Public Key Infrastructure (PKI) Market by Component (HSM, Solutions, and Services), Deployment Mode (On-premises and Cloud), Organization Size, Vertical (BFSI, Healthcare, IT and Telecom), Application Region – Global Forecast 2024 – 2029

SKU: GMS-1074

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OVERVIEW

The Public Key Infrastructure (PKI) Market is currently valued at USD 5.5 billion in 2024 and will be growing at a CAGR of 20.2% over the forecast period to reach an estimated USD 13.8 billion in revenue in 2029. The Public Key Infrastructure (PKI) market is a vital component of modern cybersecurity ecosystems, providing the framework for secure communication and authentication over networks. PKI enables the creation, distribution, and management of digital certificates, which serve as cryptographic credentials for verifying the identities of users, devices, and services. As organizations increasingly embrace digital transformation and expand their online presence, the demand for robust PKI solutions continues to grow. Industries such as finance, healthcare, government, and e-commerce rely on PKI to safeguard sensitive data, facilitate secure transactions, and ensure regulatory compliance.


The escalating frequency and sophistication of cyber threats are compelling organizations to fortify their digital security measures, with PKI serving as a foundational component for authentication and data encryption. Secondly, stringent regulatory mandates, particularly in industries such as finance and healthcare, are driving widespread adoption of PKI to ensure compliance and protect sensitive information. Additionally, the proliferation of cloud computing, Internet of Things (IoT) devices, and mobile technologies is expanding the scope of PKI deployments, as organizations seek scalable and interoperable security solutions to safeguard their expanding digital ecosystems. Lastly, the emergence of new technologies such as blockchain and decentralized identity systems is spurring further innovation in the PKI market, as businesses explore novel approaches to secure communication and identity management.

Market Dynamics

Drivers:

The escalating frequency and sophistication of cyber threats are compelling organizations to fortify their digital security measures, with PKI serving as a foundational component for authentication and data encryption. Secondly, stringent regulatory mandates, particularly in industries such as finance and healthcare, are driving widespread adoption of PKI to ensure compliance and protect sensitive information. Additionally, the proliferation of cloud computing, Internet of Things (IoT) devices, and mobile technologies is expanding the scope of PKI deployments, as organizations seek scalable and interoperable security solutions to safeguard their expanding digital ecosystems. Lastly, the emergence of new technologies such as blockchain and decentralized identity systems is spurring further innovation in the PKI market, as businesses explore novel approaches to secure communication and identity management.

Key Offerings:

Key offerings in the Public Key Infrastructure (PKI) market encompass a diverse range of products and services tailored to address the evolving needs of organizations in the digital era. These offerings typically include robust certificate authorities (CAs) responsible for issuing digital certificates, registration authorities (RAs) tasked with verifying the identities of certificate applicants, and comprehensive certificate management platforms facilitating the lifecycle management of digital certificates. Additionally, encryption solutions play a pivotal role in PKI offerings, ensuring the secure transmission and storage of sensitive data across networks. Together, these offerings enable organizations to establish trusted digital identities, authenticate users and devices, encrypt communications, and maintain the integrity and confidentiality of their digital assets in today’s interconnected and increasingly complex cyber landscape.

Restraints :

While the Public Key Infrastructure (PKI) market experiences significant growth, it also faces certain restraints that may impede its expansion. One primary challenge is the complexity associated with implementing and managing PKI solutions, which requires specialized expertise and resources. This complexity can deter some organizations, particularly smaller ones, from adopting PKI or result in suboptimal deployments that fail to fully leverage its capabilities. Moreover, concerns around interoperability and standardization may hinder seamless integration of PKI across diverse IT environments, leading to compatibility issues and potential security vulnerabilities. Additionally, the cost of deploying and maintaining PKI infrastructure, including expenses related to certificate issuance, revocation, and renewal, can pose a barrier for budget-constrained organizations. Lastly, regulatory and compliance requirements, while driving PKI adoption in certain industries, may also impose additional burdens in terms of compliance costs and administrative overhead.

