Public Key Infrastructure (pki) Market, By Certificate Type (TLS/SSL certificates, Code signing certificates, Email signing & encryption certificates, and Others), By Component (Hardware Security Modules (HSM), Solutions, and Services), By Application (Web Browsing Security, Email Security, Secure Communication, and Authentication), By Industry Vertical (BFSI, IT & Telecom, Government & Defense, Healthcare, and Others), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2034

Public Key Infrastructure (pki) Market was valued at US$ 5.2 billion in 2024 and is projected to grow at a CAGR of 22.0% to reach US$ 31.7 billion by 2034.

Public key infrastructure (PKI) refers to the hardware, software, rules, processes, and procedures needed to produce, manage, distribute, utilize, store, and revoke digital certificates and public keys. PKIs are the basis for the widespread use of technologies like encryption and digital signatures among big user bases. For e-commerce and the expanding Internet of Things (IoT), PKIs provide the components needed for a reliable and safe business environment.

PKIs facilitate regulated access to systems and resources, data security, and transaction accountability by assisting in the identity establishment of individuals, devices, and services. As business models evolve and become more dependent on electronic contact, necessitating online authentication and compliance with stricter data security rules, next-generation business applications become more dependent on PKI technology to ensure high assurance. Growing cyber threats drive public key infrastructure growth, a growing need for robust digital security, and more excellent web and internet interaction during the COVID-19 pandemic. Several firms are swiftly implementing new technologies to improve corporate operations, including cloud storage, workplace mobility, and virtualization.

Alongside cutting-edge technologies like edge computing, AI, and ML, PKI will also continue to change. PKI integration with these technologies will improve digital ecosystem automation, scalability, and security, which will, in turn, drive the market towards substantial growth.

Disclaimer: This data is only a representation. Actual data may vary and will be available in the report.

Public Key Infrastructure (pki) Market Key Drivers:

Wide applications in various sectors

• The role of public critical infrastructure is no longer restricted to isolated systems like secure email, smart cards for physical access, or encrypted web traffic, as evolving business models become more reliant on electronic transactions and digital documents and as more Internet-aware devices are connected to corporate networks.
• It is anticipated that today's PKIs will accommodate more devices, users, and applications inside intricate ecosystems. Furthermore, mainstream OS systems and business applications depend more than ever on an organizational PKI to provide confidence due to tighter industry and governmental data security rules.
• Furthermore, safe authentication and encryption techniques are required due to the rise in online financial transactions. Public Key Infrastructure (PKI) is essential for secure Internet banking communication between clients, institutions, and stakeholders. Furthermore, the industry can expand since PKI for email is used for data protection and secrecy in healthcare, banking, law, and government sectors. The market is increasing due to the use of PKI in each of these industries.

Increased digitalization in the BFSI sector

• The COVID-19 pandemic compelled several industries to adopt digital products and services. Financial institutions and banks are among the most powerful. A large portion of their data and services were moved online. Financial regulatory bodies require finance and insurance companies to comply with the strictest security requirements due to the rapid usage of cloud computing and AI integration.
• Because of this, financial institutions are working more closely with public key infrastructure (PKI) service providers to create a comprehensive security environment that complies with local and international regulatory standards. This will allow the BFSI sector to grow significantly along with the PKI market.

Public Key Infrastructure (pki) Market Restrains:      

Complexities regarding the technology

• The market for public key infrastructure (PKI) is hindered by several factors, including the intricacy and difficulties in implementing PKI solutions. PKI, or public critical infrastructure, is a sophisticated and developing technology that calls for specific education and certification. However, there is a need for more PKI specialists than there is demand, which makes it challenging to deploy and maintain PKI systems. The security and dependability of PKI systems are also in danger due to this gap, as untrained or unqualified staff members may introduce mistakes or vulnerabilities that jeopardize the integrity of cryptographic keys and certificates.

