PKI market to more than double to $9.8b by 2026

Northbrook, Il (USA)

The Public Key Infrastructure (PKI) market with a global forecast to 2026 recently published by Marketsandmarkets, aniticipates that the global PKI market size could grow from USD 3.9 billion in 2021 to USD 9.8 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 20.2% during the forecast period. The major driving factors cited by the analysts as contributing to the high growth rate, include an increasing adoption rate of PKI solutions and services, the increasing trust on online sellers and customers, increasing instances of malware and file-based attacks, rising concerns pertaining to loss of critical data, surge in the adoption of IoT and cloud trends, and stringent mandatory regulations and compliances.

The services segment includes various services that are required to deploy, execute, and maintain the PKI in an organisation. The PKI market based on services is further classified into professional services and managed services. The services in the PKI market become critical as they provide support for the proper functioning of software solutions.

Various vendors in the market are focusing on delivering specialised services to help organisations with the smooth running of business processes. Professional services comprise training and consulting, and deployment and integration. On the other hand, managed services include support, maintenance, and infrastructure management. The demand for services in the PKI market is expected to grow in the coming years to support business objectives. The increasing need for planning, designing, and consulting of PKI solutions to fuel the demand for professional services.

Healthcare vertical set for strong growth

The healthcare industry comprises a global infrastructure that deals with continuous health-related data exchange. There has been an increase in the number of cyber attacks, such as ransomware and misinformation campaigns on healthcare organisations with electronic protected health information (ePHI), personally identifiable information (PII), and electronic health records (EHR) with the Covid-19 outbreak. And according to the research, email phishing attacks have spiked due to Covid-19, more so, across the healthcare sector.

PKI as a Service gains momentum

Healthcare organisations face several challenges, such as maintaining the privacy of Electronic Health Records (EHRs) and meeting various compliances, set by HIPAA, which has helped the IT departments of the healthcare sector to upgrade and put manage security policies and procedures to PHI. With the adoption of technologies such as BYOD and centralised patient information, the vertical has become highly susceptible to cyber attacks. The need to secure data retrieving process from clinical databases is expected to increase the deployment of PKI solutions. Nowadays, PKI as a Service gaining momentum in healthcare industry as it is reliable and cost-efficient solution.

North America expected to lead the way

North America has several prominent market players delivering PKI solutions to all end-users in the region. The US and Canada both have strong economic conditions and are expected to be major contributors to the PKI markets growth. The geographical presence, significant Research and Development (R&D) activities, partnerships, and acquisitions and mergers are the major factors for deploying PKI and services.

Market players

Key and innovative vendors in the PKI market included in the report and mentioned by the researchers include companies such as Thales, Entrust Datacard, DigiCert, Manageengine, Microsoft, HID Global, Google, AWS, Appviewx, venafi, Nexus, Sectigo, Futurex, Globasign, Wisekey, Cygnacom, Keyfactor, Secardeo, Blue Ridge Networks, Softlock, SSL,  Lawtrust, Securemetric, Stormshield, and Enigma Information Security Systems.


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