The market valuation of public key infrastructure will cross $7 billion by 2027, according to Global Market Insights. Rising digital interaction and reliance on digital authentications and regulatory compliance across enterprises are expected to boost the market growth.
What’s driving demand for PKI solutions?
The demand for PKI solutions and services is primarily driven by the increasing need across enterprises to improve security capabilities in response to the growing instances of file-based attacks and malware.
The PKI consists of software policies, roles, and a procedure that is used to create, manage and distribute digital certificates, and certify cryptography owned by the user. PKI used encryption algorithms help companies to secure communications and ensure the privacy of data sent from one computer to another.
The managed service segment in the PKI market is anticipated to witness a 20% growth rate till 2027. Managed PKI services are hosted in a redundant infrastructure, featuring robust data backup and intelligent monitoring capabilities. A service provider manages the complexity of enterprise PKI solutions and offers extensive security.
A managed PKI service automates the configuration of the encryption and signing applications including multiple browsers and platforms. It also verifies the integrity and origination of sensitive documents and emails from all devices.
Cloud-based PKI system to hold significant revenue share
The public key infrastructure market for cloud deployment segment is estimated to hold a significant revenue share during the forecast period. The cloud-based PKI system significantly reduces infrastructure investments, resources, and time of individual organizations by eliminating the need for organizations to invest in infrastructure deployment.
PKI service providers help enterprises by controlling the maintenance of all ongoing operations while maintaining the availability and scalability of the service with hassle-free and efficient service.
The large enterprises segment will account for over 50% of the public key infrastructure market share by 2027 due to consistent and reliable services offered by PKI service providers with low operational cost and global reach.
Large enterprises are geographically dispersed and invest heavily in the latest technologies to increase their overall business productivity and efficiency. The expansive demand from established enterprises to eliminate cyber risks and ensure secure data transfer processes is poised to spur the market expansion.
PKI market for retail to show exponential growth
The public key infrastructure market for the retail segment is projected to showcase exponential growth during the forecast period. The internet and smartphone penetration have created a trend for online shopping. In response, the industry is reporting an expansive number of digital payments and financial transactions.
Retailers need authentication and encryption services to secure their transactions and network infrastructure. The enterprise-wide need to process sensitive customer information, including financial data, is slated to foster the demand for PKI solutions and services across the retail sector.
Europe’s public key infrastructure market is expected to reach $1.5 billion by 2027 on account of increasing demand for encryption technologies from enterprises to secure cloud-based attacks on digital enterprise resources.
The presence of several PKI vendors and the growing implementation of PKI solutions to detect and prevent threats at their early stages are set to impel the market value in the region.