Regional Information:

• North America: In North America, particularly in the United States and Canada, the PKI market is driven by stringent regulatory requirements, especially in sectors like finance, healthcare, and government. With the prevalence of cyber threats and the need to secure sensitive data, organizations invest significantly in PKI solutions for authentication, encryption, and compliance purposes. The market is characterized by the presence of established vendors offering comprehensive PKI offerings tailored to the unique needs of enterprises, including cloud-based PKI services. However, challenges such as the complexity of implementation and compliance costs persist, albeit offset by the emphasis on cybersecurity and regulatory compliance.

• Europe: In Europe, the PKI market benefits from a robust regulatory environment, including the General Data Protection Regulation (GDPR), which mandates data protection measures for businesses operating in the region. This has driven widespread adoption of PKI solutions for data encryption, secure communications, and identity management across various industries. Additionally, the European Union’s initiatives to promote digitalization and cybersecurity further fuel market growth, with organizations prioritizing investments in PKI to bolster their cybersecurity posture and ensure compliance with regulatory requirements. Local vendors and international players compete in this dynamic market, offering a diverse array of PKI products and services tailored to regional preferences and regulatory nuances.

• Asia Pacific: The Asia Pacific region represents a rapidly growing market for PKI solutions, driven by the increasing digitization of economies, burgeoning e-commerce activities, and a growing awareness of cybersecurity threats. Countries such as China, Japan, South Korea, and India are witnessing significant demand for PKI solutions across various sectors, including banking, e-government, healthcare, and manufacturing. As governments and enterprises seek to enhance data security and privacy, PKI adoption is on the rise, supported by government initiatives and regulatory mandates. Domestic vendors and international players compete in this dynamic market, offering scalable and cost-effective PKI solutions to address the diverse needs of organizations in the region. However, challenges such as interoperability issues and resource constraints pose hurdles to widespread adoption, particularly among small and medium-sized enterprises.

Recent Developments:

• April 2023 – Thales adds new phishing-resistant hybrid authenticators to its Passwordless Authentication for Microsoft Azure Active Directory Customers offering.

• April 2023 – Entrust Introduces Zero Trust Ready Solutions for Multi-Cloud Key Compliance, Next-Generation HSM, and Passwordless Authentication.

Key Players:

DigiCert, Entrust, GlobalSign, Sectigo, Thales Group, RSA Security, Nexus Group, Symantec Corporation, and Microsoft Corporation.

Frequently Asked Questions

1) What is the projected market value of the Public Key Infrastructure (PKI) Market?

– The Public Key Infrastructure (PKI) Market is expected to reach an estimated value of USD 13.8 billion in revenue by 2029. 

2) What is the estimated CAGR of the Public Key Infrastructure (PKI) Market over the 2024 to 2029 forecast period?

– The CAGR is estimated to be 20.2% for the Public Key Infrastructure (PKI) Market over the 2024 to 2029.

3) Who are the key players in the Public Key Infrastructure (PKI) Market?

– DigiCert, Entrust, GlobalSign, Sectigo, Thales Group, RSA Security, Nexus Group, Symantec Corporation, and Microsoft Corporation.

4) What are the drivers for the Public Key Infrastructure (PKI) Market?

– The Public Key Infrastructure (PKI) market offers various products and services for organizations in the digital era, including certificate authorities, registration authorities, and certificate management platforms. Encryption solutions ensure secure data transmission and storage, enabling trusted digital identities, authentication, and maintaining digital asset integrity in the complex cyber landscape.

5) What are the restraints and challenges in the Public Key Infrastructure (PKI) Market?

– The Public Key Infrastructure (PKI) market is growing, but faces challenges such as complexity, interoperability, cost, and regulatory requirements. The complexity of implementing and managing PKI solutions, concerns about interoperability, and the cost of maintaining infrastructure can deter smaller organizations from adopting PKI, while regulatory requirements may impose additional costs.

6) What are the key applications and offerings of the Public Key Infrastructure (PKI) Market?

– The Public Key Infrastructure (PKI) Market finds diverse applications in genomics, transcriptomics, proteomics, and metabolomics. It plays a crucial role in cancer research, immunology, neuroscience, and stem cell studies. The precision of single-cell analysis is pivotal for advancing personalized medicine, biomarker discovery, and understanding cellular heterogeneity in various biological processes.

