IT & Telecom – Secure email, encrypted messaging, cloud authentication
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Automotive & IoT – Connected vehicle security, smart city infrastructure
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Key Players
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DigiCert, Inc.
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Entrust Corporation
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GlobalSign (GMO Internet Group)
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Thales Group
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Sectigo Limited
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Venafi, Inc.
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Microsoft Corporation
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IBM Corporation
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AWS (Amazon Web Services)
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Verisign, Inc.
Key Segmentations
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By Deployment – On-Premise, Cloud-Based
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By Component – Software, Hardware, Services
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By Organization Size – Large Enterprises, SMEs
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By Industry Vertical – Banking, Government, Healthcare, IT & Telecom, Retail, Automotive, Defense
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By Region – North America, Europe, Asia-Pacific, Latin America, Middle East & Africa
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