Proliferation in cloud services drives PKI market

Northbrook, Il (USA)

The latest report on the Public Key Infrastructure market PKI with forecasts to 2024 shows that this market is expected to grow from USD 1.7 billion in 2019 to USD 3.6 billion by 2024, at a CAGR of 15.1% during the forecast period.  Analysts, Marketsandmarkets, suggest that the major forces driving the PKI market are increasing trust in online sellers and customers, increasing malware and file-based attacks, and growing stringent regulations and compliances. The PKI market is growing rapidly, because of the proliferation of cloud-based services among global organisations.

The applications used in the IT and telecom sector are becoming prime targets for cyber criminals to access sensitive data. The data stored by the industry vertical might be related to a small project or may be of large organisational importance. In the era of cyber warfare between the IT and telecom organisations, it is very important to maintain data integrity. Therefore, the IT and telecom organisations are increasingly adopting PKI solutions and services.

An increase in the number of customers demanding managed services across the globe are expected to result in a higher growth of these services.. Within the report, the professional services segment is broken down further into consulting services, training and education, and support and maintenance. The managed services segment is expected to grow at a higher CAGR, due to the growing need for emergency response management services.

The primary forces driving the APAC market growth are increasing technology adoption, huge opportunities across government and public sector, and the increase in the number of startups in APAC countries, especially India. As a result, the researchers predict that, in terms of geography, the APAC region will show the highest rate of growth. In recent years, the APAC region has witnessed tremendous economic growth, political transformations, and social changes. The region has a large number of established small and medium-sized enterprises (SMEs), which are growing at an exponential rate to cater to their broad customer base. Due to the increasing sophistication levels of threats, China, India, and Japan have all updated or introduced new national cyber security policies. Although, initially the APAC region was outsourcing its network infrastructure security as it was not in a position to handle complex and multiple cyber threats, the scenario is changing gradually due to the emergence of a wide range of security players, high penetration of cloud-based services, and increased cloud security offerings by vendors in the region.

The report details various growth strategies, such as mergers and acquisitions, partnerships and collaborations, business expansions, and product developments, adopted by the major players to increase their market share. Some of the major technology vendors mentioned in the report as being active in the PKI market are Gemalto, Nexus, Verisign, Entrust Datacard, Digicert, Futurex, Comodo, Globalsign, Wisekey, SSL, Actalis, Harica, Securemetric, Enigma, and Emudhra.


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