7) Which region is expected to drive the market for the forecast period?

– North America is expected to have the highest market growth from 2024 to 2029 

 Why Choose Us?

Insights into Market Trends: Global Market Studies reports provide valuable insights into market trends, including market size, segmentation, growth drivers, and market dynamics. This information helps clients make strategic decisions, such as product development, market positioning, and marketing strategies.

Competitor Analysis: Our reports provide detailed information about competitors, including their market share, product offerings, pricing, and competitive strategies. This data can be used to inform competitive strategies and to identify opportunities for growth and expansion.

Industry Forecasts: Our reports provide industry forecasts, which will inform your business strategies, such as investment decisions, production planning, and workforce planning. These forecasts can help you to prepare for future trends and to take advantage of growth opportunities.

Access to Industry Experts: Our solutions include contributions from industry experts, including analysts, consultants, and subject matter experts. This access to expert insights can be valuable for you to understand the market.

Time and Cost Savings: Our team at Global Market Studies can save you time and reduce the cost of conducting market research by providing comprehensive and up-to-date information in a single report, avoiding the need for additional market research efforts.

METHODOLOGY

At Global Market Studies, extensive research is done to create reports which have in-depth insights across all aspects of the market such as drivers, opportunities, challenges, restraints, market trends, regional insights, market segmentation, latest developments, key players for the forecast period. Multiple methods are used to derive both qualitative and quantitative information for the report:Silicon battery market by capacity (0–3,000 mah, 3,000–10,000 mah, 10,000–60,000 mah, and 60,000 mah & above), application (consumer electronics, automotive, aviation, energy, and medical devices), and region - 2023 to 2028 1

PRIMARY RESEARCH

Through surveys and interviews, primary research is sourced mainly from experts from the core and related industry. It includes distributors, manufacturers, Directors, C-Level Executives and Managers, alliances certification organisations across various segments of the markets value chain. Both the supply-side and demand-side is interviewed.

Silicon battery market by capacity (0–3,000 mah, 3,000–10,000 mah, 10,000–60,000 mah, and 60,000 mah & above), application (consumer electronics, automotive, aviation, energy, and medical devices), and region - 2023 to 2028 2

SECONDARY RESEARCH

Our sources of secondary research include Annual Reports, Journals, Press Releases, Company Websites, Paid Databases and our own Data Repository. They also include, investor presentations, certifies publications and articles by authorised regulatory bodies, trade directories and databases.

Silicon battery market by capacity (0–3,000 mah, 3,000–10,000 mah, 10,000–60,000 mah, and 60,000 mah & above), application (consumer electronics, automotive, aviation, energy, and medical devices), and region - 2023 to 2028 3

MARKET SIZE ESTIMATION

After extensive secondary and primary research, both the Bottom-up and Top-down methods are used to analyse the data. In the Bottom-up Approach, Company revenues across multiple segments are gathered to derive the percentage split per market segment. From this the Segment wise market size is derived to give the Total Market Size. In the Top-down Approach the reverse method is used where the Total Market Size is first derived from primary sources and is split into Market Segment, Regional Split and so on.

Silicon battery market by capacity (0–3,000 mah, 3,000–10,000 mah, 10,000–60,000 mah, and 60,000 mah & above), application (consumer electronics, automotive, aviation, energy, and medical devices), and region - 2023 to 2028 4Silicon battery market by capacity (0–3,000 mah, 3,000–10,000 mah, 10,000–60,000 mah, and 60,000 mah & above), application (consumer electronics, automotive, aviation, energy, and medical devices), and region - 2023 to 2028 5

Silicon battery market by capacity (0–3,000 mah, 3,000–10,000 mah, 10,000–60,000 mah, and 60,000 mah & above), application (consumer electronics, automotive, aviation, energy, and medical devices), and region - 2023 to 2028 6

DATA TRIANGULATION:

All statistics are collected through extensive secondary research and verified by interviews conducted with supply-side and demand-side in the primary research to ensure that both primary and secondary data percentages, statistics and findings corroborate.

