The public key infrastructure (PKI) market was valued at approximately US$ 3,268.10 million in 2022 and is projected to grow to around US$ 11,553.84 million by 2030, reflecting a compound annual growth rate (CAGR) of 17.1% during the period from 2022 to 2030.
The surge in the use of digital certificates has led to a significant increase in the adoption of PKI across various sectors. Digital certificate authentication enables organizations to verify that only authorized devices and users connect to their networks. These certificates are extensively utilized in SSL certificates for public-facing websites and services, as well as in VPNs and private networks, public cloud applications, email security, device authentication, enterprise user verification, document signing, private cloud applications, and code signing, among other uses.
In recent years, the growing prevalence of cloud applications, particularly in the Internet of Things (IoT) sector, alongside the rising demand for digital certificates, has significantly boosted the global PKI market. Furthermore, cloud-based PKI solutions provide numerous advantages, such as enhanced security, reduced total cost of ownership (TCO), and simplified certificate management, all of which contribute to the expansion of the public key infrastructure market. Additionally, PKI is anticipated to remain crucial in mobile device sales, ensuring device identity, authentication, and trust establishment. As more organizations implement certificates for secure mobile connections to Wi-Fi and VPN networks, the demand for PKI solutions is expected to rise, facilitating the secure transmission of diverse data types. Consequently, the increasing utilization of digital certificates across various applications is likely to drive the growth of the public key infrastructure market in the foreseeable future.
The rise in cyberattacks has prompted the US government to invest in technologies and solutions aimed at enhancing security, thereby stimulating the growth of the public key infrastructure market in the country. In June 2022, the US government announced new spending bills for the fiscal year 2023, which included a significant allocation of US$ 15.6 billion for cybersecurity, a notable increase from the US$ 8.64 billion allocated in 2021. In 2021, over 285 pieces of cybersecurity-related legislation were introduced during state legislative sessions, and this number increased to 300 in 2022. Additionally, the US President introduced the Infrastructure Investment and Jobs Act in 2021, which allocated US$ 1 billion in grants to enhance cybersecurity at local, state, tribal, and territorial levels, with distribution planned over four years until 2025. Such government initiatives to bolster cybersecurity are driving the adoption of various measures that further support the expansion of the public key infrastructure market in the US.
Germany is another country that has consistently embraced and invested in advanced technologies, resulting in a significant increase in the deployment of IoT solutions. The transition towards Industry 4.0 has further accelerated digitization across various sectors in the country. However, this rise in IoT deployment and digitization has also led to an increase in cyberattacks. According to the AAG, in 2022, 72.6% of organizations in Germany experienced at least one cyberattack. In response, government authorities have heightened their vigilance against cyber threats, leading to increased investments in cybersecurity, which in turn is propelling the growth of the public key infrastructure market in Germany.
Public key infrastructure has become essential for safeguarding networks, data, and critical business systems. Sectors such as online banking, e-commerce, and cloud computing rely heavily on digital certificates to establish the digital identity of users. The UK government is actively focused on implementing PKI technology to secure IT systems. According to IT Governance UK, in 2022, there were 1,063 reported security incidents, resulting in the exposure of 480,014,323 records. The rise in data breaches has prompted UK organizations to increase their IT security expenditures. As a result, various industries in the UK are increasingly adopting PKI solutions and services, contributing to the growth of the public key infrastructure market in the region.
Key players in the public key infrastructure market include DigiCert Inc, eMudhra Limited, Enigma Systemy Ochrony, Entrust Corporation, Fortinet Inc, FutureX, GlobalSign, Sectigo Ltd, Securemetric Bhd, and Thales SA. The report also examines several other significant players in the public key infrastructure market to provide a comprehensive overview of the market and its ecosystem. The insights provided in the public key infrastructure market report are valuable for key players as they strategize for future growth.