Public Key Infrastructure (pki) Market Opportunities:

• The market is anticipated to grow due to the rising need for secure user authentication and digital certificates. The market is anticipated to grow more rapidly as the secure e-commerce sector develops.
• Furthermore, the market is anticipated to have profitable prospects due to the growing demand for digital signatures and the implementation of biometric authentication. To guarantee the security of user data, the governments of some nations are enacting strict data security laws, which is anticipated to further propel market expansion.
• Additionally, it is anticipated that the PKI industry will see significant growth due to the increasing demand for digital securities like digital currencies. Another element anticipated to fuel the expansion is enterprises' growing emphasis on cloud-based PKI solutions.

Public Key Infrastructure (pki) Market is segmented based on Certificate Type, Component, Application, Industry Vertical, and region:

Certificate Type Insights:

• TLS/SSL certificates:

TLS/SSL certificates often prioritize the security of any data that users want to exchange over a web server. Web admins acquire SSL/TLS certificates for their websites and immediately install them on the server where they host their websites.

• Code signing certificates:

Code signing certificates are mostly used to secure downloadable files and software. Owing to this feature, companies that utilize software to receive and send massive amounts of data, including publishing and software development, frequently find these certificates useful.

• Email signing & encryption certificates:

Email certificates enable digital signature and encryption of emails, proving the sender's identity and that the message hasn't been tampered with. The email content can only be decrypted and viewed by the designated recipient. PKI certificates lessen the possibility of spoofing attacks, which are frequently used to spread harmful information and malware.

• Others:

PKI certificates validate the identification, dependability, and integrity of both parties participating in a transaction or exchange. Other certificates include verified mark certificates, EU-certified certificates, PSD2 certificates, and document signing certificates.

Among the segments mentioned above, the one that dominated the market is TLS/SSL certificates. They have wide applications in various sectors and create a foundation for securely browsing the web. Many major search engines prioritize websites that have TLS/SSL certificates as they provide better search visibility.

Component Insights:

• Hardware Security Modules (HSM):

The hardened, tamper-resistant hardware components known as hardware security modules (HSMs) safeguard cryptographic operations by producing, storing, and maintaining keys needed to encrypt and decode data and create digital signatures and certificates.

• Solutions:

Solutions offered by the PKI systems include management of PKI lifecycles like issuance, renewal, and revocation of the certificate. PKI also provides the users with certificate authentication and gives certificate holders access to encryption and decryption advantages.

• Services:

Services offered by PKI systems providers or managed service providers include implementing PKI service, consulting, and reviewing ongoing management.

Among the segments mentioned above, the one that dominated the market is the Hardware Security Modules (HSM) segment, which is important for preserving public key infrastructure (PKI) by safeguarding encryption keys and guaranteeing the integrity and confidentiality of digital transactions. Organizations worldwide rely on HSMs because of their dependability and track record of successfully protecting cryptographic keys. As a result of this confidence in HSMs, PKI solutions are being adopted more often by enterprises looking for trustworthy security measures to safeguard their communications and digital assets.

Application Insights:

• Web Browsing Security:

For web browsing security, PKI can be used with digital certificates during the SSL handshake phase to confirm the communicating parties' identities.

• Email Security:

PKI can meet the criteria for non-repudiation, secrecy, integrity, and email authentication. Secure/Multipurpose Internet Mail Extensions (S/MIME), which is based on Public Key Infrastructure (PKI) and enables the transport of encrypted emails with signatures, is a popular secure email protocol.

• Secure Communication:

VPNs may be used to conduct secure communication. Built on top of the public communication infrastructure, a VPN is a private network for data communication. PKI-based encryption and digital signature technologies can be combined with network layer security protocols (like IPsec) in a VPN to ensure secrecy.

• Authentication:

PKI allows the authentication of the user and the device to enable safe and secure access to resources and applications that are present online.

Among the segments mentioned above, the one that dominates the market is web browsing security, as it fuels users' universal and fundamental needs. Many significant industries have digitalized themselves, which has prone users to cybersecurity threats. Therefore, web browsing security is mandatory for all.  

