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. 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.
The rising popularity of cloud-based solutions and changing IT infrastructure are the significant factors that are driving the growth of the global public key infrastructure market. The global public key infrastructure market was pegged at $1.40 billion in 2020 and is expected to reach $14.49 billion by 2030, growing at a CAGR of 26.5% from 2021 to 2030.
Key industry players – Thales, Entrust Datacard, Digicert, Manageengine, Microsoft, Hid Global, Google, Amazon Web Services, Appviewx, and Venafi
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.
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.
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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.
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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