LONDON, April 11, 2023 (GLOBE NEWSWIRE) -- The Business Research Company’s research on the public key infrastructure market forecasts the global public key infrastructure market size to grow from $3.1 billion in 2022 to $3.8 billion in 2023 at a compound annual growth rate (CAGR) of more than 21%. The public key infrastructure market value is then expected to grow to $8 billion in 2027 at a CAGR of more than 20%.
Future demand for public key infrastructure will be driven by an increase in the number of cyber frauds. The intentional tampering with another person's online-stored personal and financial information is referred to as cyber fraud. A public key infrastructure is a cybersecurity technological infrastructure that combines an HSM (hardware security module) for key storage and protection, a Root CA or Certification Authority for digital certificate issuance, and public key cryptographic keys to encrypt data and protect against cyber fraud. For example, according to the Internet Crime Report 2021, published by the Federal Bureau of Investigation, a US-based domestic intelligence and security service agency, in March 2022, the number of cybercrime complaints in the United States reached 847,376, a 7% increase from 2020, in which 51,829 were about personal data breaches and 3,23,972 were about phishing, but the potential loss recorded was around $6.9 billion. As a result, the rise in cybercrime will fuel the expansion of the public key infrastructure market.
Major public key infrastructure companies are Thales Group, Verisign Inc., Comodo Security Solutions Inc., DigiCert Inc., Airbus SE, International Business Machines Corporation, Microsoft Corporation, HID Global, Amazon Web Services Inc., Google LLC, Enigma Technologies Inc.
Technological progress is a key trend that is gaining traction in the public key infrastructure market. To remain competitive in the public key infrastructure market, major players are focusing on technological advancement. For example, Keyfactor, a US-based company that provides public key infrastructure (PKI) as-a-service, will launch the Certificate Lifecycle Automation as-a-Service (CLAaaS) Platform in August 2021. The CLAaaS platform has been integrated with a new cloud-native solution for certificate administration in complex hybrid and multi-cloud systems with stringent regulatory and policy requirements. Turnkey deployment, on-premises PKI, full automation, low friction, hybrid, and scalable PKI are all facilitated by Keyfactor CLA as a service.
North America was the largest region in the public key infrastructure market in 2022. The regions covered in the public key infrastructure market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The global public key infrastructure market is segmented by component into hardware module, solution, services; by deployment mode into cloud, on-premise; by organization size into large enterprises, small and medium enterprise (SME); by vertical into BFSI, government and defense, it and telecom, retail, healthcare, manufacturing, other verticals.
Public Key Infrastructure Global Market Report 2023 by The Business Research Company provides insights on the public key infrastructure market size, public key infrastructure market segments, public key infrastructure market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 3,000+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
Learn More About The Business Research Company
The Business Research Company is a market intelligence firm pioneering in company, market, and consumer research. With offices all around the world, TBRC has specialist consultants in a variety of fields, including manufacturing, healthcare, financial services, chemicals, and technology.
Global Market Model – World’s Most Comprehensive Database
The Business Research Company’s flagship product, Global Market Model, is a market intelligence platform covering various macroeconomic indicators and metrics across 60 geographies and 27 industries. The Global Market Model covers multi-layered datasets which help its users assess supply-demand gaps.