Industry Vertical Insights:

• BFSI:

The BFSI sector has high requirements for secure communication and data security. Authentication of users, safe online transactions, and protection of sensitive data, including financial, transactional, and customer data, are just a few of the uses of public critical infrastructure that are common in the BFSI industry.

• IT & Telecom:

PKI is used in the telecom and IT industries for data encryption, secure communication, and authentication. Telecom service providers utilize it for secure data exchange, customer service acceleration, and access authorization and authentication.

• Government & Defense:

The government and defense sector was one of the first industries to use Public Key Infrastructure. Its main applications include document digital signature verification, process digitalization, identity authentication for public servants and people, and IT policy regulation.

• Healthcare:

The healthcare and life sciences industries use PKI to safeguard confidential patient information, promote data system interoperability, and guarantee that only authorized persons can access the information.

• Others:

PKI is applied in a wide range of other domains. It is utilized in the legal services sector to validate papers, in the automobile industry for secure remote keyless entry, in the educational sector to authenticate student records, and in the aerospace sector to encrypt satellite data.

Among the segments mentioned above, the one that dominates the market is the BFSI segment since PKI is extensively utilized in this industry for secure online transactions, user authentication, and the protection of sensitive data, including financial information, transactional data, and customer data. PKI offers a safe method of data transmission over the internet and a defense against identity theft, hacking, and phishing scams.

Regional Insights:

Public Key Infrastructure (pki) Market Regional Insights

• North American market is estimated to witness a significantly high revenue share over the forecast period because of the expansion of major IT hubs, stringent regulatory policies, and the presence of significant sectors like IT, defense, BFSI, and government. 
• Asia Pacific market is estimated to witness largest revenue share because of the rapidly increasing digitization, growing technological infrastructure, and the rise in e-commerce platforms and digital payments systems.
• Europe's market finds lucrative market opportunities because of rising cyber threats, increasing digitization, and the requirements for compliance with regulations such as GDPR and eIDAS.
• The Latin American market is gradually increasing due to the growing awareness of threats related to cybersecurity and initiatives taken by the government to boost R&D in this region.
• The The Middle East and African market is an emerging market due to the rising need for encrypting data in important administrative sectors, increasing digitalization, and rising e-commerce platforms in the region.

Report Scope:

Attribute	Details
Market Size 2024	US$ 5.2 billion
Projected Market Size 2034	US$ 31.7 billion
CAGR Growth Rate	22.0%
Base year for estimation	2023
Forecast period	2024 – 2034
Market representation	Revenue in USD Billion & CAGR from 2024 to 2034
Market Segmentation	By Certificate Type - TLS/SSL certificates, Code signing certificates, Email signing & encryption certificates, and Others. By Component - Hardware Security Modules (HSM), Solutions, and Services. By Application - Web Browsing Security, Email Security, Secure Communication, and Authentication. By Industry Vertical - BFSI, IT & Telecom, Government & Defense, Healthcare, and Others.
Regional scope	North America - U.S., Canada Europe - UK, Germany, Spain, France, Italy, Russia, Rest of Europe Asia Pacific - Japan, India, China, South Korea, Australia, Rest of Asia-Pacific Latin America - Brazil, Mexico, Argentina, Rest of Latin America Middle East & Africa - South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa
Report coverage	Revenue forecast, company share, competitive landscape, growth factors, and trends

Segments Covered in the Report:

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2024 to 2034. For the purpose of this study, has segmented the Public Key Infrastructure (pki) Market report based on Certificate Type, Component, Application, Industry Vertical and region:

Public Key Infrastructure (pki) Market, By Certificate Type:

• TLS/SSL certificates
• Code signing certificates
• Email signing & encryption certificates
• Others

Public Key Infrastructure (pki) Market, By Component:

• Hardware Security Modules (HSM)
• Solutions
• Services

Public Key Infrastructure (pki) Market, By Application:

