DUBLIN--(BUSINESS WIRE)--The "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" report has been added to ResearchAndMarkets.com's offering.
The Global Public Key Infrastructure (PKI) Market Size is Expected to Grow USD 1.7 Billion in 2019 to USD 3.6 Billion By 2024, at a CAGR of 15.1%
The exponential rise in the sophistication of cyber attacks and huge monetary losses due to these attacks will drive the overall PKI market
Various factors such as exponential rise in the sophistication level of cyber attacks and huge monetary losses due to these attacks are expected to drive the market. However, lack of awareness among organizations about the importance of PKI certificates may restrain market growth.
Solution segment to hold a larger market size during the forecast period
The solution segment is expected to hold a larger market size in the PKI market during the forecast period. PKI vendors help enterprises in providing the necessary knowledge, awareness, and risk background to understand threats to their environment and react appropriately. The solution helps enterprises validate the identity of the transactions between the individuals as well as preventing any unauthorized access across organizations networks, servers, and other infrastructure. The solutions also provide the framework for the organizations in managing the keys for public key encryption and validates users based on the certificates issued by the certificate authorities. Hence, organizations are adopting PKI solutions to protect their infrastructure from identity-related cyberattacks.
Among deployment type, cloud deployment segment to grow at a higher CAGR during the forecast period
Under deployment type, PKI market is segmented by cloud and on-premises segments. The cloud deployment type is set to grow at a higher CAGR during the forecast period. 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. Cloud-based systems are comparatively less expensive than on-premises deployment, thus permitting businesses to reduce IT expenses, including hardware and support staff. Owing to these factors, organizations are adopting the cloud-based deployment type for deploying PKI solutions on a large scale.
North America to account for the largest market size, whereas APAC to grow at the highest CAGR
North America is projected to hold the largest market size of the PKI market during the forecast period, owing to the early adoption of the PKI solutions in the region across various verticals, such as telecom and IT, healthcare and life sciences, and Banking, Financial Service, and Insurance (BFSI).
The concentrated presence of a large number of PKI solution and services providers in the US is also expected to drive revenue growth from the region. The APAC market is expected to grow at the highest CAGR during the forecast period, owing to notable adoption of the technology as enterprises across telecom and IT vertical are now adopting cloud-based PKI solutions to manage their IT infrastructure better.
- Increasing Trust on Online Sellers and Customers
- Increasing Instances of Malware and File-Based Attacks
- Stringent Mandatory Regulations and Compliances
- Running Private Certificate Authorities Or Using Self-Signed Certificates
- Growing IoT Trend Across Industry Verticals
- Proliferation of Cloud-Based Services Among Global Organizations
- Lack of Awareness Among Organizations About the Importance of PKI Certificates
- Entrust Datacard
- Nexus Group
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