Three key trends stimulating public key infrastructure (PKI) market size between 2021-2027

Burgeoning dependence on digital authentications & supervisory compliance and rising digital interaction will drive public key infrastructure (PKI) market expansion. PKI is basically a cybersecurity framework that secures communications between client and server. Its demand is intensifying across enterprises as to the need for data and network security. Increasing demand for such services is anticipated to support new technological developments in PKI.  

As per a report published by Global Market Insights, the public key infrastructure (PKI) market size is anticipated to exceed USD 7 billion by 2027. Companies operating in this market are aiming at developing new PKI services. For instance, in March 2019, Unisys Corporation unveiled the Unisys Managed PKI service which manages authentication of users and devices on enterprise networks.

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Mentioned below are some key factors that may drive the adoption of public key infrastructure (PKI):

Need for cybersecurity solutions

Enterprises are emphasizing on improving security capabilities in response to growing instances of file-based malware attacks. PKI consists of software policies, rules, and a procedure that is used to certify cryptography owned by the user and manage, create and distribute digital certificates. It uses algorithms that are encrypted that help companies to ensure privacy of data sent from one computer to another and for securing communications.

Over the past couple of years, PKI has evolved both in its overall footprint and application. In 2021, DigiCert, Inc., a U.S-based technology company that provides TLS/SSL, digital security, IoT and other PKI solutions, was selected by the Telecom Infra Project (TIP) to offer PKI-based security services for the project’s OpenWiFi platform.

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Widespread adoption of cloud deployment

Cloud-based public key infrastructure (PKI) system are used to reduce resources, infrastructure investments, and time of individual organizations by eradicating the need for organizations to invest in infrastructure deployment. Tech companies are launching new cloud-based security solutions. Citing a recent instance, in 2021, IT security company Entrust announced the launch of its next generation high-assurance PKI, Entrust PKIaaS which will be used to reduce complexity and enhance the security of cloud applications.

With such innovations, public key infrastructure (PKI) technology service providers are helping enterprises to control the maintenance of all enduring operations while maintaining the handiness & scalability of their service.

Demand for encryption technologies in Europe

Europe is projected to account for over USD 1.5 billion in the global PKI market by 2027. The regional demand will be attributed to the budding requirement for encryption technologies from enterprises. Enterprises are constantly demanding for encryption technologies for securing against cloud-based attacks on digital enterprise resources. Presence of several PKI vendors in Europe along with increasing implementation of PKI solutions to detect & prevent threats at early stages is anticipated to accelerate the regional industry growth in the coming years.