According to a new market research report “Public Key Infrastructure Market by Component (Solution and Services (Professional and Managed)), Deployment Type, Organization Size, Vertical (BFSI, Telecom and IT, Healthcare and Life Sciences), and Region – Global Forecast to 2024″ published by MarketsandMarkets™, the Public Key Infrastructure Market expected to grow from USD 1.7 billion in 2019 to USD 3.6 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 15.1% during the forecast period.
The major forces driving the PKI market are increasing trust on online sellers and customers, increasing in 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 organizations.
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IT and Telecom sector segment to grow at the highest CAGR during the forecast period
The applications used in the IT and telecom sector are becoming prime targets for the cybercriminals to access sensitive data. The data stored by the industry vertical might be related to a small project or may be of organizations’ importance. In the era of cyber warfare between the IT and telecom organizations, it is very important to maintain data integrity. Therefore, the IT and telecom organizations are increasingly adopting PKI solutions and services.
Managed services to grow at the highest CAGR during the forecast period
An increase in the number of customers demanding for managed services across the globe are expected to result in a higher growth of these services. The professional services segment is further segmented 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.
APAC to grow at the highest CAGR in the market during the forecast period
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. 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 cybersecurity 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.
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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 in the PKI are Gemalto (Netherlands), Nexus Group (Sweden), Verisign (US), Entrust Datacard (US), DigiCert (US), Futurex (US), Comodo (US), GlobalSign (UK), WISeKey (Switzerland), SSL.com (US), ACTALIS (Italy), HARICA (Greece), Securemetric (Malaysia), ENIGMA (Poland), and eMudhra (India).
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