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Public key infrastructure is a framework of hardware, software, and policies that help to manage and distribute public key encryptions. Public key infrastructure (PKI) is a platform that issues digital certificates to protect sensitive and confidential data of an enterprise and secure end-to-end communication within enterprises. In the current technological world, businesses need to adopt advanced public key infrastructure to provide device authentication to the user.
Implementation of public key infrastructure (PKI) in businesses ensures the security and privacy of data against unauthorized access. Increase in cases of COVID-19 across the globe is resulting in economic slowdown. The impact of COVID-19 is being witnessed in every sector of the global economy, including the global public key infrastructure (PKI) market.
Global Public Key Infrastructure (PKI) Market: Dynamics
Global Public Key Infrastructure (PKI) Market: Key Drivers
- Rise in adoption of IoT and cloud trends across various industrial sectors is projected to fuel the demand for public key infrastructure during the forecast period
- Increase in adoption of public key encryption solutions to increase the trust of online sellers and customers of e-commerce and the banking industry is expected to drive the demand for public key infrastructure (PKI)
- Rise in digitalization in various industries to fulfill the need of digital verification to provide secure enterprise infrastructure is estimated to fuel the demand for public key infrastructure
- Lack of awareness about the implementation of public key infrastructure in enterprises is expected to restrain the public key infrastructure market
- Moreover, limited knowledge about private certificate authorities of public key infrastructure is anticipated to further hamper the market
- However, integration of cloud-based services among various industry sectors is estimated to provide significant opportunities for the public key infrastructure market
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Impact of COVID-19 on the Global Public Key Infrastructure (PKI) Market
- Organizations are shifting their businesses online due to temporary shutdown of many companies, which is anticipated to significantly increase the number of cybercrimes and data breach activities
- It is essential to adopt public key encryption solutions in businesses to avoid cyber attacks and to protect the data from cybercriminals
- Consequently, the COVID-19 pandemic situation is estimated to propel the public key infrastructure (PKI) market
North America to Hold Major Share of the Global Public Key Infrastructure (PKI) Market
- In terms of region, the global public key infrastructure (PKI) market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America
- North America dominated the global public key infrastructure (PKI) market during the forecast period due to early adoption of public key infrastructure in the U.S and Canada and presence of large number of public key infrastructure (PKI) vendors in the region
- Adoption of large web infrastructure generates high security requirements in Asia Pacific, which is estimated to fuel the demand for adoption of public key infrastructure (PKI) in the region
- The PKI market in Europe is estimated to expand significantly during the forecast period in order to secure businesses from evolving cyber-attacks in the region
- Rise in number of internet users in Middle East & Africa is expected to boost the demand for public key infrastructure in the region
Global Public Key Infrastructure (PKI) Market: Competition Landscape
- Several players are active in the public key infrastructure (PKI) market. Hence, the market is fairly fragmented, and the bargaining power of suppliers is low. Rapid technological advancements have created significant opportunities in the global public key Infrastructure (PKI) market.
- For instance, in December 2019, Airbus, a key player in the public key infrastructure market acquired an independent company, MTM Robotics. This acquisition is aimed to increase the capacity of robotics during the production process.
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Key Players Operating in the Global Public Key Infrastructure (PKI) Market:
- Airbus S.A.S.
- Amazon Web Services, Inc.
- Blue Ridge Networks, Inc.
- Cygnacom Solutions, Inc.
- Comodo Security Solutions, Inc.
- DigiCert, Inc.
- Entrust Corporation
- Futurex LP
- Google LLC
- HID Global Corporation
- Keyfactor, Inc.
- Law Trusted Third Party Services (Pty) Ltd
- Microsoft Corporation
- Secardeo GmbH
- Thales Group
- Venafi, Inc.
- WISeKey SA
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