According to Future Market Insights’ newly released Public Key Infrastructure (PKI) Market analysis report, global sales of the Public Key Infrastructure (PKI) Market in 2021 will be US$ 3.9 Bn. The projected market growth rate from 2022 to 2032 is 18.3%, which is slightly lower than the historical rate. Hardware Security Modules are expected to be the most profitable category, with a CAGR of 18.7% from 2022 to 2032.
The importance of PKI deployment in banking and financial services for safeguarding businesses cannot be overstated. Banking fraud attempts increased by almost 160% between the final three months of 2020 and the first three months of 2021, as hackers attempted to disguise their attack as genuine internet activity. As a result, there is a greater requirement for protection through enhanced PKI. However, in order to minimize data breaches, outages, and compliance violations, PKI must be properly installed. In the financial services and insurance industries, identity identification is crucial. Verifying digital identities is critical for building consumer confidence and ensuring transaction security.
The fast expansion of digitalization, new technologies, and user behaviors, on the other hand, is rapidly changing the ways banks engage with their customers and workers. This will forever fuel changes in identity management duties. As a result, the position of banks and financial services in the identity supply chain is constantly being re-evaluated.
Mobile banking apps have taken banking to new heights, removing the need for conventional banking centers. Anyone using a smartphone and an internet connection may now rapidly monitor account balances, transfer cash, and make payments without visiting a branch. In the not-too-distant future, as one can easily envision the Internet of Things (IoT) and voice-enabled functions making banking simple. Real-world uses of this technology have already arrived in our homes, with televisions, autos, and other devices becoming voice-friendly.
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Key Takeaways from the Market Study
- Global Public Key Infrastructure (PKI) Market is expected to reach a market size of US$ 4.7 Bn by 2022.
- The Hardware Security Modules (HSM) segment, is expected to have the highest CAGR rate of 18.7% during the forecast period.
- United States to remain the most dominant market with absolute dollar growth opportunity of US$ 7.3 Bn during 2022 – 2032.
- The market in China is set to experience the highest CAGR of 18.1% during the 2022-2032 forecast period.
“During the projected period, the rising occurrences of malware attacks, spike in implementation of IoT and cloud trends are likely to assist in raising the Public Key Infrastructure (PKI) market revenue.” comments a Future Market Insights analyst.
Competitive Landscape
The market is fiercely competitive, where key players are increasingly focused to obtain a competitive advantage. The key companies in the Public Key Infrastructure (PKI) Market are focused on R&D to produce innovative technological solutions.
- In February 2022, Thales extended its partnership with Google Cloud to enhance public confidence in the cloud. A stronger link enables organizations to use very sensitive data in Google Cloud Platform with confidence (GCP). Ubiquitous Data Encryption is enabled, which is a technology that integrates Google Cloud’s Confidential Computing with Thales’ CipherTrust Cloud Key Manager. Using the Thales CipherTrust Data Security Gateway, consumers may produce and control encryption keys for data transferred to Google Confidential Cloud Computing.
- In November 2021, PrimeKey has collaborated with the Microsoft Intelligent Security Association to combine their solutions in order to protect against a growing number of cyber threats. Enterprise Java Beans Certificate Authority, a customised corporate PKI and certificate management system, that interfaces with Microsoft Intune as a part of Microsoft Endpoint Manager.
Segments:
By Component:
- Public Key Infrastructure Hardware Security Modules (HSM)
- Public Key Infrastructure Solutions
- Public Key Infrastructure Services
- Professional Public Key Infrastructure Services
- Managed Services
By Deployment Mode:
- Cloud Based Public Key Infrastructure
- On Premises Public Key Infrastructure
By Organization Size:
- Small and Medium Enterprises
- Large Enterprises
By Vertical:
- BFSI
- Government and Defense
- IT and Telecom
- Retail
- Healthcare
- Manufacturing
- Other
By Region:
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Investment Feasibility Matrix
3.5. PESTLE and Porter’s Analysis
3.6. Regulatory Landscape
3.6.1. By Key Regions
3.6.2. By Key Countries
4. Global Public Key Infrastructure Market Analysis 2015-2021 and Forecast, 2022-2032
4.1. Historical Market Size Value (US$ Mn) Analysis, 2015-2021
4.2. Current and Future Market Size Value (US$ Mn) Projections, 2022-2032
4.2.1. Y-o-Y Growth Trend Analysis
4.2.2. Absolute $ Opportunity Analysis
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