• Web Browsing Security
• Email Security
• Secure Communication
• Authentication

Public Key Infrastructure (pki) Market, By Industry Vertical:

• BFSI
• IT & Telecom
• Government & Defense
• Healthcare
• Others

Public Key Infrastructure (pki) Market, By Region:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Russia
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • Israel
  • South Africa
  • Rest of Middle East & Africa

The key players operating the Public Key Infrastructure (pki) Market include, Thales, Microsoft Corporation, DigiCert, GlobalSign, Nexus Group, Securemetric, Symantec, Entrust Datacard, WISeKey, and Keyfactor.

Disclaimer: This data is only a representation. Actual data may vary and will be available in the report.

• In December 2023, SK Telecom, a leading Korean mobile provider, and Thales teamed up to implement Post-Quantum Cryptography (PQC) on 5G networks in an effort to improve user privacy and identity protection. The system, based on a 5G standalone network and 5G SIM, attempts to safeguard user privacy against potential quantum attacks by securely encrypting and decrypting subscriber identification. This accomplishment is already vital since it shields subscribers from possible "record now, decrypt later" attacks.
• In November 2023, Microsoft revealed that starting in February 2024, the Cloud PKI would be available in the Microsoft Intune Suite. The platforms that Cloud PKI can issue certificates for include Windows, iOS, macOS, and Android. The end-to-end approach eliminates the need for extra infrastructure components by offering a SaaS-based certificate registration authority. This removes the complexity and expense of typical on-premises services like Network Device Enrollment Service (NDES) and reverse intermediaries.
• In February 2022, Trusted Objects and Nexus announced their collaboration to extend secure digital identification to all Internet of Things devices. This collaboration enables IoT application developers and device vendors to integrate a smooth, safe, and automated certificate management system into their apps and supply chains.

• Thales*
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies
• Microsoft Corporation
• DigiCert
• GlobalSign
• Nexus Group
• Securemetric
• Symantec
• Entrust Datacard
• WISeKey
• Keyfactor

"*" marked represents similar segmentation in other categories in the respective section.

Research Objective and Assumption

• Preface
• Research Objectives
• Study Scope
• Years Considered for the study
• Assumptions
• Abbreviations

Research Methodology

• Research data
• Primary Data
  • Primary Interviews
  • Primary Breakdown
  • Key data from Primary Sources
  • Key Thickness Insights
• Secondary Data
  • Major Secondary Sources
  • Secondary Sources
• Market Estimation
• Top-Down Approach
  • Approach for estimating Market Share by Top-Down Analysis (Supply Side)
• Bottom-Up Approach
  • Approach for estimating market share by Bottom-up Analysis (Demand Side)
• Market Breakdown and Data Triangulation
• Research Assumptions

Market Preview

• Executive Summary
• Key Findings—Global Outlook for Molecular Biology Enzymes Market, Kits & Reagents Strategies
  • Key Questions this Study Will Answer
  • Market Snippet, By Certificate Type
  • Market Snippet, By Component
  • Market Snippet, By Application
  • Market Snippet, By Industry Vertical
  • Market Snippet, By Region
• Opportunity Map Analysis
• Executive Summary—3 Big Predictions

Market Dynamics, Regulations, and Trends Analysis

• Market Dynamics
  • Drivers
  • Restrains
  • Market Opportunities
  • Market Trends
• DR Impact Analysis
• PEST Analysis
• Porter’s Five Forces Analysis
• Opportunity Orbit
• Market Investment Feasibility Index
• Macroeconomic Factor Analysis

Market Segmentation, By Certificate Type, Forecast Period up to 10 Years, (US$ Bn)

• Overview
  • Market Value and Forecast (US$ Bn), and Share Analysis (%), Forecast Period up to 10 Years
  • Y-o-Y Growth Analysis (%), Forecast Period up to 10 Years
  • Segment Trends
• TLS/SSL certificates
  • Overview
  • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
• Code signing certificates
  • Overview
  • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
• Email signing & encryption certificates
  • Overview
  • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
• Others
  • Overview
  • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years

