Public Key Infrastructure Market Size is Projected To Reach USD 14.49 Billion By 2030, Registering A CAGR of 26.5% - Valuates Reports
BANGALORE, India, Jan. 5, 2022 /PRNewswire/ -- Public Key Infrastructure Market By Component (Hardware Module, Solution, and Services), Deployment Mode (On-premise and Cloud), Organization Size (Large Enterprise and Small & Medium Enterprise), and Vertical (BFSI, Government and Defense, IT and Telecom, Retail, Healthcare, Manufacturing, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030. It is published in Valuates Reports under the Software Category.
The global public key infrastructure market size was valued at USD 1.4 billion in 2020 and is projected to reach USD 14.49 billion by 2030, registering a CAGR of 26.5% from 2021 to 2030.
Major Factors Driving The Growth Of The Public Key Infrastructure Market
The demand for a digital authentication procedure to secure organizational infrastructure has grown as digitalization has spread across numerous industries. This, in turn, is expected to drive the growth of the public key infrastructure market
The growing requirement to reduce the cost of authentication across a variety of industries, including banking, healthcare, and e-commerce, is driving the adoption of PKI solutions, thereby driving the public key infrastructure market growth.
Increased use of PKI solutions and services, more malware and file-based assaults, growing concerns about data loss, increased acceptance of IoT and cloud trends, and stricter obligatory rules and compliances are all factors that are further contributing to the growth of public key infrastructure market growth.
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TRENDS INFLUENCING THE GROWTH OF PUBLIC KEY INFRASTRUCTURE MARKET
The public key infrastructure market is primarily being driven by an increase in the number of cyber frauds. Furthermore, increased cyber-attacks during the pandemic, as well as increased awareness about data security and privacy, are largely creating lucrative opportunities for the public key infrastructure market.
The demand for data privacy and security solutions has risen steadily over the last few decades. Security technology has become more common in commercial and government applications in recent years. Enterprise firewalls, intrusion detection systems, identity management systems, event management solutions, and other solutions began to emerge during this time. PKI infrastructure was established by the Defense Information Systems Agency (DISA) for its Common Access cards program, which provides identification cards to active-duty US military members. One of the greatest PKI-based applications is the Common Access Cards program. PKI offers a wide range of message encryption applications and is chosen for modern IoT communication systems in many industrial and residential applications, resulting in high-grade encrypted messages, which is expected to drive public key infrastructure market growth.
COVID-19 has caused a considerable number of brick-and-mortar stores to switch to internet platforms. Furthermore, because on-site personnel and workers became scarce at this time, many firms were forced to rely on digital workplaces powered by apps like Zoom and Microsoft Teams. As businesses and inividuals throughout the world became increasingly reliant on online environments, the risk of cyber-attacks increased, this, in turn, is expected to be a lucrative growth opportunity for the public key infrastructure market.
However, higher installation and maintenance expenses, as well as significant network overhead and bandwidth needs, are limiting industry expansion.
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PUBLIC KEY INFRASTRUCTURE MARKET SHARE ANALYSIS
Based on components, the solution category dominated the worldwide public key infrastructure market share in 2019, and it is projected to continue to do so in the future years.
In terms of deployment, the on-premise segment generated the most revenue in 2020, but the cloud segment is predicted to increase at the fastest rate during the forecast period.
In terms of revenue, the large enterprise segment accounted for the most revenue in 2020; however, the SME segment is predicted to increase at the fastest rate throughout the forecast period.
Based on verticals, the IT and telecom category generated the most revenue in 2020; however, the healthcare segment is predicted to increase at the fastest rate throughout the projection period.
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