Public Key Infrastructure Global Market Report 2024

The global public key infrastructure market has grown exponentially in recent years. It will grow from $3.85 billion in 2023 to $4.69 billion in 2024 at a compound annual growth rate (CAGR) of 21.8%. The growth witnessed during the historical period can be primarily attributed to several key factors. These include heightened security concerns prompting investments in protective measures, adherence to stringent regulatory compliance requirements, widespread digital transformation initiatives across industries, the significant expansion of e-commerce, and the growing interconnectedness facilitated by technological advancements. Each of these factors played a pivotal role in driving growth within relevant sectors during this period.

The global public key infrastructure market is expected to see exponential growth in the next few years. It will grow to $9.74 billion in 2028 at a compound annual growth rate (CAGR) of 20.1%. Anticipated growth in the forecast period stems from various factors, notably the proliferation of the Internet of Things (IoT), integration of blockchain technology, adoption of quantum-safe cryptography, accelerated digitalization initiatives, and an intensified focus on user privacy. These elements collectively contribute to the projected expansion within the relevant sectors during this forecasted period.

The surge in cyber fraud incidents serves as a catalyst propelling the demand for the Public Key Infrastructure (PKI) market. These fraudulent activities involve intentional manipulation of individuals' online-stored personal and financial data. PKI stands as a robust cybersecurity infrastructure employing Hardware Security Modules (HSMs), Root CA (Certification Authority), and public key cryptographic keys to encrypt data and shield against cyber threats. For instance, the Internet Crime Report 2021 by the FBI reported a 7% increase in cybercrime complaints in the USA, with instances of personal data breaches and phishing scams, accounting for 51,829 and 323,972 respectively, amounting to potential losses of $6.9 billion. The rising instances of cyber fraud incidents are expected to drive the growth trajectory of the PKI market.

The burgeoning availability and widespread usage of mobile devices are anticipated to fuel the expansion of the Public Key Infrastructure market. Mobile devices, catering to wireless communication and on-the-go usage, handle sensitive data like personal messages, emails, and financial transactions. PKI serves as a secure framework, encrypting and decrypting data to maintain communication confidentiality and security. Global estimates show a significant rise in smartphone users, with approximately 6.6 billion users worldwide in 2022 and an expected 294.15 million users in the United States alone. With nearly 85% of American adults using smartphones, the increased accessibility and widespread adoption of mobile devices are projected to drive the demand for PKI solutions.

Technological advancements stand as a prominent trend shaping the Public Key Infrastructure market. Major players within this sector focus extensively on technological innovation to fortify their market presence. for instance, Keyfactor, launched the Certificate Lifecycle Automation as-a-Service (CLAaaS) Platform in August 2021. This cloud-native solution streamlines certificate administration in complex hybrid and multi-cloud systems, catering to rigorous regulatory and policy requirements. The platform offers turnkey deployment, automating hybrid and scalable PKI systems while minimizing friction, emphasizing the growing emphasis on sophisticated automation and adaptability within PKI solutions.

Significant companies operating in the PKI domain concentrate on technological advancements, such as PKI as a Service, to fortify their market foothold. This service model, exemplified by Entrust in April 2021, offers a cloud-based solution empowering organizations with the infrastructure to implement and manage PKI systems without building and maintaining their infrastructure. Entrust's PKIaaS provides swift deployment, scalable solutions, and cloud compatibility, streamlining cloud migration and offering secure, pre-built solutions. With a strong focus on enhancing security landscapes for cloud-centric organizations, this approach showcases the evolving landscape of PKI solutions, emphasizing scalability and operational simplification through cloud-centric services.

In January 2021, Entrust Corp, a US-based company engaged in software development acquired HyTrust Inc for an undisclosed amount. With this acquisition, Entrust's digital security solutions now include a crucial management layer for encryption, cryptographic keys, and cloud security policies, supporting the data protection and compliance requirements of businesses advancing their digital transformations. HyTrust Inc is a US-based company that offers cutting-edge cloud security posture monitoring, virtualized and multi-cloud data encryption, and key management technologies.

Major companies operating in the public key infrastructure market report are EcoWater Systems LLC, Kinetico Incorporated, Hydroflux Pty Ltd., Envicare Technologies Pvt. Ltd., Wychwood Water Systems Ltd., Harvey Water Softeners Ltd., Pelican Water Systems, BWT AG, Marlo Incorporated, Monarch Water Ltd., Watts Water Technologies Inc., Feedwater Limited, Qingdao Haier Co. Ltd., Dwater Limited, Culligan International Company, Water-Right Inc., Canature Environmental Products Co. Ltd., A.O. Smith Corporation, 3M Company, General Electric Company, Whirlpool Corporation, COWAY Co. Ltd., LG Electronics Inc., Panasonic Corporation, Samsung Electronics Co. Ltd., Unilever N.V., Procter & Gamble Co., Kao Corporation, Colgate-Palmolive Company, Church & Dwight Co. Inc., Henkel AG & Co. KGaA, Reckitt Benckiser Group PLC, Clorox Company, Ecolab Inc., Dow Chemical Company, BASF SE, Solvay SA, Akzo Nobel N.V.

North America was the largest region in the public key infrastructure market share in 2023. The regions covered in the public key infrastructure market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the public key infrastructure market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Within the structure of Public Key Infrastructure, the primary components encompass hardware modules, solutions, and services. These hardware modules serve as secure network computers, operating either virtually or in the cloud, specifically designed to house the cryptographic operations essential for PKI security. Their primary function lies in safeguarding cryptographic keys, offering deployment modes such as cloud-based or on-premise solutions. These deployment options cater to diverse organizational needs, serving large enterprises, small and medium enterprises (SMEs), and various industries including banking, financial services, insurance, government, defense, IT, telecom, retail, healthcare, manufacturing, and other verticals.

This report provides public key infrastructure market statistics, including public key infrastructure industry global market size, regional shares, competitors with public key infrastructure market share, detailed public key infrastructure market segments, market trends, and opportunities, and any further data you may need to thrive in the public key infrastructure industry. This public key infrastructure market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The public key infrastructure market consists of revenues earned by entities by providing public key, private key, certificate authority, certificate store, and certificate revocation list services. The market value includes the value of related goods sold by the service provider or included within the service offering. The public key infrastructure market also includes sales of public key infrastructure hardware components required to create, manage, distribute, use, store, and revoke digital certificates and public-keys. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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