Market Segmentation, By Component, Forecast Period up to 10 Years, (US$ Bn)

• Overview
  • Market Value and Forecast (US$ Bn), and Share Analysis (%), Forecast Period up to 10 Years
  • Y-o-Y Growth Analysis (%), Forecast Period up to 10 Years
  • Segment Trends
• Hardware Security Modules (HSM)
  • Overview
  • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
• Solutions
  • Overview
  • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
• Services
  • Overview
  • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years

Market Segmentation, By Application, Forecast Period up to 10 Years, (US$ Bn)

• Overview
  • Market Value and Forecast (US$ Bn), and Share Analysis (%), Forecast Period up to 10 Years
  • Y-o-Y Growth Analysis (%), Forecast Period up to 10 Years
  • Segment Trends
• Web Browsing Security
  • Overview
  • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
• Email Security
  • Overview
  • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
• Secure Communication
  • Overview
  • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
• Authentication
  • Overview
  • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years

Market Segmentation, By Industry Vertical, Forecast Period up to 10 Years, (US$ Bn)

• Overview
  • Market Value and Forecast (US$ Bn), and Share Analysis (%), Forecast Period up to 10 Years
  • Y-o-Y Growth Analysis (%), Forecast Period up to 10 Years
  • Segment Trends
• BFSI
  • Overview
  • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
• IT & Telecom
  • Overview
  • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
• Government & Defense
  • Overview
  • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
• Healthcare
  • Overview
  • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
• Others
  • Overview
  • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years

Global Market, By Region, Forecast Period up to 10 Years, (US$ Bn)

• Overview
  • Market Value and Forecast (US$ Bn), and Share Analysis (%), Forecast Period up to 10 Years
  • Y-o-Y Growth Analysis (%), Forecast Period up to 10 Years
  • Regional Trends
• North America
  • Market Size and Forecast (US$ Bn), By Certificate Type, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Component, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Application, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Industry Vertical, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Country, Forecast Period up to 10 Years
    • U.S.
    • Canada
• Europe
  • Market Size and Forecast (US$ Bn), By Certificate Type, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Component, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Application, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Industry Vertical, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Country, Forecast Period up to 10 Years
    • UK
    • France
    • Germany
    • Russia
    • Italy
    • Rest of Europe
• Asia Pacific
  • Market Size and Forecast (US$ Bn), By Certificate Type, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Component, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Application, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Industry Vertical, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Country, Forecast Period up to 10 Years
    • India
    • Japan
    • South Korea
    • China
    • Rest of Asia Pacific
• Latin America
  • Market Size and Forecast (US$ Bn), By Certificate Type, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Component, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Application, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Industry Vertical, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Country, Forecast Period up to 10 Years
    • Brazil
    • Mexico
    • Rest of Latin America

• Middle East & Africa
  • Market Size and Forecast (US$ Bn), By Certificate Type, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Component, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Application, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Industry Vertical, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Country, Forecast Period up to 10 Years
    • GCC
    • Israel
    • South Africa
    • Rest of Middle East

Competitive Landscape

• Heat Map Analysis
• Market Presence and Specificity Analysis

Company Profiles

• Thales
  • Company Overview
  • Type Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies
• Microsoft Corporation
  • Company Overview
  • Type Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies

• DigiCert
  • Company Overview
  • Type Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies

• GlobalSign
  • Company Overview
  • Type Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies
• Nexus Group
  • Seattle Caviar Co.
  • Company Overview
  • Type Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies
• Securemetric
  • Company Overview
  • Type Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies
• Symantec
  •  Company Overview
  • Type Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies
• Entrust Datacard
  • Company Overview
  • Type Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies
• WISeKey
  • Company Overview
  • Type Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies
• Keyfactor
  • Company Overview
  • Type Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies

The Last Word

• Future Impact
• About Us
• Contact