The public key infrastructure market is increasingly gaining momentum in the sustainable and smart technologies space and will witness an upward growth trend over 2021-2027. The market growth can be attributed to the proliferation of bring your devices (BYOD) trend among enterprises and the increasing risk of cyber-attacks.

Public key infrastructure or PKI is one of the most common types of internet encryption and includes everything utilized for establishing and managing public key encryptions. Today, it is used widely integrated into every web browser for securing traffic across the public internet. Enterprises can also deploy PKI tools to secure their internal communication as well as access to connected devices.

On the basis of component, the public key infrastructure industry can be segmented into solution and services. The services segment is further bifurcated into professional services and managed services. Professional services captured a market share of nearly 70% during 2020 and will witness a substantial demand, powered by the increasing need for PKI consulting services.

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Public key infrastructure solutions and services are widely used in BFSI, healthcare, IT & telecom, retail, manufacturing, education, government and defense applications. The adoption of PKI solutions in manufacturing applications is likely to grow at a CAGR of over 15% up to 2027. This can be attributed to the rising integration of IoT devices, connected technologies, robotics, and industrial automation in manufacturing facilities.

Modern OEMs and face a range of manufacturing cyber security concerns, from challenges of protecting customer data and trade secrets to threats against databases in production operations and connected devices. Insufficient cyber security measures can result in attacks on connected devices, production of unauthorized or fraudulent activities, or injection of unauthorized code, leading to significant financial as well as reputational damage to manufacturers and placing consumers at increased risk.

Consequently, public key infrastructure implementation serves as an important tool in ensuring that customer information is protected, and no damage is done. Government and defense applications are projected to capture more than 5% revenue share of public key infrastructure market by the end of 2027 due to increasing cyber security threats aimed at government institutions.

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In terms of the regional landscape, Latin America public key infrastructure industry share is slated to expand at a robust CAGR of about 20% over 2021-2027. The regional growth trends will be driven by the increasing penetration of smart utilities such as smart water meters and energy meters.

Meanwhile, the market for public key infrastructure in the Middle East and Africa will witness growth at a CAGR of around 15% during the forecast period. Supportive government initiatives to accelerate smart city projects will bolster the regional industry outlook.