Silicon battery market by capacity (0–3,000 mah, 3,000–10,000 mah, 10,000–60,000 mah, and 60,000 mah & above), application (consumer electronics, automotive, aviation, energy, and medical devices), and region - 2023 to 2028 7

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OVERVIEW

The Public Key Infrastructure (PKI) Market is currently valued at USD 5.5 billion in 2024 and will be growing at a CAGR of 20.2% over the forecast period to reach an estimated USD 13.8 billion in revenue in 2029. The Public Key Infrastructure (PKI) market is a vital component of modern cybersecurity ecosystems, providing the framework for secure communication and authentication over networks. PKI enables the creation, distribution, and management of digital certificates, which serve as cryptographic credentials for verifying the identities of users, devices, and services. As organizations increasingly embrace digital transformation and expand their online presence, the demand for robust PKI solutions continues to grow. Industries such as finance, healthcare, government, and e-commerce rely on PKI to safeguard sensitive data, facilitate secure transactions, and ensure regulatory compliance.


The escalating frequency and sophistication of cyber threats are compelling organizations to fortify their digital security measures, with PKI serving as a foundational component for authentication and data encryption. Secondly, stringent regulatory mandates, particularly in industries such as finance and healthcare, are driving widespread adoption of PKI to ensure compliance and protect sensitive information. Additionally, the proliferation of cloud computing, Internet of Things (IoT) devices, and mobile technologies is expanding the scope of PKI deployments, as organizations seek scalable and interoperable security solutions to safeguard their expanding digital ecosystems. Lastly, the emergence of new technologies such as blockchain and decentralized identity systems is spurring further innovation in the PKI market, as businesses explore novel approaches to secure communication and identity management.

Market Dynamics

Drivers:

The escalating frequency and sophistication of cyber threats are compelling organizations to fortify their digital security measures, with PKI serving as a foundational component for authentication and data encryption. Secondly, stringent regulatory mandates, particularly in industries such as finance and healthcare, are driving widespread adoption of PKI to ensure compliance and protect sensitive information. Additionally, the proliferation of cloud computing, Internet of Things (IoT) devices, and mobile technologies is expanding the scope of PKI deployments, as organizations seek scalable and interoperable security solutions to safeguard their expanding digital ecosystems. Lastly, the emergence of new technologies such as blockchain and decentralized identity systems is spurring further innovation in the PKI market, as businesses explore novel approaches to secure communication and identity management.

Key Offerings:

Key offerings in the Public Key Infrastructure (PKI) market encompass a diverse range of products and services tailored to address the evolving needs of organizations in the digital era. These offerings typically include robust certificate authorities (CAs) responsible for issuing digital certificates, registration authorities (RAs) tasked with verifying the identities of certificate applicants, and comprehensive certificate management platforms facilitating the lifecycle management of digital certificates. Additionally, encryption solutions play a pivotal role in PKI offerings, ensuring the secure transmission and storage of sensitive data across networks. Together, these offerings enable organizations to establish trusted digital identities, authenticate users and devices, encrypt communications, and maintain the integrity and confidentiality of their digital assets in today’s interconnected and increasingly complex cyber landscape.

Restraints :

While the Public Key Infrastructure (PKI) market experiences significant growth, it also faces certain restraints that may impede its expansion. One primary challenge is the complexity associated with implementing and managing PKI solutions, which requires specialized expertise and resources. This complexity can deter some organizations, particularly smaller ones, from adopting PKI or result in suboptimal deployments that fail to fully leverage its capabilities. Moreover, concerns around interoperability and standardization may hinder seamless integration of PKI across diverse IT environments, leading to compatibility issues and potential security vulnerabilities. Additionally, the cost of deploying and maintaining PKI infrastructure, including expenses related to certificate issuance, revocation, and renewal, can pose a barrier for budget-constrained organizations. Lastly, regulatory and compliance requirements, while driving PKI adoption in certain industries, may also impose additional burdens in terms of compliance costs and administrative overhead.

Regional Information:

• North America: In North America, particularly in the United States and Canada, the PKI market is driven by stringent regulatory requirements, especially in sectors like finance, healthcare, and government. With the prevalence of cyber threats and the need to secure sensitive data, organizations invest significantly in PKI solutions for authentication, encryption, and compliance purposes. The market is characterized by the presence of established vendors offering comprehensive PKI offerings tailored to the unique needs of enterprises, including cloud-based PKI services. However, challenges such as the complexity of implementation and compliance costs persist, albeit offset by the emphasis on cybersecurity and regulatory compliance.

• Europe: In Europe, the PKI market benefits from a robust regulatory environment, including the General Data Protection Regulation (GDPR), which mandates data protection measures for businesses operating in the region. This has driven widespread adoption of PKI solutions for data encryption, secure communications, and identity management across various industries. Additionally, the European Union’s initiatives to promote digitalization and cybersecurity further fuel market growth, with organizations prioritizing investments in PKI to bolster their cybersecurity posture and ensure compliance with regulatory requirements. Local vendors and international players compete in this dynamic market, offering a diverse array of PKI products and services tailored to regional preferences and regulatory nuances.

• Asia Pacific: The Asia Pacific region represents a rapidly growing market for PKI solutions, driven by the increasing digitization of economies, burgeoning e-commerce activities, and a growing awareness of cybersecurity threats. Countries such as China, Japan, South Korea, and India are witnessing significant demand for PKI solutions across various sectors, including banking, e-government, healthcare, and manufacturing. As governments and enterprises seek to enhance data security and privacy, PKI adoption is on the rise, supported by government initiatives and regulatory mandates. Domestic vendors and international players compete in this dynamic market, offering scalable and cost-effective PKI solutions to address the diverse needs of organizations in the region. However, challenges such as interoperability issues and resource constraints pose hurdles to widespread adoption, particularly among small and medium-sized enterprises.

Recent Developments:

• April 2023 – Thales adds new phishing-resistant hybrid authenticators to its Passwordless Authentication for Microsoft Azure Active Directory Customers offering.

• April 2023 – Entrust Introduces Zero Trust Ready Solutions for Multi-Cloud Key Compliance, Next-Generation HSM, and Passwordless Authentication.

Key Players:

DigiCert, Entrust, GlobalSign, Sectigo, Thales Group, RSA Security, Nexus Group, Symantec Corporation, and Microsoft Corporation.

Frequently Asked Questions

1) What is the projected market value of the Public Key Infrastructure (PKI) Market?

– The Public Key Infrastructure (PKI) Market is expected to reach an estimated value of USD 13.8 billion in revenue by 2029. 

2) What is the estimated CAGR of the Public Key Infrastructure (PKI) Market over the 2024 to 2029 forecast period?

– The CAGR is estimated to be 20.2% for the Public Key Infrastructure (PKI) Market over the 2024 to 2029.

3) Who are the key players in the Public Key Infrastructure (PKI) Market?

– DigiCert, Entrust, GlobalSign, Sectigo, Thales Group, RSA Security, Nexus Group, Symantec Corporation, and Microsoft Corporation.

4) What are the drivers for the Public Key Infrastructure (PKI) Market?

– The Public Key Infrastructure (PKI) market offers various products and services for organizations in the digital era, including certificate authorities, registration authorities, and certificate management platforms. Encryption solutions ensure secure data transmission and storage, enabling trusted digital identities, authentication, and maintaining digital asset integrity in the complex cyber landscape.

5) What are the restraints and challenges in the Public Key Infrastructure (PKI) Market?

– The Public Key Infrastructure (PKI) market is growing, but faces challenges such as complexity, interoperability, cost, and regulatory requirements. The complexity of implementing and managing PKI solutions, concerns about interoperability, and the cost of maintaining infrastructure can deter smaller organizations from adopting PKI, while regulatory requirements may impose additional costs.

6) What are the key applications and offerings of the Public Key Infrastructure (PKI) Market?

– The Public Key Infrastructure (PKI) Market finds diverse applications in genomics, transcriptomics, proteomics, and metabolomics. It plays a crucial role in cancer research, immunology, neuroscience, and stem cell studies. The precision of single-cell analysis is pivotal for advancing personalized medicine, biomarker discovery, and understanding cellular heterogeneity in various biological processes.

7) Which region is expected to drive the market for the forecast period?

– North America is expected to have the highest market growth from 2024 to 2029 

 Why Choose Us?

Insights into Market Trends: Global Market Studies reports provide valuable insights into market trends, including market size, segmentation, growth drivers, and market dynamics. This information helps clients make strategic decisions, such as product development, market positioning, and marketing strategies.

Competitor Analysis: Our reports provide detailed information about competitors, including their market share, product offerings, pricing, and competitive strategies. This data can be used to inform competitive strategies and to identify opportunities for growth and expansion.

Industry Forecasts: Our reports provide industry forecasts, which will inform your business strategies, such as investment decisions, production planning, and workforce planning. These forecasts can help you to prepare for future trends and to take advantage of growth opportunities.

Access to Industry Experts: Our solutions include contributions from industry experts, including analysts, consultants, and subject matter experts. This access to expert insights can be valuable for you to understand the market.

Time and Cost Savings: Our team at Global Market Studies can save you time and reduce the cost of conducting market research by providing comprehensive and up-to-date information in a single report, avoiding the need for additional market research efforts.

METHODOLOGY

At Global Market Studies, extensive research is done to create reports which have in-depth insights across all aspects of the market such as drivers, opportunities, challenges, restraints, market trends, regional insights, market segmentation, latest developments, key players for the forecast period. Multiple methods are used to derive both qualitative and quantitative information for the report:Silicon battery market by capacity (0–3,000 mah, 3,000–10,000 mah, 10,000–60,000 mah, and 60,000 mah & above), application (consumer electronics, automotive, aviation, energy, and medical devices), and region - 2023 to 2028 1

PRIMARY RESEARCH

Through surveys and interviews, primary research is sourced mainly from experts from the core and related industry. It includes distributors, manufacturers, Directors, C-Level Executives and Managers, alliances certification organisations across various segments of the markets value chain. Both the supply-side and demand-side is interviewed.

Silicon battery market by capacity (0–3,000 mah, 3,000–10,000 mah, 10,000–60,000 mah, and 60,000 mah & above), application (consumer electronics, automotive, aviation, energy, and medical devices), and region - 2023 to 2028 2

SECONDARY RESEARCH

Our sources of secondary research include Annual Reports, Journals, Press Releases, Company Websites, Paid Databases and our own Data Repository. They also include, investor presentations, certifies publications and articles by authorised regulatory bodies, trade directories and databases.

Silicon battery market by capacity (0–3,000 mah, 3,000–10,000 mah, 10,000–60,000 mah, and 60,000 mah & above), application (consumer electronics, automotive, aviation, energy, and medical devices), and region - 2023 to 2028 3

MARKET SIZE ESTIMATION

After extensive secondary and primary research, both the Bottom-up and Top-down methods are used to analyse the data. In the Bottom-up Approach, Company revenues across multiple segments are gathered to derive the percentage split per market segment. From this the Segment wise market size is derived to give the Total Market Size. In the Top-down Approach the reverse method is used where the Total Market Size is first derived from primary sources and is split into Market Segment, Regional Split and so on.

Silicon battery market by capacity (0–3,000 mah, 3,000–10,000 mah, 10,000–60,000 mah, and 60,000 mah & above), application (consumer electronics, automotive, aviation, energy, and medical devices), and region - 2023 to 2028 4Silicon battery market by capacity (0–3,000 mah, 3,000–10,000 mah, 10,000–60,000 mah, and 60,000 mah & above), application (consumer electronics, automotive, aviation, energy, and medical devices), and region - 2023 to 2028 5

Silicon battery market by capacity (0–3,000 mah, 3,000–10,000 mah, 10,000–60,000 mah, and 60,000 mah & above), application (consumer electronics, automotive, aviation, energy, and medical devices), and region - 2023 to 2028 6

DATA TRIANGULATION:

All statistics are collected through extensive secondary research and verified by interviews conducted with supply-side and demand-side in the primary research to ensure that both primary and secondary data percentages, statistics and findings corroborate.

Silicon battery market by capacity (0–3,000 mah, 3,000–10,000 mah, 10,000–60,000 mah, and 60,000 mah & above), application (consumer electronics, automotive, aviation, energy, and medical devices), and region - 2023 to 2028 7

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