Dublin, Oct. 12, 2021 (GLOBE NEWSWIRE) -- The "Public Key Infrastructure (PKI) Market - Global Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The global PKI market size is projected to grow from USD 3.9 billion in 2021 to USD 9.8 billion by 2026, at a CAGR of 20.2%
The major driving factors contributing to the high growth rate of the PKI market include an increasing adoption rate of PKI solutions and services, the increasing trust on online sellers and customers, increasing instances of malware and file-based attacks, rising concerns pertaining to loss of critical data, surge in the adoption of IoT and cloud trends, and stringent mandatory regulations and compliances.
By component, the services segment to register the highest growth rate during the forecast period
The services segment includes various services that are required to deploy, execute, and maintain the PKI in an organization. The PKI market based on services is further classified into professional services and managed services. The services in the PKI market become critical as they provide support for the proper functioning of software solutions.
Various vendors in the market are focusing on delivering specialized services to help organizations with the smooth running of business processes. Professional services comprise training and consulting, and deployment and integration. On the other hand, managed services include support, maintenance, and infrastructure management.
The demand for services in the PKI market is expected to be growing in the coming years to support business objectives. The increasing need for planning, designing, and consulting of PKI solutions to fuel the demand for professional services.
By deployment mode, the cloud segment to register the highest growth rate during the forecast period
In cloud deployment type, instead of implementing the software solution on the local server, businesses subscribe to the PKI solutions hosted on a third-party, remotely located server. Cloud has become a new paradigm for deploying PKI solutions.
The deployment of cloud-based PKI solutions is done through the internet, where software, infrastructure, platforms, devices, and other resources are provided as services on a pay-per-use basis by consumers. An external PKI vendor provides software, hardware, backup, disaster recovery, and other infrastructure to the organizations who pay for their solutions and services, which would otherwise become a burden for owners of on-premises PKI solutions.
The cloud-based deployment mode is gaining momentum in the use cases such as digital signature due to the low-cost installation of cloud services, widespread availability of cloud services such as SaaS and IaaS models and need for effective security controls in cloud.
Asia Pacific to register the highest growth rate during the forecast period
Asia Pacific (APAC) has witnessed an advanced and dynamic adoption of new technologies and is expected to record the highest CAGR in the global PKI market during the forecast period. The PKI market in APAC is projected to grow at the highest CAGR during the forecast period.
APAC countries are increasingly investing in PKI projects. The region comprises emerging economies, such as China, Japan, and India. With the proliferation of advanced technologies in the APAC region, security and fraud concerns have risen.
APAC is expected to invest more in security due to the increasing threat of spear phishing, malware, ransomware, and BEC attacks. Enterprises in the APAC region are embracing PKI technologies. APAC experiences considerable security spending, owing to the ever-growing threat landscape of the region. APAC is expected to invest more in security, owing to the increasing threat of identity and access breaches.
These countries are home to a large number of SMEs, which account for the employment of more than 70% of the population. The requirement of high investments acts as a barrier for SMEs to adopt major PKI projects on their premises; however, factors such as increasing internet usage, compliance regulation, and adoption of smartphones are the major factors fueling the adoption of PKI solutions.
With the proliferation of AI, IoT, and big data in APAC, security and fraud concerns have risen. Enterprises in this region are deploying PKI solutions to protect their critical information from hackers and also to comply with the changing government regulations related to cybersecurity.
The Increasing Instances of Malware and File-Based Attacks and Stringent Regulatory Norms to Drive the Growth of the PKI Market
Solutions Segment to Hold the Largest Share During the Forecast Period
Professional Segment to Hold a Larger Market Size During the Forecast Period
On-Premises Segment to Hold a Larger Market Size During the Forecast Period
Large Enterprises Segment to Hold a Larger Market Size During the Forecast Period
Banking, Financial Services, and Insurance Segment to Hold the Largest Market Size During the Forecast Period
Asia-Pacific to Emerge as the Best Market for Investments in the Next Six Years
Stringent Regulatory Standards and Data Privacy Compliances
Rise in Concerns Pertaining to Loss of Critical Data
Increase in Penetration of Online Channels
Rise in Instances of Malware and File-Based Attacks
Technical Complexities and Lack of Tools for the Implementation of Pki
Running Private Certificate Authorities or Using Self-Signed Certificates
Exponential Increase in the Adoption of the IoT Trend Across Industry Verticals
Proliferation of Cloud-Based and Virtualization Technologies
Lack of Awareness Among Organizations About the Importance of Pki Certificates
Limited Expertise and Resources for the Deployment of Pki
Intensely Entrenched Traditional Business Practices
Increase in Patent Applications in Digital Technologies by Country
Digital Growth is Fueling the Patent Growth of Cryptography and Security Technologies
Supply Chain Analysis
Security Solution and Service Providers
Sales and Distribution Channels
General Data Protection Regulation
Health Insurance Portability and Accountability Act
Federal Information Security Management Act
Payment Card Industry Data Security Standard
Federal Information Processing Standards
Amazon Web Services
Blue Ridge Networks
Enigma Information Security Systems
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