Revenues in the Public Key Infrastructure (PKI) Market are anticipated to reach US$ 3.9 billion in 2021 and to grow at a CAGR of 18.3% from 2022 to 2032, according to a recently published Future Market Insights study. By the end of 2032, the market is expected to be worth $25.1 billion.
The importance of PKI deployment for safeguarding businesses in the banking and financial services sector cannot be overstated. Banking fraud attempts increased by nearly 160 percent between the final three months of 2020 and the first three months of 2021 as hackers attempted to disguise their attacks as legitimate internet activity. Thus, there is a greater need for the security offered by strengthened PKI. To lessen data leaks, outages, and compliance violations, PKI must be installed properly. In the insurance and financial services industries, identity verification is crucial. Verifying digital identities is essential for increasing customer trust and ensuring the security of transactions.
The rapid advancement of new technology, user behavior, and digitalization, on the other hand, is fundamentally changing how banks interact with their customers and employees. This will always encourage changes to the duties involved in identity management. As a result, the part financial institutions like banks play in the supply chain of identities is constantly being examined.
The need for traditional banking centers has been replaced by mobile banking apps, which have elevated banking to new heights. Without going to a branch, anyone with a smartphone and an internet connection can quickly check account balances, transfer money, and make payments. One can easily imagine banking becoming simple in the not-too-distant future thanks to the Internet of Things (IoT) and voice-enabled features. Real-world applications of this technology have already entered our homes with voice-friendly televisions, cars, and other devices.
Key Takeaways from the Market Study
- The Global Public Key Infrastructure (PKI) Market is expected to reach a market size of US$ 4.7 Bn by 2022.
- The Hardware Security Modules (HSM) segment, is expected to have the highest CAGR rate of 18.7% during the forecast period.
- United States to remain the most dominant market with an absolute dollar growth opportunity of US$ 7.3 Bn during 2022 – 2032.
- The market in China is set to experience the highest CAGR of 18.1% during the 2022-2032 forecast period.
Competitive Landscape
The market is fiercely competitive, where key players are increasingly focused to obtain a competitive advantage. The key companies in the Public Key Infrastructure (PKI) Market are focused on R&D to produce innovative technological solutions.
- In February 2022, Thales extended its partnership with Google Cloud to enhance public confidence in the cloud. A stronger link enables organizations to use very sensitive data in the Google Cloud Platform with confidence (GCP). Ubiquitous Data Encryption is enabled, which is a technology that integrates Google Cloud’s Confidential Computing with Thales’ CipherTrust Cloud Key Manager. Using the Thales CipherTrust Data Security Gateway, consumers may produce and control encryption keys for data transferred to Google Confidential Cloud Computing.
- In November 2021, PrimeKey collaborated with the Microsoft Intelligent Security Association to combine their solutions to protect against a growing number of cyber threats. Enterprise Java Beans Certificate Authority, a customized corporate PKI and certificate management system, that interfaces with Microsoft Intune as a part of Microsoft Endpoint Manager.
More Insights Available
Future Market Insights, in its new offering, presents an unbiased analysis of the Public Key Infrastructure (PKI) Market, presenting historical market data (2015-2021) and forecast statistics for the period of 2022-2032.
The study reveals extensive growth in the Public Key Infrastructure (PKI) Market in terms of Component (Hardware Security Modules (HSM), Solutions, and Services), By Deployment Mode (Cloud Based, On-Premises), By Organization Size (Small and Medium Enterprises, Large Enterprises), By Vertical (BFSI, Government and Defence, IT and Telecom, Retail, Healthcare, Manufacturing, Others) across five regions (North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa).