DUBLIN, October 12, 2021– (BUSINESS WIRE) – The report “Public Key Infrastructure (PKI) Market – Global Forecast to 2026” has been added to ResearchAndMarkets.com offer.
Global PCI market size is expected to grow from $ 3.9 billion in 2021 to $ 9.8 billion by 2026, with a CAGR of 20.2%
The major factors contributing to the high growth rate of the PKI market include increasing adoption rate of PKI solutions and services, growing confidence in online vendors and customers, increasing cases of malware and file-based attacks, growing concerns about the loss of critical data, increasing adoption of IoT and cloud trends, and stringent mandatory regulations and compliance.
By component, the services segment to register the highest growth rate during the forecast period
The services segment includes various services required for the deployment, operation, and maintenance of public key infrastructure in an organization. The service-based PKI market is further classified into professional services and managed services. The services of the PKI market are becoming critical as they support the proper functioning of software solutions.
Various vendors in the market focus on providing specialized services to help organizations keep business processes running smoothly. Professional services include training and consulting, as well as deployment and integration. On the other hand, managed services include support, maintenance and management of the infrastructure.
The demand for services in the PKI market is expected to increase in the coming years to support business goals. The growing need for planning, designing and consulting for PKI solutions to fuel the demand for professional services.
By mode of deployment, the cloud segment to record the highest growth rate during the forecast period
In the cloud deployment type, instead of implementing the software solution on the local server, companies subscribe to PKI solutions hosted on a remote third-party server. The cloud has become a new paradigm for the deployment of PKI solutions.
The deployment of cloud-based PKI solutions takes place over the Internet, where software, infrastructure, platforms, devices, and other resources are delivered as a service on a pay-as-you-go basis by consumers. An external PKI provider provides software, hardware, backup, disaster recovery, and other infrastructure to organizations that pay for their solutions and services, which would otherwise become a burden on owners of on-premises PKI solutions.
Cloud-based mode of deployment is gaining traction in use cases such as digital signing due to low cost installation of cloud services, widespread availability of cloud services such as SaaS and IaaS models and the need for effective security controls in the cloud.
Asia-Pacific to register highest growth rate during forecast period
Asia Pacific (APAC) has experienced advanced and dynamic adoption of new technologies and is expected to register the highest CAGR in the global PKI market during the forecast period. The PKI in APAC market is expected to grow at the highest CAGR during the forecast period.
APAC countries are investing more and more in PKI projects. The region includes emerging economies, such as China, Japan and India. With the proliferation of advanced technologies in the APAC region, security and fraud concerns have increased.
APAC should invest more in security due to the growing threat of spear phishing, malware, ransomware and BEC attacks. Companies in the APAC region are adopting PKI technologies. The ACPA faces significant security costs, due to the region’s ever-growing threat landscape. APAC should invest more in security, given the growing threat of identity and access breaches.
These countries are home to a large number of SMEs, which employ over 70% of the population. The high investment requirement acts as an obstacle for SMEs to adopt large PKI projects on their premises; however, factors such as increased internet usage, compliance regulation, and smartphone adoption are the primary factors fueling the adoption of PKI solutions.
With the proliferation of AI, IoT and big data in APAC, security and fraud concerns have increased. Companies in this region are deploying PKI solutions to protect their critical information from hackers and also to comply with changing government regulations related to cybersecurity.
Growing instances of malware and file-based attacks and strict regulatory standards to drive the growth of the PKI market
Solutions segment will hold the largest share during the forecast period
Professional segment to hold larger market size during the forecast period
On-premises segment to hold larger market size during the forecast period
Large companies segment to hold larger market size during the forecast period
The banking, financial services and insurance segment will hold the largest market size during the forecast period
Asia-Pacific to become best market for investments over the next six years
Strict regulatory standards and data privacy compliance
Increased concerns about the loss of critical data
Increased penetration of online channels
Increased cases of malware and file-based attacks
Lack of awareness among organizations on the importance of Pki certificates
Limited expertise and resources for the deployment of Pki
Intensely entrenched traditional business practices
Supply chain analysis
Component / Material Suppliers
Security solutions and services providers
Sales and distribution channels
General Data Protection Regulation
Health Insurance Portability and Liability Act
Federal Law on Information Security Management
Payment Card Industry Data Security Standard
Federal information handling standards
For more information on this report, visit https://www.researchandmarkets.com/r/xua66s
View the source version on businesswire.com: https://www.businesswire.com/news/home/20211012005498/en/
Laura Wood, Senior Press Director
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