PKI market value could more than double by 2028

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The PKI market is being propelled by a convergence of factors in today's digitally connected world. The escalating volume and complexity of cyber attacks have made robust security a paramount concern for organisations, prompting increased demand for PKI's encryption, authentication, and digital signature capabilities.  And, according to the latest research from Marketsandmarkets, the global public key infrastructure market is estimated to be worth USD 5.5 billion in 2023 and is projected to reach USD 13.8 billion by 2028, at a CAGR of 20.2% during the forecast period.

Regulatory compliance requirements, such as GDPR and HIPAA, mandate secure data handling and encryption, compelling organisations to adopt PKI solutions. The rise of digital transformation initiatives, remote work, and the Internet of Things further fuel the need for PKI to safeguard digital interactions, protect sensitive data, and establish trust in online transactions. As the digital landscape continues to expand and evolve, PKI remains the linchpin for ensuring cyber security, making it a pivotal driver in the cyber security market.

Managed PKI services play a vital role

The analysts suggest that it is the services segment of the PKI market that is poised to register the highest growth rate during the forecast period, underlining the critical role of expert services in enabling organisations to harness the full potential of PKI solutions. Implementing and managing PKI can be complex, involving intricate cryptographic processes and security considerations. As cyber security threats evolve, organisations recognise the need for specialised expertise in securing digital identities and data. PKI service providers offer invaluable support, consultation, and implementation services to ensure a seamless and secure PKI deployment. Their role extends to customising PKI solutions to align with the unique infrastructure of each organisation, integrating PKI seamlessly into existing systems, and providing managed PKI services to streamline certificate management. Furthermore, PKI service providers play a vital role in ensuring compliance with stringent regulatory standards and industry best practices. Their training and support services empower organisations to maximize the benefits of PKI while maintaining the highest levels of security.

Healthcare emerges as strongest vertical

The healthcare sector is poised to experience the highest compound annual growth rate within the PKI market during the forecast period, signaling a significant shift towards robust security and digital trust solutions. Several key factors contribute to this remarkable growth trajectory. The healthcare sector deals with highly sensitive patient data, making data security and patient privacy paramount concerns. PKI's encryption and authentication capabilities provide a robust framework for safeguarding electronic health records, ensuring the integrity of medical data, and enabling secure sharing of patient information among healthcare providers. The COVID-19 pandemic has accelerated the adoption of telemedicine and remote healthcare services. The need for secure and trusted digital identities and communications has surged as the healthcare industry increasingly relies on digital platforms for remote consultations, diagnosis, and patient monitoring. PKI plays a pivotal role in enabling secure telehealth services, ensuring that patient data remains confidential and unaltered during remote interactions.

North America holds largest share

The research shows North America to hold the largest market share during the forecast period in the PKI market, underscoring the region's strong emphasis on cybersecurity, digital innovation, and regulatory compliance. North America is home to many enterprises, financial institutions, healthcare organisations, and government agencies, all of which rely heavily on robust cyber security solutions like PKI to protect sensitive data and ensure secure online transactions. The region's recognition of PKI as a fundamental element of cyber security strategy drives its substantial market share. The United States, in particular, has a highly developed cybersecurity ecosystem, with numerous cybersecurity companies, research institutions, and government initiatives focused on enhancing digital security. This environment fosters innovation and adoption of advanced PKI solutions to address emerging threats.

Market players

The major players in the public key infrastructure market and mentioned in the report by Marketsandmarkest are Thales, Entrust Datacard, Digicert, Manageengine, Microsoft. HID Global, Google, AWS, Appviewx, Venafi, Nexus, Sectigo, Futurex, Globalsign, Wisekey, Cygnacom, Keyfactor, Secardeo, Blue Ridge Networks, Softlock,, Lawtrust, Securemetric, Stormshield, and Enigma Information Systems.  


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